thảo luận tiếng anh 1.5 VCU Topic Factors to consider in setting up a business

VIETNAM UNIVERSITY OF COMMERCE
FACULTY OF ENGLISH
___________________________
GROUP DISCUSSION ENGLISH 3
Topic: Factors to consider in setting up a business
Group: 7
Teacher:
Group preparation assessment:
Presentation assessment: List of students
No Name Comment
Mark
1 Đinh Đào Phương
2 Nguyễn Lê Hoàng
3 Vũ Tú Anh
4 Hoàng Thị Thương
5 Ngô Trung Hiếu
MEETING MINUTES – GROUP: 7
Time: from 4 pm to 5 pm (02/04/2015)
Place: campus of Viet Nam university of commerce.
Members:
1. Đinh Đào Phương
2. Ngô Trung Hiếu
3. Vũ Tú Anh
4. Hoàng Thị Thương
5. Nguyễn Lê Hoàng
Contents for discussing:
• Members read and analysed about contents of topic.
• Deviding many parts in order to members can find information.
Duties for members:
• Finding information and send it to head of the team.
Head of the team Secretary

MEETING MINUTES – GROUP: 7
Time: from 2 pm to 3 pm (05/04/2015)
Place: campus of Viet Nam university of commerce.
Members:
1. Đinh Đào Phương
2. Ngô Trung Hiếu
3. Vũ Tú Anh
4. Hoàng Thị Thương
5. Nguyễn Lê Hoàng
Contents for discussing:
• Collecting all information and choose main information.
• Extruding information which is’n extraneous.
• Adding information which don’t have.
Duties for members:
• Each members summary their part in order to prepare for presentation.
• Designing slide.
Head of the team Secretary
MEETING MINUTES – GROUP: 7
Time: from 8 am to 9 am (08/04/2015)
Place: campus of Viet Nam university of commerce.
Members:
1. Đinh Đào Phương
2. Ngô Trung Hiếu
3. Vũ Tú Anh
4. Hoàng Thị Thương
5. Nguyễn Lê Hoàng
Contents for discussing:
• Collecting discussion of member.
• Printing discussion and information in order to member can prepare their presentation.
Duties for members:

• Each members summary their part in order to prepare for presentation.
• Designing slide.
Head of the team Secretary
MEETING MINUTES – GROUP: 5
Time: from 8 am to 9 am (15/04/2015)
Place: campus of Viet Nam university of commerce.
Members:
1. Đinh Đào Phương
2. Ngô Trung Hiếu
3. Vũ Tú Anh
4. Hoàng Thị Thương
5. Nguyễn Lê Hoàng
Contents for discussing:
• Each members presented before the team.
• Everyone gives ideas to make presentation better.
Duties for member:
• Member prepare presentation by the best way.
Head of the team Secretary
PRESENTATION DETAILED OUTLINE
I. INTRODUCTION.
Hello, we are group 7. Today we are very happy to be here to present our topic. There are 5
members in our group
1. Đinh Đào Phương
2. Ngô Trung Hiếu
3. Vũ Tú Anh
4. Hoàng Thị Thương
5. Nguyễn Lê Hoàng
The topic is about “Factors to consider in setting up a business”. There are 5 parts in our
presentation. The first part is capital. The second part looks at regulation. Third part discusses
Adminitration Skill. The fourth part deals market and the final part mentions Cooperation

II. DEVELOPMENT
1. Capital (The first part is being presented by Đinh Đào Phương)
1.1. How Much Capital Do I Need?
When calculating the capital you need, plan that everything will take twice as long and cost twice
as much as you expect. Figure that your worst-case scenario will occur, not your best-case. Don't
assume instant profitability, a common mistake of many first-time entrepreneurs according to the
National Federation of Business. And remember, if you don't raise enough capital initially to
cushion your company if sales are slow or emergencies occur, it will be nearly impossible to raise
more money just to keep the business going.
According to Canadian banker and blogger Roger Downie, startup capital should, at a
minimum,cover all plant, equipment, and leasehold costs - plus at least six months' worth of
projected operating costs, including the owner's salary. John Reddish, a management consultant
who specializes in helping companies achieve high growth, says, "After developing personal and
business budgets that can sustain the company for the time you think it'll take to break even, add at
least 50%." Like intelligence and good looks, it is virtually impossible to have too much money.
1.2. How Do I Raise New Capital?
The most common source of startup capital is the business owner him - or herself in the form of
credit card advances, home equity loans, and loans from family members. Federal and state
governments sponsor numerous subsidized loans and grants for startups through the Small Business
Administration and its counterparts on the state level. When these sources are exhausted or
unavailable for some reason, entrepreneurs usually seek capital from private sources such as
commercial and investment banks, groups established by private investors to exploit such
opportunities, wealthy individuals, and venture capital funds.
1.3. What Is the Value of My Company?
The value of a company is important because it is the basis for determining the "cost" of the
new capital when seeking equity additions to the capital structure. Simply explained, a company
with a $1 million valuation and no debt seeking a new capital of $1 million would be worth $2
million after the investment. The old owners would own 50% of the new $2 million company (for
their contribution of the old company with a $1 million value), while the new investors would also
own 50% interest for their contribution of $1 million cash. Generally, a valuation considers four

