MODULE 1 People in business

MODULE 1

People in business

Socialvs Traditional Entrepreneur

Unit1

Unit1

Lead-in

Social vs Traditional Entrepreneur

1. The Big Issue, the Eden Project and Jamie Oliver’s restaurant Fifteen are examples of social enterprises. These are enterprises that apply commercial strategies to maximize not only financial, but also social and environmental well-being. Are you familiar with similar cases in Greece?

2. Do you believe social entrepreneurs are similar or different to traditional ones in terms of their values and their pursuits?

Unit 1: SOCiAL VS tRADitiOnAL EntREPREnEUR 19

In Business management litera-ture there are diverse definitions of what an ‘entrepreneur’ is. Some fo-cus on personality traits, while oth-ers emphasize fiscal aspects such as capital gain and exploiting mar-ket opportunities, and values that underpin the business venture.

Bolton and Thompson (2004) define the entrepreneur as “a per-son who habitually creates and innovates to build something of recognised value around per-ceived opportunities.” Smith et al. (2014:202) argue that it is not necessarily the pursuit of wealth that defines an entrepreneur, but rather “the leveraging of all re-sources from the micro and macro environment with the potential to add value and advance or establish a given venture. The entrepreneur does this regardless of whether the perceived opportunity or venture results in the creation of economic, aesthetic, or social capital”.

There are numerous studies in the literature which have investi-gated the personality traits of en-trepreneurs. These usually focus on one or more of the following per-sonality characteristics: achieve-ment motive (or need for achieve-ment), inner locus of control or drive and determination, aptitude or drive for innovation, creativity, risk-taking, problem-solving style, need for independence or autono-

my, unconventional perspective or deviancy.

The social entrepreneur is con-sidered a rather distinct type of entrepreneur in the sense that suc-cess is measured not solely by cost efficiency and profit, but by the ex-tent to which the venture is achiev-ing egalitarian and socially legiti-mate goals. According to Jones et al. (2008) while the traditional entrepreneur aims at achieving shareholder gain, the social entre-preneur aims at enhancing social value, considering society an inte-gral stakeholder.

Some academics argue that the personalities of the two types of entrepreneur are incompatible in the sense that traditional entrepre-neurs tend to exhibit high levels of self-interest and low levels of so-cial conscience. In contrast to this view, other researchers find no sig-nificant differences in personality or motivation. Instead, they locate the distinction between the two types of entrepreneur in the values and perceptions that underlie their visions and ventures (Martin and Osberg, 2007).

Smith et al. (2014) examined the personality traits of the two groups of entrepreneurs, the tra-ditional and the socially oriented ones. Their study indicated statis-tically significant differences be-tween the two groups with social

Reading

Unit 1: SOCiAL VS tRADitiOnAL EntREPREnEUR20

entrepreneurs scoring higher in “Creativity”, “Calculated Risk Tak-ing” and “Need for Autonomy/Independence”. There was no sta-tistically significant difference for the “Drive and Determination” and “Need for Achievement” di-mensions. The researchers argue that social entrepreneurs need to exhibit more creativity and inno-vativeness in order to overcome bureaucratic restrictions and the tighter regulations they willingly wish to comply with. At the same time, they take more risks trying to be accountable to a wider range of stakeholders. Their need for au-

tonomy is evident in their proso-cial activities and their emphasis on collaboration and consensus on decisions. Social entrepreneurs also scored higher in the need for achievement dimension exhibiting higher levels of humanitarianism and empathy but not at statistically significant levels.

Adapted from: Smith, R., Bell, R., & Watts, H. (2014).Personality trait differences between traditional and social entrepreneurs. Social Enterprise Journal, 10(3), 200–221. http://doi.org/10.1108/SEJ-08-2013-0033 (p.3-5)

ReadingComprehension

1. What are the main differences between social and traditional entrepreneur?

2. Answer in your own words

1. What is meant by ‘fiscal aspects’ in paragraph 1? 2. What do you understand by the phrase ‘society acts as the integral

stakeholder’?

