C1 Business English · Entrepreneurship

William Shakespeare: Poet, Playwright or Entrepreneur?

Shakespeare is celebrated as the greatest playwright in the English language, but he was also a shareholder and a sharp media entrepreneur. This C1 Business English lesson uses his story to build vocabulary for discussing investment, risk, control and strategy.

What business leaders can learn from the story

Shakespeare put his own money behind his talent, and owning a stake gave him something sponsors could not: control. He then built his work around the strengths of his people and designed it to appeal to more than one kind of customer. For leaders, the lesson is that ownership brings risk and freedom together, and that the best results come from playing to your team’s strengths.

AWarm up

Before starting the Business English lesson, discuss these with a partner or your teacher.

Can you think of any famous artists, writers or musicians who were also successful in business? What made them successful?
Would you rather own a share of the business you work in or be paid a fixed salary? What are the risks and benefits of each?

BRead the text

Poet, Playwright or Entrepreneur?

a play a work of literature to be performed on stage in the theatre
a playwright someone who writes plays

William Shakespeare is often celebrated as the greatest English-language playwright in history. His plays have been translated into every major living language, and across continents, students are inspired by his literary genius. However, below the surface lies another aspect of Shakespeare: the clever entrepreneur. Beyond his writing desk and the stage, he was a shareholder, a strategist, and a media entrepreneur who understood the importance of control.

The key moment came early in Shakespeare’s career, in 1594, when he bought shares in the Lord Chamberlain’s Men theatre company, which went on to perform most of his plays. He may have had to borrow money to do this, but with this investment he was able to gain influence in London’s theatre world and gain a direct stake in the company’s profits.

By putting his own money on the line, Shakespeare was backing his ability as a playwright and an actor. This paid off almost immediately when interest in theatre increased at a really fast pace in the late 16th century. Shakespeare earned huge profits, making him much richer than most writers of the time.

Shakespeare’s shares in the theatre also gave him huge control over the production of his plays. Shakespeare didn’t have to answer to rich sponsors. Unlike other playwrights at the time, whose freedom to experiment was inhibited by sponsors interfering with scripts, Shakespeare was free to cultivate a literary style which was completely original at the time.

This close relationship with one theatre company allowed him to create characters specifically tailored to the strengths of his favourite actors. By leveraging each actor’s unique qualities, Shakespeare maximized performance quality.

It also allowed him to demonstrate his artistic and entrepreneurial genius, which was to mix mass appeal with sophistication to appeal to both normal people and aristocrats. Doing this is a strategic superpower that not many are able to leverage. Modern TV series such as Stranger Things or The Crown mix humour and drama to appeal to mass audiences while still satisfying more demanding viewers who expect in-depth historical accuracy.

Shakespeare’s business side of theatre has caused some to question whether Shakespeare really wrote those plays, or whether he was just managing behind the scenes. Some say that Shakespeare’s limited education would have inhibited his ability to write with such sophistication, and that other playwrights with more world knowledge may have written under Shakespeare’s name due to his influence and power.

However, most historians reject such theories after in-depth investigation. Shakespeare was a professional theatre man, whose business interests required him to understand audience preferences, stage management, and the pace and timing of a good drama.

CKey words from context

Based on the context of the article, can you match the words in the box to the definitions listed below? Then add the word into the example sentence. You may need to change the form of the word to fit the meaning of the sentence.

To create something specifically designed or adjusted for a particular person, purpose, or market

“We’ve our training program to suit each department’s needs.”
“The new ad campaign is to appeal to a younger audience.”
To stop or slow down progress, development, or creativity

“Too many approval steps could our team’s ability to innovate.”
“Unclear communication tends to productivity across departments.”
To be responsible or accountable to someone in a higher position

“In this role, you’ll the regional manager.”
“We ultimately our investors, so it is important to keep them updated with every change we plan to make.”
At risk, especially reputation, money, or success

“Our brand’s reputation is with this product launch.”
“Millions of dollars are , so this partnership needs to work well.”
To get involved, or affect something in a way that causes problems

“We don’t want to with how the local team operates.”
“External consultants should advise but not in daily decisions.”
To invest in or support someone or something because you believe in its potential

“The board has agreed to the new AI initiative.”
“If clients this proposal, we can move to the next stage immediately.”
To make the maximum possible use of something

