Business english writing - Masterclass International School 2020

Companies start-ups

Pre-reading activity

Before reading the article below, try to answer the following question. If you cannot answer look the word up in a dictionary:

What is a start-up?

Now you should have a more precise idea of what a start-up is, so move on to the reading activity. In order to make your reading easier, the article has been divided into paragraphs. Read each paragraph twice. If you do not understand some words you can use the glossary at the end of the article.

Reading activity A

My Week: Andy Shovel of Burgers and Stuff

With his business partner Peter Sharman, Shovel devised a business plan for a new upmarket burger delivery chain. Funding from investors has just landed.

Par. 1

With the first tranche of our investors’ funding having only just landed, and a launch date of March 2013, there is still a lot to do to fine tune the operation. This week we’ve just finished off the process of finding a branding agency to mastermind our image; we’ve been on the new premises with builders and shop fitters to get quotes; we’ve been seeing packaging producers to refine the design of our burger box; we’ve met a scooter supplier to choose what bikes we want our delivery men on; we’ve even met a pickles specialist to help us choose the best toppings for our burgers. And that’s all in the one week.

Par. 2

The idea came after I sold off some of my previous start-up, Recruitment Squared, because I wasn’t enjoying the office environment. I wanted to do something more fun. Originally the idea was to start an American-style healthy fast-food bar in the City of London, but I went off of this in favour of the burger delivery concept. That was when I met my now business partner Peter Sharman and we began working through all the challenges. One of the main hurdles has been packaging: maintaining the quality and the ’structure’ of a prepared burger whilst having to carry it in a box on a scooter is tough. We’ve even got a patent on our box design because of the way it protects the burger from flipping or getting soggy, but still manages to keep it hot.

Par. 3

We started by meeting with lots of industry insiders — owner/operators of fast food businesses. Then we spent three months writing a business plan with which to approach investors. We needed £250,000, and we’ve just secured this amount from some pizza delivery moguls. There are still a few obstacles to get past: the brand needs to be improved and consolidated — we may even change the name of the company before the launch. There’s more recipe development to be done, and we’re going to visit the States on a New York, Los Angeles and Florida tour, trying out American diners and burger joints to see if there’s anything we can learn.

Par. 4

The best thing about the job so far is that there is such a wide variety of things we have to do. We’ll be going through financial issues one day, tasting pickles the next day, and talking to builders about refurb options the day after that. But, easily the hardest thing about the process so far has been finding the best meat recipe in the UK. We’ve spent about seven months eating burgers four or five times a week, made from meats from all different corners of the globe. Before this, we had only amateur, rudimentary knowledge about how a good burger should taste.

Par. 5

So the first store opens in March, and we’re both going to be in the kitchen, flipping burgers and doing deliveries. Over the course of that year, if things go to plan, we’ll be hoping quickly to expand and open more sites: perhaps as many as three will be open by the end of the first year. The experience of pitching to investors was fun and luckily it went off without incident. We didn’t meet anyone who seemed completely disinterested in our idea. Incidentally, our first pitch and burger tasting was to Pret A Manger founder Julian Metcalfe. We prepared some burgers and went over to his Knightsbridge house on a scooter, but hit an enormous pothole in the road on the way. This was the first time we had tested the packaging and we were extremely worried the burger would be ruined by the time we got there. When we did arrive, Metcalfe said he would make it harder by telling us not to open the packaging for at least ten minutes. Luckily, our box design had worked and the burger was intact.

Par. 6

I am most looking forward to having a consumer brand for the first time. At the end of year one we expect to be breaking even or profitable. It’s a long-term plan though, as we would like to develop a lot of sites, so a lot of money will be spent growing as well. From our experience so far on this project, my advice to any budding entrepreneurs is: if you have an idea that you’re serious about, arrange to meet owner-operators of leading businesses in that sector. You’ll learn loads and make good contacts. I'm 25 years old, but people aren't as intimidating as you think towards a young person starting a business.