3. True or False? Say whether the following statements are true or false. If false, say

why.

1. The main characteristics of traditional enterprises are the pursuit of wealth.

2. The social enterprise does not measure success in terms of profit. 3. According to academics the personalities of traditional and social

en tre preneur are completely distinct. 4. Innovation and proactiveness are characteristics of both types of

entrepreneur.


Vocabulary Building

Guess the meaning of the following words and expressions based on a) etymology, b) the context, c) knowledge of the world/ subject.

1. the leveraging of all resources from the micro and macro environment with the potential to add value and advance or establish a given venture.

2. success for the social enterprise is measured by the extent to which the venture is achieving egalitarian and socially legitimate goals.

3. the social entrepreneur seeks to enhance social value. 4. This prosocial personality exhibits higher levels of empathy, and a sense

of social responsibility.

Rephrasing Activity Match some of the characteristics of entrepreneurs with similar

phrases in the literature

1. achievement motive autonomy2. aptitude drive and determination3. inner locus of control drive for innovation4. need for independence deviancy5. unconventional perspective need for achievement

Rephrasing skills

In order to rephrase the information we draw from the various sources, we use a range of techniques such as

a) Synonyms, for example downturn in place of recession,

b) Different syntactic structures, such as nominalizations, for instance ‘prices have increased sharply’ in place of ‘there has been a sharp increase in prices’.


However, the best way to paraphrase is to understand the meaning of the original and express it in our own words.

Below there are some excerpts from the passage you read. Try to rephrase them holistically, using the tips provided. The first is done as an example

1. They emphasise that the main characteristic of an entrepreneur is not necessarily the pursuit of wealth, but rather the leveraging of all resources from the micro and macro environment with the potential to add value and advance or establish a given venture.

What I understand: key trait not just the pursuit of wealth/profit, but taking advantage of resources to add value to the business

A potential paraphrase:According to these authors, trying to make a profit is not necessarily what

characterizes an entrepreneur but the ability/ insight to take advantage of factors of the internal and external environment in order to make their business viable.

2. The social entrepreneur is considered a rather distinct type of entrepreneur in the sense that success is measured not solely by cost efficiency and profit, but by the extent to which the venture is achieving egalitarian and socially legitimate goals.

What I understand: difference of the social entrepreneur lies in the fact that he measures success not just by profit but by social benefit as well. ...................................................................................................................................

...................................................................................................................................

3. In contrast to this view, other researchers find no significant differences in personality or motivation. Instead they locate the distinction between the two types of entrepreneur in the values and perceptions underpinning their visions and ventures.

What I understand: no real personality difference but different values behind the business visions ...................................................................................................................................

...................................................................................................................................

4. The researchers argue that social entrepreneurs need to exhibit more creativity and innovativeness in order to overcome bureaucratic restrictions and the tighter regulations they willingly wish to comply with. What I understand: because social entrepreneurs want to abide by social regulations, they will have to be more creative to deal with such restrictions ...................................................................................................................................

...................................................................................................................................


Collocations

Fill in the blanks using one of the words below in each blank:

accountable enhance leverage tighterconsiderable exhibit overcomeefficiency legitimate seek(s)

1. Business management academics have ¯debates on the definition of the ‘entrepreneur’.

2. Success is measured not solely by cost ¯ and profit, but by the extent to which the venture is achieving egalitarian and socially ¯goals.

3. The social entrepreneur seeks to ¯ social value. 4. They take more risks trying to be ¯ to a wider range of

stakeholders.5. The use of the term ‘entrepreneur’ can only be used when an individual ¯ economic advantage.

6. Social entrepreneurs need to ¯ more creativity and innovativeness in order to ¯ bureaucratic restrictions and the ¯regulations they willingly wish to comply with.

