Active Vocabulary General and Academic Words - Amy E. Olsen 2013

Chapter 18. Business
Part 2 Academic Words

Making It on Your Own

Succeeding in Business

Do you have what it takes to be an entrepreneur? Do you have an idea for a product people must have? Do you have a skill you have wanted to turn into a business? Starting your own business venture can be hard work but also extremely rewarding. The Business Department is starting a series of classes on how to run a successful business. Whatever you specialize in doing—baking, writing, working with computers—can now make you money. Those who are brave enough to face the problems of running a business will also find the rewards of being one's own boss.

The following are some of the most prominent traits found amongst entrepreneurs. Do you have a propensity for any of these important traits?

Passion. A major asset to starting you own business is being excited about your product or service. If you don't love it, how do you expect other people to? You need to be willing to proclaim your jewelry creations the most beautiful or your dog-training skills the greatest.

Determination. The biggest liability a business owner can have is a lack of drive. You have to find the way to succeed when things aren't going your way. On the first day Debbie Fields opened her cookie store, no one had come in by noon. She didn't give up! She put a batch of her cookies on a tray and walked outside to distribute them to people walking by. People loved them and followed her back to the store. From there the Mrs. Fields cookie empire grew.

Flexibility. When running a business, you will need to modify your plans as everything will not always go your way. Even finding your niche in a business calls for flexible thinking. Reed Hastings was upset when he returned his videos to a store and was told he owed $40 in late fees. Angry about the fees, Hastings decided there should be a better system. The idea for Netflix was born. Hastings found a special place in the crowded world of video rentals because he saw a need that others were not meeting. Hastings used his degree in computer science to create a system that allows people to rent vide, os for a flat monthly fee with no late charges using their computers.

Humor. If you are a jovial person, you can cope with the stress of running a business. If you always get angry or upset, your problems are only going to proliferate. If you can keep your sense of humor, your problems will not grow to unmanageable proportions. You will be working with people who are your employees or clients, and they will want to deal with a friendly and cheerful person.

If these traits fit you, sign up for the courses in the Succeeding in Business program. Among other skills, learn important business terminology, how to create a marketing plan, and ways to deal with legal issues.

Call (326) 555-3579 today to get a catalogue of the course offerings.

Predicting

For each set, write the definition on the line next to the word to which it belongs. If you are unsure, return to the reading on page 120, and underline any context clues you find. After you’ve made your predictions, check your answers against the Word List on page 125. Place a checkmark in the box next to each word whose definition you missed. These are the words you’ll want to study closely.

Set One

a leaning

a business enterprise

a desirable thing

leading

one who assumes the risks of a business

□ 1. entrepreneur (line 1) ...

□ 2. venture (line 3) ...

□ 3. prominent (line 8) ...

□ 4. propensity (line 9) ...

□ 5. asset (line 10) ...

Set Two

to change the form of

to grow

cheerful

an appropriate place

a disadvantage

□ 6. liability (line 15) ...

□ 7. modify (line 23) ...

□ 8. niche (line 24) ...

□ 9. jovial (line 31) ...

□ 10. proliferate (line 32) ...

Self-Tests

1 Circle the correct meaning of each vocabulary word.

1. asset:  a worthless thing  a desirable thing

2. jovial:  cheerful    sad

3. niche:  a lobby    a recess

4. proliferate: to decrease   to increase

5. propensity: a preference   indifference

6. venture: to fear    to brave

7. entrepreneur:     business person clerk

8. prominent: unimportant   notable

9. liability: a disadvantage  an advantage

10. modify: vary     steady

2 Use the vocabulary words to finish the students’ statements about why they are taking classes in the Succeeding in Business program.

Set One

Vocabulary list

propensity

entrepreneur

venture

niche

modify

I have enrolled in this program because my family has a(n) (1)... for baking. My grandfather owned a donut shop, and my mother won the county fair pie-baking contest for eight years straight. Now I want to (2)... into bak­ing for a profit. I think I have discovered my (3)... in the business: cookies for every holiday. I have recipes and de­signs for cookies from Arbor Day to Valentine’s Day. I can even (4)... my cookies for a client’s special occasion. Whatever they want, I can make. I have a passion for cooking, so I am sure I will be a good (5)... . I can’t wait to start my catering business.