Notes to the text

✵The adjective upmarket means expensive, luxury, exclusive and its opposite downmarket means for low income consumers, second rate, low quality. The particles up and down are commonly used as prefixes to make adjectives, nouns and verbs. They usually have to do with movement towards an elevated point, higher rank or vice versa. Some examples are uptown/downtown, upload/download, upgrade/downgrade, uprate/downrate.

I upgraded my internet to high speed from regular, but when I download songs it still loads at the same slow speed

✵Whilst can be a synonym of while but in case of whilst + gerund it means though (it. pur, pur di).

There was a show whilst we were eating

I had to pay for the meal whilst not receiving the entire meal.

✵A patent is a document granting the legal right to make or use an invention for a period of time (it. brevetto). It sounds similar to it. patente which is licence or permit.

So you have an idea and want to get a patent?

If my learner's driving licence is lost, do I need to apply for a duplicate to attend the driving test?

✵When things go to plan they go the right way or according to schedule. An incident is an unpleasant and unusual event whereas an accident is an unexpected and unintentional event with negative effects.

The accident happened because the driver in front stopped so suddenly

Under different circumstances, this incident could have resulted in damage

✵Loads is an informal way to say a lot, a large amount

You’ll learn loads and make good contacts

You’ll learn a lot and make good contacts

GLOSSARY

Post-reading activity A 1

Answer the following questions about the article:

Refer to par. 1 of the article

When did the first tranche of money arrive?

How far is the launch date from now?

Have they met the branding agency yet? And why?

Why have builders and shop fitters been to the shop?

Why have they met their packaging producers?

Do they have an idea about how to choose the best toppings for their burgers?

Refer to par. 2 of the article

Why did one of the men sell off his previous company?

What was the original idea of his start-up?

Who is his current business partner?

Why is packaging one of the main hurdles?

Do their burgers risk flipping or getting soggy?

Refer to par. 3 of the article

Did they create a business plan? And why?

How did they raise the money they needed?

Have they named their shop yet?

Why are they planning to go the US?

Refer to par. 4 of the article

What is likely to happen in the next few days?

What is the hardest thing they have been doing so far?

Do they have an amateur knowledge of burgers?

Refer to par. 5 of the article

How many burger joints are they going to open if things go to plan?

Who was their first pitch and burger tasting?

Why were they afraid of his judgment?

Refer to par. 6 of the article

What expectations of profit do they have for the end of the year?

What kind of advice do they have for young entrepreneurs?

Post-reading activity A 2 (Writing)

Read the article again and summarise what it is about. Use paragraphs in the article to help you.

Post-reading activity A 3(Speaking)

Say whether Shovel and Sharman’s new business is likely to be successful. Then you should take into consideration all the information provided in the article and describe the pros and cons of starting up that business in your area. If you think this start-up would not be successful in your country say why and give alternative ideas on how to start a business in the food industry.

Post-reading activity A 4 (Writing)

Choose the proverb that would best fit the article about Shovel and Sharman’s new business experience:

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” — Winston Churchill, British politician

“If your ship doesn't come in, swim out to meet it.” — Jonathan Winters, American actor

Supplementary activity 1 (Listening)

An interview to Andy Shovel and Peter Sherman, the founders of Burgers and stuff is available on YouTube. Watch the video and you will find further information about their start-up.

Supplementary activity 2 (Research)

When someone starts a business, he/she must decide what form of business entity to set up. The form of business you choose will determine the type of income tax return form you have to file. Most businesses in the UK are sole traders, limited companies and business partnerships (AmE terms may vary considerably from BrE). The choice of the form of business is connected with legal and tax considerations. What would be the best business structure for an activity such as burger delivery based on the information given below?

Vocabulary activity 1

Match the words below with the correct definition:

Upbringing

Down-market

Upturn

Uploading

Updated

Downtime

Downgraded

Downsizing

Downtown

Upsurge

Uptake

Downward(s)

1.He found it humiliating to have to buy ___________ products

2.Can you tell me when this webpage was last _________?