Critical Thinking and Speaking Task

Now read the case study of a Greek Koin.S.Ep (Κοινωνική Συνεταιριστική Επιχείρηση1) and identify the specific characteristics that make it a social enterprise, rather than a conventional one.

1. Η Κοινωνική Συνεταιριστική Επιχείρηση (ΚΟΙΝ.Σ.ΕΠ) είναι μορφή κερδοσκοπικής επιχείρησης, όπου ο κάθε επενδυτής έχει μια ψήφο και συναποφασίζει σε θέματα διοίκη-σης της επιχείρησης. Συνεταίρος σε μια ΚΟΙΝΣΕΠ μπορεί να είναι άνεργος, επιχειρημα-τίας, φοιτητής, οποιοσδήποτε.


Koin.S.Ep. Parental Structure of Chalandri

A case of social cooperative enterprise (Koin.S.Ep.) is the Parental Structure of Chalandri that provides childcare services in Chalandri, a municipality of Athens. It was created to fill the gap created in the area due of the economic crisis, whereby the municipality of Chalandri was forced to close down 5 out of the 9 municipal kindergartens.

The ‘Parental Structure of Chalandri’ was set up to support parents of pre-school to adolescent children. Pre-school care is offered to pre-school children, and support/tutorial classes are provided to high-school students who are preparing for the University entry exams.

The employees of the social enterprise were unemployed parents, who receive salary and benefits according to the levels of the 2009 general collective agreement. There are 4 full time paid employees, 8 part time paid employees and 10 volunteers. The income of the enterprise comes from donations and from fees paid by the parents making use of the services provided. In addition, many people offer in-kind support to the enterprise. For example, electricians, plumbers, air condition technicians and others offered their services for free when the premises of the enterprise were prepared.

Source: Wilkinson, C., Medhurst, J., Henry, N., Wihlborg, M., & Braithwaite, B. W. (2014). A map of social enterprises and their eco-systems in Europe: Executive Summary. A report submitted by ICF Consulting Services, European Commission. Country Report: Greece

Follow-up further research

Access the EU report on social enterprises in Greece (http://ec.europa.eu/social/keyDocuments.jsp?pager.&mode=advancedSubmit&advSearchKey=socentcntryrepts) and find other examples of Greek social enterprises to make a brief presentation in class.


Vocabularylist

English word Definition Greek equivalentaptitude inherent ability or talent κλίση

comply with conform to συμμορφώνομαι

conscience a sense of right and wrong συνείδηση

contradictory conflicting, mutually exclusive αντιφατικός

counterparts one of two parts that complement or correspond to each other

ομόλογος

commercial profitable, related to trade εμπορικός

distinct distinguishable from all others; discrete

ξεχωριστός, διαφορετικός

efficiency effectiveness αποδοτικότητα

egalitarian believing in equality που πιστεύει στην ισότητα

empathy ability to identify with or understand the perspective of another person

συμπόνια

enhance improve, increase βελτιώνω, ενισχύω

entrepreneur businessman επιχειρηματίας

fiscal financial χρηματικός

humanitarianism promoting human welfare ανθρωπισμός

incompatible unable to exist together in harmony

ασύμβατος

integral essential constituent αναπόσπαστο μέρος

leverage (exert) political influence πολιτική επιρροή

pursuit striving to gain or accomplish something

επιδίωξη

respective belonging or relating separately to each of two or more people or things

αντίστοιχο

solely only μόνο

stakeholder a person or group affected by or having an interest in its operations, such as the employees, customers, local community

κοινωνικός εταίρος

venture a risky undertaking εγχείρημα


Derivativestable

verb noun adjective adverb opposite

advance Advance

advancement

advanced

commercialize commerce commercial commercially

compatibility compatible incompatible

contradict contradiction contradictory

Enterprise

enterpreneur

enterpreneurial

importance important importantly unimportant

include inclusion inclusive

necessity necessary necessarily unnecessarily

primary primarily

pursue pursuit

Economic Terms

Shareholder Person who owns shares in a

company

μέτοχος

Stakeholder A person, group or organization

that can affect or be affected by

the organization’s actions (e.g.

consumer, employee)

Κοινωνικός εταίρος

Micro environment Factors in an organization’s

immediate area of operations that

affect its performance such as

competitors, customers, suppliers,

etc.

