ESL Podcast 196 - A Business Plan
to revolutionize - to change something completely, usually so that it can be done much better
The cell phone revolutionized how people communicate with each other.
goods - product; merchandize; things that people sell
The government just passed a new tax to be paid on all goods sold to customers outside of the U.S.
investor - someone who expects to make money by giving money to start or to improve a business
To open our restaurant, we need an investor with a lot of money.
business plan - a written document that describes a business, its plans, how it will work, and how it will make money
Here is our business plan. It should answer any questions you have about how the new business will operate.
entrepreneur - someone who starts and owns a business, usually by using some of their own money
I'm not sure he will ever be an entrepreneur even though he has good ideas. He doesn't understand how to do business.
business model - a plan that shows in detail how a business will work and how it will make money
This business model won't work unless all of the employees work for free for the first year.
in the black/red - making money (in the black) or losing money (in the red); usually used to describe a business
When we started this company, we were in the red for the first two years. But now, we're in the black.
revenue projections - a prediction or a good guess about how much money a business will make in the future
If the revenue projections are correct, we will have enough money next year to open the new office in Hamburg.
to estimate - to make a good guess that does not need to be exact or exactly right
Can you estimate on how much these car repairs will cost?
gross sales - the total amount of money a company makes before it takes out the costs, taxes, and other amounts it has or will need to pay
These are the highest gross sales the company has ever had.
target market - a group of people that a business tries to sell to
Are you sure that the target market for these t-shirts are young men between the ages of 18 and 34?
potential buyers - people who are likely to want to buy a business's product
Don't worry. We have three potential buyers for your house already.
competitive advantage - having the things that make one business different and better than other businesses
Hiring the new president won't give our company a competitive advantage if the management stays the same.
to take a chance on - to risk; to do something that is uncertain but that is likely to have good results
I don't want to take a chance on him not being home when I stop by his house. I'll call him first.
this time next year - the same time period a year from now
She will be graduating from college this time next year.
to be well on (someone's) way to... - to be advanced; to have made a lot of progress; to be close to finishing something
After three months, the band is well on its way to finishing its new CD.
business empire - a very large business owned by one person or one group of people
Building a business empire takes a lot of money, hard work, and luck.