3.With a free account, you can _________ an unlimited number of photos

4.___________ is a term for reducing the number of employees in a company

5.Are there parental responsibilities in the ____________ of children?

6.There has been an _______ of international interest in ethnic conflicts

7.I live in the ______________ area.

8.The company’s shares were ____________ today by two notches

9.I wouldn’t be so hopeful for a quick ______________ in the economy.

10.Unscheduled factory _________ decreases company profits

11.It helps to reduce the fat _________ and the absorption of cholesterol

12._________means going down from a higher to a lower level, position, etc.

Vocabulary activity 2

Tax related words

The form of business you operate determines what taxes you must pay. The following are some words related to taxation. Match them with the correct definition:

Taxpayer

Internal Revenue Service, IRS

Tax evasion

To bribe

Tax avoidance

Fiscal watchdog

Amnesty

Property tax

Income tax

Fraud

1. the bureau of the Treasury Department responsible for tax collections

2.a personal tax levied on annual income

3.make illegal payments to in exchange for favours

4.Someone who pays taxes

5.something intended to deceive; deliberate trickery, intended to gain an advantage

6.a warrant granting release from punishment for an offense

7.a capital tax on property imposed by municipalities based on the estimated value of the property

8.a fiscal guardian or defender against theft or illegal practices or waste

9.illegal practice where people and corporations intentionally avoid paying their true tax liability

10.the minimization of tax liability by lawful methods

Supplementary activity 3 (Speaking)

Discuss with the class the meaning of the data in the chart below. Are you surprised by the results?

Pre-reading activity B

Write down the meaning:

Reading activity B

Read the presentation below. It is about a Business Angel Group in Italy called Italian Angels for Growth.. Business angels are experienced investors who provide capital for start-up companies. After reading, try to answer the questions.

HOW WE WORK

IAG developed a structured and thorough process to select the best opportunities to be presented to its members

SCREENING PROCESS

a.The Company is encouraged to read carefully the website before going through the application process to be sure there is a good fit between the company’s focus and members’ interests.

b.Complete the online application form.

c.Once you go through the application process, you will be asked to pay a €50 application fee. This fee is non-refundable, so it is important to check the website and determine if there’s a fit between your company and our investment focus.

d.Your application will be complete once you have finalized all of the steps outlined above. Your application will not be reviewed until it’s fully completed.

e.e. Our members are free to identify companies in which they are interested, therefore is no guarantee that your company will be invited to give an investment presentation.

1. FIRST EVALUATION

When IAG receives a project, the first phase is called Pre-screening. This consists of a preliminary analysis of the business plan in order to verify that the essential requirements are met for IAG members to consider it as an investment (i.e. owned and defensible innovation over time, high growth potential and relevance to the other elements of the investment focus).

The opportunities are pre-selected by a Managing Director, with the cooperation of our internal team. If the proposal successfully goes through this phase, it will then proceed to the second phase called Screening. Only the proposals most relevant to the investment focus will be forwarded to the members, and will then have access to the second phase of screening.

2. SCREENING

In this phase a group of 2 — 5 members of IAG with knowledge of the industrial sector will be created. The group will analyze the business plan and further documentation sent by the entrepreneur in a confidential procedure. If there is a positive answer from the group, a meeting will be scheduled with the team or owner of the plan, to personally meet the IAG members. This is one of the most important phases of the process of selection, as the entrepreneur and team are one of the most relevant variables in the investment decision-making process. After the meeting, the screening group will express their opinions regarding technology, and business plan to the team, and on the presentation qualities it has to meet in order to be handed to the Screening Committee. If the feedback is positive, then the plan will be taken forward.

3. THE SCREENING COMMITTEE

The committee (composed of 6 IAG members) meets once every two months to select the best 2/4 projects, which will then be presented to all members in the Company Presentation meeting. One or more members of the screening group will volunteer to be an internal sponsor for the opportunity, prior to its presentation, and to follow the Due Diligence and eventually, the negotiation of terms and conditions of the investments, in case the members appreciate the initiative.