Μικρο-περιβάλλον

regulations Rules imposed by an authority κανονισμός


Self-study

Word matching

Match the words and the meanings below.

1. fiscal a. Inherent ability or talent 1. ¯

2. leveraging b. distinguishable from all others; discrete 2. ¯

3. venture c. a risky undertaking 3. ¯

4. aptitude d. Believing in equality 4. ¯

5. egalitarian e. Legal, acceptable 5. ¯

6. legitimate f. conflicting 6. ¯

7. enhance g. financial 7. ¯

8. distinct h. improve 8. ¯

9. incompatible i. Exerting political influence 9. ¯

10. contradictory j. unable to exist together in harmony 10. ¯

Derivatives

Fill in the blanks with the correct form of the word in parentheses.

Many definitions can be drawn from the literature that focus ¯ (PRIMARY- 1) on fiscal aspects such as capital gain, exploiting market opportunities, and economic growth (Schumpeter, 1965).

This study uses a relatively ¯ (INCLUDE-2) definition. Bolton and Thompson (2004) define the entrepreneur as “a person who habitually creates and innovates to build something of recognised value around perceived opportunities.” They emphasise that the defining characteristic of an entrepreneur is not ¯ (NECESSARY-3) the ¯ (PURSUE-4) of wealth or combination of personality traits that would traditionally render them ¯(ENTREPRENEUR-5).¯ (ESSENCE-6), a social entrepreneur employs the same

¯(COMMERCE-7) techniques and strategy utilised by the traditional entrepreneur, but for the ¯ (ADVANCE-8) of a socially-oriented venture.

Some ̄ (ACADEMIA- 9) have argued that entrepreneurial and social personalities are ¯ (COMPATIBLE-10).

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Unit2The history of Google

What search engine do you use?

If you use Google Chrome, what made you prefer it to the others (eg. Yahoo, Mozilla, Opera, Internet Explorer, etc.)

As you read the text on Google, look for the reasons behind its success.

Unit2

Lead-in

The history of Google

Unit 2: thE hiStORy Of GOOGLE 31

Reading

[1].....................................................Google began in January 1996,

as a research project by Larry Page, who was soon joined by Sergey Brin, two Ph.D. students at Stan-ford University, California. They hypothesized that a search engine that analyzed the relationships be-tween websites would produce bet-ter ranking of results than existing techniques, which ranked results according to the number of times the search term appeared on a page. Their search engine was originally nicknamed “BackRub” because the system checked backlinks to esti-mate a site’s importance. A small search engine called Rankdex was already exploring a similar strategy.

Convinced that the pages with the most links to them from other highly relevant web pages must be the most relevant pages associated with the search, Page and Brin test-ed their thesis as part of their stud-ies, and laid the foundation for their search engine. Originally, the search engine used the Stanford University website with the domain google.stanford.edu. The domain google.com was registered on September 15, 1997, and the company was in-corporated as Google Inc. on Sep-tember 7, 1998 at a friend’s garage in Menlo Park, California. The to-tal initial investment raised for the new company eventually amounted

to almost US$1.1 million, including a US$100,000 check by Andy Bech-tolsheim, one of the founders of Sun Microsystems.