“Let’s our social media reach before the product launch.”
“We need to efficiency without adding extra costs.”
To make use of resources or relationships strategically to achieve results

“We can our brand reputation to enter new markets.”
“Let’s the data we already have in order to increase profits.”
To be attractive or interesting to a specific group or audience

“Our sustainability message will younger customers.”
“We know that our product doesn’t everyone, but that is ok.”
A speed or rhythm

“We need to maintain a fast in order to meet our targets by Q4.”
“The project’s slowed down after the budget review.”
To win benefits or success after investing time, effort, or money

“All the hard work on this campaign is finally starting to .”
“Our expansion into Asia took time, but it’s beginning to now.”
To build, improve, or nurture something over time, such as skills, relationships, or a company culture

“We’re trying to stronger relations with our partners.”
“Our aim is to a workplace culture that values innovation.”
Detailed, thorough, and comprehensive

“Let’s conduct an analysis before making the final decision.”
“We’ve prepared an report on customer behavior trends.”

DComprehension

Can you answer the questions below about the text? Then compare your answer with the model answer.

List the different ways that Shakespeare benefited from investing in the Lord Chamberlain’s Men theatre company.
Show model answer
- He gained influence in London’s theatre world.
- He had a direct stake in the company’s profits, which made him much richer than most writers of the time.
- He had control over the production of his plays, so he didn’t have to answer to sponsors and was free to cultivate an original style.
- He worked closely with one company, so he could write characters for his favourite actors.
How did Shakespeare use his actors’ strengths in plays?

Show model answer
Because he worked closely with one theatre company, he created characters specifically tailored to the strengths of his favourite actors. By leveraging each actor’s unique qualities, he maximized the quality of the performance.
What do some modern TV series have in common with Shakespeare’s plays?

Show model answer
Like Shakespeare’s plays, series such as Stranger Things and The Crown mix humour and drama to appeal to mass audiences, while still satisfying more demanding viewers who expect in-depth historical accuracy. They serve the mass market and premium viewers at the same time.
Why do some people believe Shakespeare didn’t write his own plays?

Show model answer
Because of his business role, some think he was just managing behind the scenes. They argue that his limited education would have inhibited his ability to write with such sophistication, and that better-educated playwrights may have written under his name because of his influence and power. However, most historians reject these theories.
In your opinion, which was more important for Shakespeare’s success — his creativity or his business sense?

Show sample answer
There is no single right answer. For example: “I think his business sense was more important. His creativity was exceptional, but owning shares gave him the money to keep writing, the freedom to experiment and a company of actors he could write for. Without that control, sponsors might have inhibited his style.”

EKey words in a new context

Below you can find a paragraph. Can you fill in the gaps in the paragraph with the words from the box below?

Word box

pace
back
in-depth
inhibit
to pay off
tailor
leverage
cultivate
maximize
appeal to

Expansion into Southeast Asia

As we look at expanding into the Southeast Asian market, we need to remember that this could be very risky. Failing to understand local preferences could damage our reputation and future growth. We have conducted research on the Southeast Asian market regarding consumer preferences, as well as the of the market, which is much faster than in Europe. Based on this research, we know that we need to our product a little bit in order to local consumers.

We already have existing partnerships in the region, so we need to these partnerships to efficiency and minimize risk. If we this initiative with the right investment and leadership, it’s likely to within two to three years. Above all, we need to long-term relationships with local distributors instead of focusing only on short-term results.

Glossary

Key words from the article.

to interfereto get involved, or affect something in a way that causes problems
on the lineat risk, especially reputation, money, or success
to backto invest in or support someone or something because you believe in its potential
to pay offto win benefits or success after investing time, effort, or money
pacea speed or rhythm
to answer toto be responsible or accountable to someone in a higher position
in-depthdetailed, thorough, and comprehensive
to inhibitto stop or slow down progress, development, or creativity
to cultivateto build, improve, or nurture something over time, such as skills, relationships, or a company culture
to tailorto create something specifically designed or adjusted for a particular person, purpose, or market
to leverageto make use of resources or relationships strategically to achieve results
to maximizeto make the maximum possible use of something
to appeal toto be attractive or interesting to a specific group or audience