📘 Part 3: Business and entrepreneurship

This episode's vocabulary

Boxed into (phrasal verb) – To be forced into a situation or role with limited options. → People are no longer boxed into the same professions.

Run in the family (idiom) – To be a common feature or characteristic in a particular family. → These professions have run in families for decades.

Family ties (noun phrase) – The strong connections or bonds between family members. → It's important not to let family ties get in the way of the business.

Get in the way (idiom) – To obstruct or prevent something from happening. → Sometimes family ties get in the way of making good business decisions.

Intimately (adverb) – In a very close and personal way. → You know the people working for you fairly intimately.

Fallout (noun) – A serious argument or disagreement. → If you have a fallout in the family, that could affect productivity.

Detrimental effect (noun phrase) – A harmful or damaging influence. → The strain of running a business might have a detrimental effect on family relations.

Go down the tubes (idiom) – To fail completely. → If international trade relations go down the tubes, local companies might become more important.

Strike out on your own (idiom) – To start doing something new and independent. → Many people choose to strike out on their own to gain financial independence.

Channel your passion (verb phrase) – To direct your strong feelings or energy towards a particular activity. → It’s a chance to channel your passion for something and turn it into a source of income.

Risk taker (noun) – A person who is willing to do things that involve danger or risk in order to achieve a goal. → In sectors that reward risk taking, a risk taker might do better.

Broad generalization (noun phrase) – A statement about a group of people or things that is too general and not always accurate. → To say all men are better at business is a very broad generalization.

Questions and Answers

Maria: Do you think family businesses are common in your country?

Rory: I'm not sure to be honest. Though I imagine they're less common than they were since people are no longer boxed into the same professions that have run in families for decades. People have a lot more freedom of action these days.

Maria: What makes a successful family business?

Rory: I'm not sure it's that different to other businesses. Is it? They need a market for their product and good management. I suppose in a family business, it's important not to let family ties get in the way of that, but that's all I can think of.

Maria: What are the advantages of running a family business?

Rory: I imagine you don't have to worry about trusting employees as much since you know the people working for you and you know them fairly intimately. And you might benefit from having your family as a source of labor which could be cheaper since family members might be more tolerant of being paid less. Especially if it helps in the long run.

Maria: And what are the disadvantages of running a family business?

Rory: Well, if you have a fallout in the family that could affect productivity and the strain of running a business might have a detrimental effect on relations in the family more generally, since you don't really have a place to escape to at the end of the workday.

Maria: Do you think family businesses will still be popular in the future?

Rory: I'm not sure they're that popular now, to be honest. But either way, I don't know. It depends on so much, like if international trade relations go down the tubes, then you might find local companies run by local families people could trust are relied on more and more. So it's certainly a possibility. I don't know how certain of a possibility that is, though.

Maria: Why do some people choose to start their own company?

Rory: Well, lots of reasons. It might give you financial independence, a chance to get creative and fuel or channel your passion for something and turn it into a source of income. Oh and of course, people just want to make money and not have to answer to anyone, which is what striking out on your own can get you, usually.

Maria: What skills are needed to be a successful business person?

Rory: I think that depends on the market sector you're going into. Some of them require great patience and organization like running a farm, and others might need super specific skills like running a tech startup. I don't think there's just one thing you need for that sort of thing.

Maria: Are men better than women at running a business?

Rory: I'm not sure really. It's a bit like what it takes to be a successful business person in general. It's too broad. However, since men tend to take more risks than women, it might be that in sectors of the economy that reward risk taking, men would do better running things there. But that's a very broad generalization, isn't it?