[2].....................................................The Google search engine at-

tracted a loyal following among the growing number of Internet users, who liked its simple design and us-ability. In 2000, Google began sell-ing advertisements associated with search keywords. The ads were text-based to maintain an uncluttered page design and to maximize page loading speed. Keywords were sold based on a combination of price bid and clickthroughs, with bidding starting at US$.05 per click. This model of selling keyword advertis-ing was pioneered by Goto.com (later renamed Overture Services, before being acquired by Yahoo! and rebranded as Yahoo! Search Marketing). While many of its dot-com rivals failed in the new Internet marketplace, Google quietly rose in stature while generating revenue.

The name «Google» originated from a misspelling of «googol», which refers to 10100, the number represented by a 1 followed by one-hundred zeros. Having found its way increasingly into everyday lan-guage, the verb «google», was added to the Merriam Webster Collegiate Dictionary and the Oxford English

Unit 2: thE hiStORy Of GOOGLE32

Dictionary in 2006, meaning «to use the Google search engine to ob-tain information on the Internet.»

A patent describing part of Goog-le’s ranking mechanism (PageRank) was granted on September 4, 2001. The patent was officially assigned to Stanford University and lists Law-rence Page as the inventor.

[3].....................................................Google is particularly known

for its relaxed corporate culture, of which its playful variations on its own corporate logo are an external echo. In both 2007 and 2008, For-tune Magazine placed Google at the top of its list of the hundred best places to work. Google’s corporate philosophy embodies such casual principles as «you can make money without doing evil,» «you can be serious without a suit,» and «work should be challenging and the chal-lenge should be fun.»

Google’s headquarters in Moun-tain View, California, is referred to as «the Googleplex» in a play of words; a googolplex being 1 fol-lowed by a googol of zeros, and the HQ being a complex of build-ings (cf. multiplex, cineplex, etc). The lobby is decorated with a pi-ano, lava lamps, old server clusters, and a projection of search queries on the wall. The hallways are full of exercise balls and bicycles. Each employee has access to the corpo-rate recreation center. Recreational amenities are scattered throughout the campus and include a workout room with weights and rowing ma-chines, locker rooms, washers and

dryers, a massage room, assorted video games, Foosball, a baby grand piano, a pool table, and ping pong. In addition to the rec room, there are snack rooms stocked with vari-ous foods and drinks.

All Google engineers are en-couraged to spend 20% of their work time (one day per week) on projects that interest them. Some of Goog-le’s newer services, such as Gmail, Google News, Orkut, and AdSense originated from these independ-ent endeavors. In a talk at Stanford University, Marissa Mayer, Google’s Vice President of Search Products and User Experience, stated that her analysis showed that half of the new product launches originated from the 20% time.

[4].....................................................Many people speculated that

Google’s IPO1 would inevitably lead to changes in the company’s cul-ture, because of shareholder pres-sure for employee benefit reduc-tions and short-term advances, or because a large number of the com-pany’s employees would suddenly become millionaires on paper. In a report given to potential investors, co-founders Sergey Brin and Larry Page promised that the IPO would not change the company’s culture. Later Mr. Page said, «We think a lot about how to maintain our culture and the fun elements. We spent a

1. IPO= ‘Initial Public Offering’ = A company’s first sale of stock to the pub-lic. Source: www.schaeffersresearch.com/schaeffersu/general/glossary.aspx


lot of time getting our offices right. We think it’s important to have a high density of people. People are packed together everywhere. We all share offices. We like this set of buildings because it’s more like a densely packed university cam-pus than a typical suburban office park.»

However, many analysts are finding that as Google grows, the company is becoming more «cor-porate». In 2005, articles in The New York Times and other sources began suggesting that Google had

lost its anti-corporate, no evil phi-losophy. In an effort to maintain the company’s unique culture, Google has designated a Chief Culture Of-ficer in 2006, who also serves as the Director of Human Resources. The purpose of the Chief Culture Officer is to develop and maintain the cul-ture and work on ways to keep true to the core values that the company was founded on in the beginning — a flat organization, a lack of hierar-chy, a collaborative environment. Source: wikipedia, adaptedAccessed 22-2-08