questions:
How much is the company worth today?
How much could it be worth in the future?
How long will it take to create the future value?
What is the likelihood of achieving success?
1.4. Who Might Be Interested in Investing in My Company?
As the amount of funds needed increases, you will be required to access an increasingly
sophisticated investor seeking maximum return for assuming the risk of a new venture. Family and
friends are typically the first group sought by business owners seeking capital - they are less
discriminating than professional investors, and are more likely to invest due to the relationship than
the economics of the business proposal. On the other hand, family investors bring their own set of
problems, including the possibility of strained relations if the investment fails.
A variety of funding options, in addition to self-funding, business incubators, and government
grants.
1.5. What Are My Legal Responsibilities to Potential Investors?
Generally, business owners seeking funds from individual investors are required to provide
forms and specific factual information in understandable language to potential investors so that they
have the ability to evaluate the investment and determine whether it is right for them. Failure to do
so subjects the issuers of securities to punitive civil and criminal acts. Seeking and paying for
competent legal advice when soliciting, negotiating, or contracting with investors or lenders is
mandatory for prudent business owners. While an attorney may not secure advantages for you on
the upside, a lawyer's value in eliminating the possibilities of fraud charges, confusion about the
agreements reached, or avoiding future legal problems is considerable.
1.6. How Do I Negotiate a Win-Win Agreement?
A funding event, whether for a startup or an ongoing operation, involves two parties: the investor
and the company. In some cases, there is a single investor; in others, multiple investors. In the latter
case, such as a crowdfunding event, the investors participate as a unit, each sharing a proportion of
the same investment. In some cases, funding is take-it-or-leave-it; in others, there is intense
negotiation. In each case, the parties strive to reach an agreement that accomplishes their respective
goals.

2. Regulation (The second part is being presented by Nguyễn Lê Hoàng)
2.1. Name
Your Business Name is Your Business. The name of a business is one of its most vital assets.
It's how you answer the phone. It's how people remember you and your products or services. It's
what they see in your advertising, your leaflets, your business cards and stationery. It's how your
business gets recommended to others. It really is - your business.
Choosing a name for your business is one of the most important decisions you will make.
2.2. Law about business, government policy
As a small business owner, you are subject to some of the laws and regulations that apply to large
corporations. These resources can help you understand which requirements do apply to your
business: Advertising & Marketing law; Employment & labor low; Finance law; Intellectual
property law; Online business law; Privacy Law; Environmental regulations; Regulation of
Financial Contracts; Workplace safety & Heath law; Foreign Workers & Employee Eligibility;
Contact a Government Agency.
2.3. Set up rules for company
Rules for workers may be legally required, but various optional workplace rules should be
considered as well. Carefully selected workplace rules can protect your business from legal claims
and help you maintain an orderly, positive work environment.
Having formal work rules in your business, even if they're not required, are a good idea because
they can help you protect your business from litigation and maintain a high quality of work life for
your employees. You need to make sure that your employees understand what is expected of them,
not only in the work that they do, but in their behavior and in other areas of your employment
relationship. If the rules are carefully selected, clearly related to the business, and fairly enforced,
they can help you to manage your workplace and your workers better.
2.4. Determine the legal structure of your business
The business structure you choose will have legal and tax implications. Learn about the different
types of business structures and find the one best suited for your business.
Sole Proprietorship: A sole proprietorship is the most basic type of business to establish. You
alone own the company and are responsible for its assets and liabilities. Learn more about the sole
proprietor structure.

Limited Liability Company: An LLC is designed to provide the limited liability features of a
corporation and the tax efficiencies and operational flexibility of a partnership. Learn more about
how LLCs are structured.
Cooperative: People form cooperatives to meet a collective need or to provide a service that
benefits all member-owners. Learn more about how cooperatives are structured.
Corporation: A corporation is more complex and generally suggested for larger, established
companies with multiple employees. Learn more about how Corporations are structured.
Partnership: There are several different types of partnerships, which depend on the nature of
the arrangement and partner responsibility for the business. Learn more about how these are
structured.
=> Determine the regulation of your business is very important. it shows people and government
how your company will work in law, and make the basic direction for your new business
3. Adminitration Skill (The third part is being presented by Vũ Tú Anh)
3.1. The role of governance in establishing businesses
To survive and develop, people can not act alone but must coordinate individual efforts towards
unified goals. Therefore, from thousands years ago, there were organized efforts of of planners,
organizers, leaders and controlers for us to have great constructions today like: Great Wall, Great
Pyramid of Giza,… that means management activities appeared very long time.
Management helps members clear their goals and directions, helps organization accomplish its
missions. This is the most important factor for every person in the organization. Just imagine that a
business has tens of thousands of workers, with headquarters and agencies in different countries, if
there is no management activitiy, how the staff could work together for the same target.
3.2. The role of manager
• The role of communication, relationship
- Externally representing for a collective that he or she manages
- Internally leading, linking members to accomplish goals
• The role of information
- Gather information from subordinates
- Disseminate information from superiors
- Provide information to outside

