Business
Below is the list of commonly used words for Business. Meaning has been given for each word together with an exemplary usage in a sentence. After you finish going through this list, there is a real IELTS Question to test your vocabulary. A model answer has also been provided for your reference. If you want to skip the vocabulary part and go to the IELTS Speaking Practice Question right away, then click on the button below.
to balance the books: to not spend more money than you are earning
to be self-employed: to work for yourself/to not work for an employer
to cold call: to make a sales call to someone without asking them for permission first
cut throat competition: when one company lowers its prices, forcing other companies to do the same, sometimes to a point where business becomes unprofitable
to do market research: to do research into what potential customers would or wouldn’t buy
to draw up a business plan: to write a plan for a new business
to drum up business: to try to get customers
to earn a living: to earn money
to go bust: when a business is forced to close because it is unsuccessful
cash flow: the money coming in and going out of a business
to go into business with: to join another person to start or expand a business
to go it alone: to start your own business
to go under: (see ‘to go bust’)
to have a web presence: to have a website or social media profile that showcases your business
to launch a product: to start selling and promoting a new product
to lay someone off: when a company ends an employee’s contract of employment
lifestyle business: a business that is set up to bring in a sufficient income and no more
to make a profit: to earn more money than it costs to run the business
niche business: a business that serves a small, particular market
to raise a company profile: to make more people aware of a business
to run your own business: to have a business of your own
sales figures: a report of the income a company generates through sales of products or services
to set up a business: to start a business
stiff competition: strong competition from other companies in the same area of work
to take on employees: to employ people
to take out a loan: to borrow money
to win a contract: when a business gets legally-binding work with an individual or company
to work for yourself: (see ‘to be self-employed’)
IELTS Speaking Sample 1 - Business
Now, try to use these new words you just learnt to answer the following real IELTS Speaking Question. Read the question and speak your answer. You may also record your answer using a mobile phone or any other device. Then compare your answer with the model answers given after each question.
Part 1
I run my own business actually … I have an online business selling cosmetics … I set up the business 5 years ago and I’m really enjoying working for myself …
I don’t think I’d enjoy working for a big company … I think I’d like to go it alone and be self-employed … I’m not sure what area of business it would be but I think I’d enjoy the process of drawing up a business plan and seeing if I could be successful
It’s OK … the main problem we have is our local high street … it used to be a busy centre but lots of shops have gone bust … it must be very difficult to make a profit when you have huge supermarkets in the area and a lot haven’t been able to survive with such cut-throat competition …
Part 2
Describe a business you know that you admire. You should say
- what this business is
- what the business sells
- how long you have known about the business
- and say why you like it so much.
Actually I discovered a business very recently that I like so much I’d like to do something similar in the future … it’s a small niche business that runs courses in how to cook … especially bread … the owner uses his kitchen for the courses and went into business with a local community shop and sells a lot of the bread and cakes they make in the shop … I first got to hear about the business last year … my wife paid for me to do one of the baking courses and I got to know the owner during the training … it’s a lifestyle business really … he doesn’t have plans to take on employees or expand into new areas … he’s happy earning a living doing the thing he loves … I really admire what he does and I’m sure a lot of people would love to do something similar … he has a web presence … in fact that’s how we got to find out about his company … and he uses social media to raise the company profile … but he’s the only person involved in running the business so he’s in complete control of where the business goes … that’s something that must make it really satisfying … as long as he’s managing to balance the books and the cash flow is healthy I’m sure he must be very pleased with what he has achieved …
Part 3
I suppose it’s the idea of being in control of your own destiny … or of believing in a product or service idea you may have … plus it must be very exciting … launching products …winning contracts … and seeing your sales figures improving must be wonderful.
Well … obviously you need to have a good idea … some people say you need to do market research beforehand so you know what the market wants … if you don’t do this you could go under … and if it is a good idea the chances are someone else is doing the same thing so you could end up facing stiff competition …
Personally i don’t like being in debt so taking out a business loan wouldn’t suit me at all … and I know a lot of companies do cold calling to try and drum up business … that’s something I’d hate to do … and laying people off if the business gets into trouble … that would be horrible …