Reading Comprehension

1. The text is subdivided into four parts. Here are some possible titles, jumbled. Put them in the correct order and explain what parts of the text helped in your choice:

a- Reasons for the success b- Google launch c- Is Google changing? d- the Google philosophy

2. Having read the text on Google choose the sentence that best represents the Google philosophy in a nutshell.

3. Answer in your own words.1. What was Page and Brin’s idea?2. Who was one of the first investors of Google?3. What system was Google’s predecessor?4. Why did Google come to acquire loyal supporters?5. What development shows Google’s impact on society?6. What is Googleplex? What does the name mean?7. What are some of the features of Googleplex?


8. Was it a profitable idea to have employees spend one weekday to work on projects of their choice?

9. What does the phrase ‘a high density of people’ mean?10. What is the company motto?11. What kind of atmosphere do they want their workplace to have?12. What adjectives would you use to describe Google according to the

philosophy?

4. True or False? Say whether the following statements are true or false. If false, say why.

1. Rankdex was the predecessor of Google.2. The Google domain was launched in January 1996.3. They were the first to use the model of selling keyword advertise-

ment s. 4. Fortune Magazine published rankings of good places to work.5. Page and Brin try to motivate their staff by creating a positive work

environment.

TextFeatures1. Lexical cohesion. Lexical cohesion serves both the purpose of

making a piece of writing ‘stick together’ but also is a consequence of the fact that texts are about a topic, and refer to the same concept in many different ways.

In this text, cohesion will obviously be built around the broad notion of the ‘internet’, and the narrower one of the ‘search engine’. Find expressions relevant to the concept.

2. Synonymy. In order to avoid repeating herself, an author will use different phrases to refer to a concept. Find in the text another way of referring to Google.

Internet Search engine


VocabularyBuilding

Guess the meaning of the following words and expressions based on a) etymology, b) the context, c) knowledge of the world/subject.

1. While many of its dot-com rivals failed in the new Internet marketplace, Google quietly rose in stature while generating revenue.

2. In addition to the rec room, there are snack rooms stocked with various foods and drinks.

3. However, many analysts are finding that as Google grows, the company is becoming more “corporate”.

GrammarAwareness1. Tenses. Identify the tenses in the examples below and say why they were

used.

a- Google is known for its relaxed corporate culture.b- We all share offices.c- Many analysts are finding that as Google grows, the company is

becoming more “corporate”.d- In 2005, articles in the NYT began suggesting that Google had lost its

no-evil philosophy.

2. Passive Voice. In the following examples say why the passive voice was used instead of the active.

a- Their search engine was originally nicknamed “BackRub” because the system checked backlinks to estimate a site’s importance.

b- The domain google.com was registered on September 15, 1997, and the company was incorporated as Google Inc. on September 7, 1998

c- Google is particularly known for its relaxed corporate cultured- The purpose of the Chief Culture Officer is to develop and maintain

the culture and work on ways to keep true to the core values that the company was founded on in the beginning…

3. The Gerund. In the following examples say why the gerund was used.

a- Keywords were sold … with bidding starting at US$.05.b- This model of selling keyword advertising was pioneered by Goto.com

(later renamed Overture Services, before being acquired by Yahoo! and rebranded as Yahoo! Search Marketing).


c- Having found its way increasingly into everyday language, the verb “google”, was added to the Merriam Webster Collegiate Dictionary.

d- In 2005, articles in the NYT began suggesting that Google had lost its no-evil philosophy.

Note: If you want to check your answers, you may consult the Grammar Tips Appendix.

Speaking

Task

1. Imagine you are a reporter for a Greek magazine. Come up with ten questions to interview Larry Page and Sergey Brin.

TaskThinking and Debating

Read the following excerpt from the New York Times and reflect on:

a) the potential reasons behind the Google strategy, andb) whether a company’s primary responsibility is to its shareholders or its

stakeholders.