4. COMPANY PRESENTATION MEETING

The company presentation meetings take place every 2 months and a half approximately, (totaling 5 per year). In these occasions the entrepreneurs of the selected projects, are invited to present their initiative and have 15 minutes to do so. At the end of the elevator pitch a session of Q&A of 15 minutes will follow, and after that a closed door discussion session between the IAG members. At the end of the day, every member individually expresses his/her opinion on the presented companies and indicates the desired amount that they are willing to invest subject to Due Diligence.

5. DUE DILIGENCE

If the opportunity presented by the members, has collected enough commitment, the Sponsor (from this moment called the Deal Champion), starts the Due Diligence phase, during which in depth checks will be undertaken on the technology, on the business and the legal aspects. If no problems or obstacles are found, the Due Diligence will normally last for 2 months.

6. INVESTMENT

Once the Due diligence is over, the members are invited to confirm or withdraw their commitment announced after the company presentation. The investment members of every single investment will proceed as a group to drafting the contracts, the special purpose vehicle used for the investment and the “closing”.

7. POST-INVESTMENT INVOLVEMENT

The IAG members tend to have an active role in the companies they invest in. Often the Deal Champion will sit in the Board or be part of the Advisory Board of the companies in the portfolio. The other members of the consortium of investment are always available in bringing their value, in terms of contacts as well as industrial expertise.

Post-reading activity B 1 (Writing)

Answer the following questions about the article:

1.What does IAG mean?

2.What does the company do?

3.How many steps are involved in screening process?

4.Why is the pre-screening phase necessary?

5.What kind of proposals are most likely to be accepted?

6.How many people are in the Screening committee?

7.When can the entrepreneur of the selected project present his/her initiative to the company?

8.Why is the Due Diligence so important?

9.What comes after the Due Diligence phase?

10.What happens in the post-investment phase?

Post-reading activity B 2 (Speaking)

Imagine you are an angel investor. Which of the following proposals would you take into account? Which ones would you eliminate?

A. Smart shirt helps wearers keep track of their mental and physical wellbeing

✵Embedded with sensors able to detect and track the wearer’s emotional state

✵Monitor heart rate and breathing

✵Information could be shared socially for fun or to keep a check on friends and family members’ health

B. Biodegradable cigarette filter helps clear streets of discarded butts

✵Cigarette filter made of organic material that biodegrades in weeks

✵Improves the quality of the smoke by reducing the number of synthetic chemicals

✵Help reduce the impact smokers have on the environment

C. Airport vending machine ’restaurant’ offers gourmet menu

✵A sit-down vending machine restaurant

✵Gourmet food 24 hours a day

✵Select from the menu and delivered instantly

D. Printing methods work on any surface

✵High quality printing on any surface

✵Place messages in uncommon locations

✵Open up interesting new art forms

Grammar revision

PAST SIMPLE

I CLEANED

(Used for activities or events completed in the past, either understood or indicate by a time expression)

I wanted to do something more fun

We started by meeting with lots of industry insiders

Then we spent three months writing a business plan

Subject + past form of the verb

Did + subject + bare infinitive

Subject + did + not + bare infinitive

_ _ ___I_____I______ _ _

Now

PAST CONTINUOUS

I WAS CLEANING

(Used for temporary actions or events that were taking place at a particular time in the past) 

I wasn’t enjoying the office environment

Yesterday at 11 pm I was still doing deliveries

While we were delivering burgers we hit a big pothole in the road

Subject + was/were + -ing form

Was/were + subject + -ing form

Subject + Was/were + not + -ing form

_ _ __IIIIII_____I____ _ _

Now

PRESENT PERFECT SIMPLE

I HAVE CLEANED

(Used for a complete past action connected with the present. The result or the effect of the action is visible now. It is used with already, just, yet, never, ever. It is also used to refer to a period of time that hasn’t finished yet)

This week we’ve just finished off the process of…

We’ve been on the new premises with builders and …

We’ve met a scooter supplier

Subject + have/has + past participle

Have/has + subject + past participle

Subject + have/has + not + past participle

_ _ ___I_____I______ _ _

Now

PRESENT PERFECT CONTINUOUS

I HAVE BEEN CLEANING

(Used for actions that started in the past which are still in progress or just finished.

