Entrepreneurs and Entrepreneurship. Anyone who owns and operates a business is often considered to be an entrepreneur

(Part I)

Anyone who owns and operates a business is often considered to be an entrepreneur. Entrepreneurs and small business owners are motivated by the possibility of earning profits. They also accept the risk of losing money if their businesses fail.

The word entrepreneur originates from the French word, entreprendre [ֽOntrə`prə:nd], which means “to undertake.” In a business context, it means to start a business. The behavior of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture.

Although the term is typically used to refer to anyone who owns or operates a small business, it has a more specific meaning. French economist Jean [Gi:n] Baptiste Say, who coined this term in 1800, used it to describe a very important activity. An entrepreneur, Say explained, is a person who is able to make decisions that allow more efficient use of economic resources.

Thus, in the truest sense of the word, entrepreneurs are people who develop ways to make more efficient use of resources in order to meet consumers’ needs and wants. An entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurs enter business knowing that success is not guaranteed, and if plans fail, they could lose money.

Entrepreneurship is an incredible force. It is the engine of growth, jobs and opportunities. Entrepreneurship forces “creative destruction” across markets and industries, simultaneously creating new products and business models.

The essence of entrepreneurship is taking risk. Nevertheless, the concept of entrepreneurship has a wide range of meanings. On the one extreme an entrepreneur is a person of very high aptitude who pioneers change, possessing characteristics found in only a very small fraction of the population. On the other extreme of definitions, anyone who wants to work for himself or herself is considered to be an entrepreneur.

Indeed, entrepreneurial activities are substantially different depending on the type of organization that is being started. Entrepreneurship ranges in scale from solo projects to major undertakings creating many job opportunities. Many real-life entrepreneurs operate in teams rather than as single individuals.

Entrepreneurs have many of the same character traits as leaders. They need inspiration, motivation and sensibility. An entrepreneur is usually:

· a positive thinker and a decision maker;

· has an enthusiastic vision, the driving force of an enterprise;

· exhibits extreme optimism in the decision-making processes;

· is prone to overconfidence and overgeneralizations.

Vocabulary Notes:

1. to undertake [ֽAndə`teık] / [ֽAnd<sup>ə</sup>r`teık] –починати, братися; зобов’язуватися;

2. willing (to do smth) [`wılıŋ] – охочий; готовий щось зробити;

3. to put smth. on the line [laın]–ризикувати (чимось);

4. financial security [faı`næn<sup>t</sup>∫<sup>ə</sup>l sı`kjuərəti] – фінансова безпека;

5. to take risks [rısks] –брати на себе ризик;

6. in the name (of smth.) –в ім’я (чогось);

7. to coin [kOın] –творити; видумувати;

8. efficient [ı`fı∫^ənt] –дійовий, ефективний; умілий, кваліфікований (про людину);

9. resource [rı`zO:s] / [`ri:sO:rs] –ресурс;

10. to convert [kən`və:t] –обертати, перетворювати (на, у – into);

11. incredible [ın`kredəb^əl] –неймовірний, неправдоподібний;

12. engine [`enGın] –машина; мотор, двигун;

13. “creative destruction” [kri`eıtıv dı`strAk∫^ən] –“креативне руйнування”;

14. simultaneously [ֽsım^əl`teıniəsli] –разом, одночасно;

15. essence [`es^ən^ts] –суть, сутність, істотність;

16. an extreme [ık`stri:m] –крайність;

17. aptitude [`æptıtju:d] / [`æptıtu:d] –схильність; здібність; здатність;

18. to pioneer [ֽpa ı ə`nıə] / [ֽpa ı ə`nı^ər] – прокладати шлях, бути піонером; вести, керувати;

19. substantially [səb`stæn^t∫əli]–по суті; в основному; значною мірою; міцно, ґрунтовно;

20. scale [skeı^əl] –ступінь, рівень; масштаб; шкала;

21. part-time [ֽpα:t `taım] / [ֽpα:rt `taım] – на неповний робочий день; нештатний (про працівника);

22. major undertaking [`meıGə ֽAndə`teıkıŋ]–головна справа; велике підприємство;

23. inspiration [ֽınspə`reı∫^ən] –натхнення; вдихання; вплив, надихання, стимулювання;

24. sensibility [ֽsen^tsə`bıləti] –чутливість; точність (приладу); сприйнятливість;

25. to exhibit [ıg`zıbıt] – показувати, виявляти, проявляти (настрій, почуття);

26. to be prone (to) [prəun]–бути схильним (до чогось);

27. overconfidence [ֽəuvə`kOnfıdən^ts] –самовпевненість; самонадіяність;

28. overgeneralizations [ֽəuvəֽGen^ər ə laı`zeı∫^ən]– надмірне узагальнення.

Task 15. Tick the correct sentence.

1.Anyone who owns and operates a business is an entrepreneur. Not all small business owners are true entrepreneurs.	____ ____
2.Entrepreneurs accept the risk, spending much time and money on uncertain ventures. Entrepreneurship is not a venturesome undertaking.	____ ____
3.The word “entrepreneur” is of French origin. Etymology of the term “entrepreneur” is a matter of much debate.	____ ____
4.The word “entrepreneur” was coined by Adam Smith. Jean Baptiste Say is credited for creation of the term “entrepreneur”.	____ ____
5.Decisions made by entrepreneurs are based on extensive use of economic resources. True entrepreneurs are able to make decisions that allow more efficient use of economic resources.	____   ____
6.The essence of entrepreneurship is investing money. The essence of entrepreneurship is taking risk.	____ ____
7.The concept of entrepreneurship has a wide range of meanings. The concept of entrepreneurship has two major meanings.	____ ____
8.Entrepreneurship is generally represented by freelancers. Entrepreneurship ranges in scale from solo projects to big businesses.	____   ____
9.Many real-life entrepreneurs operate in teams rather than as single individuals. True entrepreneurs are always involved in solo projects.	____ ____
10.Entrepreneurs have many of the same character traits as leaders. Entrepreneurship has nothing to do with leadership.	____ ____

Task 16. a) Find synonyms among the words and phrases from the text “ Entrepreneurs and Entrepreneurship” (Task 14).

1. Job; 2. idea; 3. sense; 4. career; 5. concept; 6. a person; 7. meaning; 8. to create; 9. to accept; 10. to reflect; 11. new idea; 12. to exhibit; 13. prone (to); 14. incredible; 15. possibility; 16. to develop; 17. substantial; 18. innovation; 19. motivation; 20. engine (of); 21. opportunity; 22. willing (to); 23. to take risks; 24. to undertake; 25. an individual; 26. to enter business; 27. to put on the line; 28. to accept the risk; 29. driving force (of); 30. to start a business; 31. to have character traits; 32. to possess characteristics.

Task 17. a) Use the -tion suffix to form nouns from the following verbs.

1.To apply;	3.to create;	5.to inspire;	7.to destruct;	9.to motivate;
2.to define;	4.to invent;	6.to operate;	8.to innovate;	10.to determine.

b) Use the correct noun or verb forms in the sentences. Change the grammatical form of the words if necessary.

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