Google withdrew from China eight years ago to protest the country’s censorship and online hacking. Now, the internet giant is working on a censored search engine for China that will filter websites and search terms that are blacklisted by the Chinese government, according to two people with knowledge of the plans.Google has teams of engineers working on a search app that restricts content banned by Beijing, said the people, who asked for anonymity because they were not permitted to speak publicly about the project. […]Google’s reversal in China, which was reported earlier by The Intercept, is the latest example of how American tech companies are trying to tailor their products to enter the huge Chinese market, even if it means tamping down free speech. LinkedIn censors content in China, for example. […]Google’s work on a censored search engine for China has already caused an outcry among human rights activists. Many are concerned that the company would block a long list of foreign websites including Facebook, Twitter and The New York Times, as well as Chinese search

2

1


queries including the 1989 Tiananmen massacre and information about the Chinese leadership.https://www.nytimes.com/2018/08/01/technology/china-google-censored-search-engine.html

Task

Hold a debate on whether companies are entitled to sacrificing ethics for profit. As you prepare your arguments, consider the following:

PRO PROFIT arguments

profit and ethics are mutually exclusive, so the primary duty of busi ness is to create profit for its shareholders,

Profit is essential for the company to pay back shareholders, employees and creditors.

If a company cannot make profits, it is wasting its resources and en-dan gering its personnel that may ultimately lose its employment.

An unproductive company results in losses that are detrimental for the economy.

PRO-ETHICS arguments

According to the 'Does Business Ethics Pay?' report published by the UK's Institute of Business Ethics (IBE), out of a sample of FTSE 350 firms, 'ethical' companies outperformed those that did not make any ethical commitment.

good ethics make business sense in the long run, as, for instance it he lps establish a positive reputation

there are examples of companies which maintain a balance between profitability and ethical responsibility.

Companies that break the ethical code may also break the law and that will have legal repercussions that may be costly and damage it.

A balanced view

A sustainable business must be efficient in the long run and ethicality is not mutually exclusive with profitability. In fact, it may become the foundation of solid reputation and may become the basis for brand differentiation from the competition.

Source: adapted from https://www.mbauniverse.com/group-discussion/topic/ab-stract-topics/ethics-or-profit.

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VocabularyList

English word Definition Greek equivalent

hypothesize suppose υποθέτω

rank place in order of importance, classify κατατάσσω

nickname an affectionate name describing one’s stronger characteristic

χαϊδευτικό

amount to be equivalent to αντιστοιχεί

cluttered crowded, packed φορτωμένο αντικείμενα

bid offer (esp. in an auction) προσφορά τιμής σε πλειστηριασμό

pioneer forerunner πρωτοπόρος

acquire get αποκτώ

rival competitor, opponent ανταγωνιστής

stature importance, gravity, the degree to which sbd is admired

(πνευματικό) ανάστημα

cluster group of things or people close together

συστάδα

amenities facilities ευκολίες

scatter disperse, (cause to) move in different directions

διασκορπίζω, -ομαι

recreation entertainment αναψυχή

speculate make guesses without knowing all the facts

κάνω υποθέσεις,κερδοσκοπώ

density the extent of population πυκνότητα

designate assign to a post, appoint διορίζω


Derivativestable

verb noun adjective adverb opposite

hypothesize hypothesis hypothetical hypothetically

originate criginoriginator

original originally unoriginal

use useusability

usableusual

unusual

invent inventioninventor

inventive

maximize maximum maximal maximally

recreate recreation recreational

reduce reduction

employ employeeemployment

Employableemployed

unemployable

density dense densely

analyse analysisanalyst

analytic analytically

collaborate collaborationcollaborator

collaborative collaboratively

EconomicTerms

Term Meaning Greek term

IPO Initial Public Offering, or stock market launch

Αρχική Δημόσια Εγγραφή

revenue the total amount of money received by a business for products and services.