• Role of making decision
This is the most important role of the administrator. Administrators are who have the right to
decide and take responsibility for their decisions.
3.3. Skills of administrator
General managers should have the following skills:
- Technical skills, expertise skills: the ability to perform a specific job
- Thinking skills, cognitive skills: the ability to capture, aware of information,
opportunities, risks
- HR Skills: Ability to communicate, lead , encourage
Depending on the position managers are in, requirements of the skills may be vary.
3.4. Required qualities of administrators
- Ability to communicate well with people.
- Ability to make decisions quickly.
- Ability of logical ,analytical and closely arguing.
- Ability to motivate and lead people.
- Ability to work effectively, quickly and not leave the job unfinished.
- Ability to persuade people to work.
- Ability to place orders.
- Ability of a certain expertise
4. Market (The fourth part is being presented by Hoàng Thị Thương)
4.1. Location
Deciding an optimum location for the business is a strategic and an important one. A good location
goes long way in market the business successful. The location needs to be carefully chosen. Some
places have advantage over the other. You can save out on taxes, water and electricity costs if you
are located in some areas. The raw materials can be easily sourced, the manpower would easily
available and you can save out on transportation costs in case of certain locations. Setting up a
business in certain location could lead to subsidy and rebates from the government.
In the case of a retail business one needs to be located in a well populated area and one which is
easily.
4.2. Demand

Once a decision is taken on the business you intend to start, the next step is explore the demand/
market for the product/ service. Certain products will only have a domestic market for them
whereas other can be successful on an international level.
The key question is: who are the customers? A market survey can be conducted to identify the
market for the business to be started.
If the product/service is expected to be sold locally, the demand for it needs to be assessed. In
case an international market is expected then rules and regulations for dealing internationally need
to be found out.
4.3. Know the competition
Don’t underestimate your competition. Spend time researching how your competitors operate,
identify any weaknesses they have, and don’t be complacent.
The question which needs to be answered is “what is unique about the product/ service which
will be offered to survive the market competition”?
Information such as who are the competitors, what is their market strategy and factor are
required to compete with them are important.
4.4. Research the marketplace
Before you venture into your new business it's important to conduct some market research to see
if your idea is feasible.
You need to find out if there is a need for your product or service and who your competitors are,
their strengths and weaknesses and how your business will differ from theirs.
Your research should help you determine whether there is a market for your product or service.
5. Cooperation (The final part is being presented by Ngô Trung Hiếu)
Cooperation is also an important factor to set up business. When your business starts, it will
meet with difficulties if your company is alone in international market. Cooperation with business
can develop the commercial skills and boost the employability of adult learner. It can also improve
the management, leadership and relevance of adult education programs. Once the adult learners
have completed their course, they have a potential route to employment with a business can ensure
that institutions are able to quickly respond to the demands of the labour market. Existing theory
and research on relationships among competitors focuses either on competitive relationships
between them, and the one relationship is argued to harm or threaten the other. Little research has

considered that tow firms can be involve in and benefit from both cooperation simultaneously, and
hence that types of relationships need to be emphasized at the same time. In this article, it is argued
that the most complex, but also the most advantageous relationship between competitors is
“cooperation” where two competitors both complete and cooperate with each other. Complexity is
due to the fundamentally different and contradictory logics of interaction that competition and
cooperation are built on. It is of crucial importance to separate the two different parts of the
relationship to manage the complexity and thereby make it possible to benefit from such a
relationship. This article uses an explorative case study of two Swedish and one Finnish industries
when cooperation is to be fund to develop propositions about how the competitive and cooperative
part of the relationship can be divided and managed. In a business structure, business forge
partnerships to raise awareness among consumer, tapping each other’s potential and maximizing it
to the fullest. That’s what you call coordination within competition: unity in diversity. By
developing our own unique strengths and talent s and focusing on cooperation instead of
competition, we keep the ecology of the business world diverse and healthy. There’s no need for
anyone to claim a generalized top position. We have to work together to make the system function.
When you set up a business, you cannot have enough money for investing, so your company cannot
absolutely develop. Therefore, your company need have cooperation with other companies. This is
good opportunity to attract foreign investment, make friendship with foreign companies, help your
company can advance on the international market. When your company cooperate with other
companies, your company will have a relatively funds to maintain the operation of the company.
Furthermore, you will have a lot of experiences in business from partnership. That experiences are
very valuable when you do not have much knowledge about your business field. In a word,
cooperation is one of the necessary factors for success in setting up a new business.
III. CONCLUSION.
We’re finished our presentation. Do you have any questions about our topic?
All comments are welcome.