Emphasis is on the activity. It is also used with for /since to say how long an action

has been going on)

We’ve been seeing packaging producers this week

We have been working together since few weeks

Why are you so late? I’ve been waiting for over an hour

Subject + have/has + been + ing form

Have/has + subject + been + ing form

Subject + have/has + not + been + ing form

_ _ ___IIIIIIIII ______ _ _

Now

Grammar exercises

1. Put the following sentences in the correct form of the present perfect simple:

1.We (finish off)___________________________ the process of finding a branding agency.

2.We (not/be)__________________ on the new premises yet.

3.We (not/meet)_______________ a scooter supplier yet.

4.We (spend)_____________________ about seven months eating burgers four or five times a week.

5.Packaging (be)____________one of the main hurdles.

2. Put the following sentences in the correct form of the past simple:

1.The idea (come)_____________ after I (sell off)_______________ some of my previous start-up.

2.I (want)__________ to do something more fun.

3.Peter Sharman and I (begin)_______________ working through all the challenges.

4.We (spend)_________________ three months writing a business plan.

5.We (not/meet)____________________ anyone who seemed completely disinterested in our idea.

6.We (prepare)_________________ some burgers and (go)_______ over to his house on a scooter.

7.We (hit)___________ an enormous pothole in the road on the way.

8.So we (be)_____________ extremely worried the burger would be ruined.

3. Choose the correct tense (present perfect/past simple) for each of the following sentences:

1.The first tranche of our investors’ funding has landed/landed yesterday.

2.We have just secured/just secured financial support from some pizza delivery moguls.

3.This week we found/have found a branding agency that will mastermind our image.

4.Last Tuesday we have met/met a scooter supplier.

5.The idea came/has come after I have sold off/sold off some of my previous start-up.

6.We spent/have spent about seven months eating burgers four or five times a week so far.

7.Before tasting meat from all over the world, we had/have had only amateur knowledge about how a good burger should taste.

8.When we arrived/have arrived there, Julian Metcalfe hasn’t opened/didn’t open the packaging for at least ten minutes.

9.By meeting other entrepreneurs I learned/have learned a lot in the last few months.

10.Last September, in our tour through the States we have tried out/tried out a lot of American diners.

4. Put the following sentences in the correct form of the present perfect continuous:

1.We (meet)_______________ scooter suppliers ____ over two weeks

2.We (write) _______________ our business plan _____ three months

3.Where is Andy? I think he is on the phone with the pickles specialist. They (talk)_____________ since 2 o’ clock

4.Peter (cook)___________________ for three hours

5.I (eat) _______________ burgers for seven months

Remember that verbs may be divided into action and state verbs. Action verbs describe action we take and facts. State verbs describe conditions, states of being, likes or dislikes, opinions. They cannot be used in the —ing form. Here is a short list of state verbs:

Agree, approve of, believe, belong to, consider (hold an opinion), consist of, contain, cost, depend, disagree, gather (understand), hate, have (own), know, like, loathe, love, mean, own, need, possess, prefer, realize, regret, remember, resemble, suppose, think (hold an opinion), understand, want, wish, etc.

Ex. I have known Mary for ten years

5. Put the following sentences in the correct form of the past continuous. If it is not possible use the past simple:

1.When the consultant arrived, I (read)______________ a leaflet in the waiting room

2.While we (talk) ________________ to builders about refurb options, we received a strange phone call

3.When the meeting started nobody (know)____________ some investors had decided to fund our business

4.Despite my best efforts to explain the project I realised they (not/understand) what I (say)_________ to them

5.Yesterday at 10.30 pm I (deliver) still ________________ some pizzas.

6.When the French meat supplier called us we (deal)______________ with other issues