έσοδα

patent the legal right to produce or sell an invention for a specific number of years

δίπλωμα ευρεσιτεχνίας

corporate logo

distinctive symbol of a brand/company λογότυπος


Self study

Word matching

Match the words and the meanings below.

1. pioneer a. appoint 1. ¯

2. rival b. circulate, publish, initiate 2. ¯

3. cluster c. facilities 3. ¯

4. scatter d. be equivalent to, signify 4. ¯

5. stature e. forerunner 5. ¯

6. amenities f. competitor, opponent 6. ¯

7. launch g. excessive, exaggerated 7. ¯

8. amount to h. disperse in different directions 8. ¯

9. speculate i. a gathering of things placed together 9. ¯

10. designate j. importance, the degree of being admired 10. ¯

k. early stages

l. guess, forecast

m. descendant

Derivatives

Fill in the blanks with the correct form of the word in parentheses.

They ¯ (1-HYPOTHESIS) that a search engine that analy zed the re la tionships between websites would produce better ranking of results than existing techniques. Their search engine was ¯ (2-ORIGIN) nicknamed “BackRub” because the system checked backlinks to estimate a site’s importance.

The Google search engine attracted Internet users who liked its simple design and ¯ (3-USE). ¯ (4-RECREATION) amenities are scattered throughout the campus

and include a workout room with weights and rowing machines.Many people speculated that Google’s IPO would inevitably lead to changes

in the company’s culture, because of shareholder pressure for employee benefit ¯ (5-REDUCE) and short-term advances. Later Mr. Page said, “We think it’s important to have a high ¯ (6-DENSE) of people.”

1

2


However, many ¯ (7-ANALYSE) are finding that as Google grows, the company is becoming more ¯ (8-COR PORA TE).

The purpose of the Chief Culture Officer is to remain true to the core values that the company was founded on in the beginning — a flat organization, a lack of hierarchy, a ¯ (9-COLLABORATE) environment.

Verb Forms

Fill in the blanks with the correct form of the verb in parentheses in the following wikipedia excerpt.

Sergey Brin was born in Moscow, the son of a mathematician and economist. In 1979, when he was six, his family ̄ (1-EMIGRATE) to the US. Brin ¯ (2-ATTEND) grade school at Paint Branch Montessori School in Adelphi, Maryland, but he ¯(3-RECEIVE) further education at home; his father Michael Brin, a professor in the Department of Mathematics at the University of Maryland, ¯(4-NURTURΕ) his interest in Mathematics and his family helped him¯

(5-RETAIN) his Russian language skills. In September 1990, after ¯ (6-ATTEND) Eleanor Roosevelt High School, Sergey ¯ (7-ENROL) in the University of Maryland, College Park to study Computer Science and Mathematics, where he received his Bachelors of Science in May 1993 with high honors. After ̄ (8-GRADUATE) from Maryland, Sergey received a graduate fellowship from the Natural Science Foundation, which allowed him ¯(9-STUDY) for his Masters degree in Computer Science at Stanford University. Sergey received his masters degree in August 1995, ahead of schedule, in the process of his PhD studies. Although he ¯ (10-STILL/ENROL) in the Stanford doctoral program, Sergey ¯ (11-SUSPEND) his PhD studies indefinitely while he ¯(12-WORK) at Google.

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Hearsay transformations

Rephrase the following sentences trying to keep the same meaning.

1. People say that they don’t drive sports cars. They are --------------------------------------------------------------------2. People think they are modest, though quirky. They are --------------------------------------------------------------------3. The author of the article believes that they are geniuses. They are --------------------------------------------------------------------4. The article says that the Brin family immigrated from Russia in 1979. The Brin family are -------------------------------------------------------5. The article reports that Larry’s father earned a PhD in Computer Science

in 1965 -------------------------------------------------------------------- Larry’s father is ------------------------------------------------------------

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MODULE 1 People in business

Documents

Transcript of MODULE 1 People in business