Set Two

Vocabulary list

asset

liability

jovial

prominent

proliferate

I am a(n) (6)... person. I get along well with others, and animals love me. I want to start a pet-sitting business. My greatest (7)... is my flexibility. I can take on a job at a moment’s notice. I want to learn how to make flyers that will catch a person’s attention and find out the (8)... locations around town to distribute them so I can get the most exposure. I am hoping my clients will (9)..., and then I can hire my brother. He is also great with ani­mals. The only (10)... I can see is that sometimes I get too attached to an animal I sit for and I don’t want to leave, but I can work on that problem.

3 For each set, complete the analogies. See Completing Analogies on page 6 for instructions and practice.

Set One

1. surfboard : water :: vase : ...

2. embezzler : defrauds :: ... : invests

3. cancel: erase :: alter : ...

4. ASAP : acronym :: a sea voyage : ...

5. a raise : benefit : : a broken leg : ...

Vocabulary list

entrepreneur

modify

liability

niche

venture

Set Two

6. banana : fruit :: a college degree : ...

7. athlete : fit :: governor : ...

8. in a traffic jam : angry :: at a party : ...

9. pardon : forgive :: tendency : ...

10. humble : proud :: ... : decline

Vocabulary list

jovial

proliferate

propensity

asset

prominent

Identify the two vocabulary words represented in the drawings.

Collocations

After her business partner left town, Tammy knew it was time to venture out on her own, but she was still nervous about what she would encounter. (Chapter 18)

We will display the family portrait in a prominent place in our new house: right over the fireplace. (Chapter 18)

Word Pairs

Asset/Liahility: Asset (Chapter 18) means "a desirable thing or quality," and liability (Chapter 18) means "a disadvantage; an undesirable thing.” Reynaldo’s greatest asset is his friendliness; he can charm anyone. His greatest liability is his stubbornness; he won’t change his mind even when he knows he is wrong.

Interesting Etymologies

Jovial (Chapter 18) comes from the Latin Jovialis, "of Jupiter.” Jupiter was the Roman god of the sky. According to astrological beliefs, those born under the sign of Jupiter were supposed to be happy people, so jovial came to mean "merry; good-humored.”

Niche (Chapter 18) comes from the Latin nidus "nest.” Or it may come from the Italian nicchio "seashell,” which became nicchia "nook” and eventually niche in French. Today a niche has two meanings: "a recess in a wall for a decorative object,” which serves as a nest for the object; and "a suitable place or position,” which is what that recess in the wall was supposed to serve as.

Interactive Exercise

Imagine that you have decided to become an entrepreneur. Make a brief business plan by answering the following questions.

1. Name of your business venture.

2. What does your company do or make? What is your niche in the marketplace?

3. What are two qualities you have a propensity for that would make you a successful entrepreneur?

4. List two qualities that would be a big asset for your employees to have.

5. Is it important that your employees be jovial? How often will they be interacting with the public?

6. List two qualities that would be a liability for your employees to have.

7. What can you do to make your business prominent in your community?

8. What might you have to modify if your profits don’t proliferate as you expected?

Conversation Starters

An excellent way to review the vocabulary words and help to make them your own is to use them when you are speaking. Gather three- to five friends or classmates, and use one or more of the con­versation starters below. Before you begin talking, have each person write down six of the vocabu­lary words he or she will use during the conversation. Share your lists with each other to check that you did not all pick the same six words. Try to cover all of the words you want to study, whether you are reviewing one, two, or more chapters.

1. What do you like and dislike about writing?

2. How important do you think it is for people to be involved in politics? Do you vote?

3. What kind of business would you like to start? Do you think you will ever do so?

Word List

Words to Watch

Which words would you like to practice with a bit more? Pick 3-5 words to study, and list them below. Write the word and its definition, and compose your own sentence using the word correctly. This extra practice could be the final touch to learning a word.