X o r I j iy t I l L a r

part o f H R M but also part o f management. As a result, this book is equally 
important to som eone who wants to be an HR manager and to someone 
who will manage a business.
Task 3. G ive yo u r idea on the topic: “ What risks does your company 
come across?”

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How is market research important before starting a new business?
Task 2. R ead and retell the text.
Starting a business can be stressful. It often feels like there are 1,000 
things to w ork on all at the same time. T h e r e ’s no avoiding this reality for 
new small business owners. Still, with a little planning, it’s possible to 
manage expectations and take actions with a sense o f purpose toward 
building your business. Beyond giving it your all, it’s important to direct 
your energy to the right tasks - especially at first. Experts say some good 
first steps in starting a business are researching competitors, assessing the 
legal aspects o f your industry, considering your personal and business 
finances, getting realistic about the risk involved, understanding timing, 
and hiring help. You want to make sure you understand the industry y o u ’ll 
be involved in so you can dominate. There are many ways to define small 
business owners versus entrepreneurs, and there is huge overlap between 
the two business innovators. Generally small business owners start and 
manage established business ideas, with a small team and revenue. 
Entrepreneurs are often credited with taking a new product or service and 
using that to build a business.
Small business owners and entrepreneurs both have profitability in mind 
but generally small business owners aim to do this through their small 
business, while entrepreneurs always have the goal o f scaling their 
business to a medium sized or enterprise sized company. Small business 
owners can become entrepreneurs, if their business scales and grows 
enough. This means that entrepreneurship inherently includes greater 
levels o f risk taking.