IELTS Vocabs - Business

Business
Part 1-style questions
Examiner: Do you work or are you a student?
Hati: 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 
to run your own business: to have a business of your own
to set up a business: to start a business
to work for yourself: (see ‘to be self-employed’)
Examiner: What is your ideal job?
Kaori: 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 
to draw up a business plan: to write a plan for a new business
to be self-employed: to work for yourself/to not work for an employer
to go it alone: to start your own business
Examiner: Is your town a nice place to live?
Monique: 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 
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 go bust: when a business is forced to close because it is unsuccessful
to make a profit: to earn more money than it costs to run the business
Part 2-style task
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.
Magda:  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 
to go into business with: to join another person to start or expand a business
niche business: a business that serves a small, particular market
lifestyle business: a business that is set up to bring in a sufficient income and no more
to take on employees: to employ people
to earn a living: to earn money
to have a web presence: to have a website or social  media profile that showcases your business
cash flow: the money coming in and going out of a business
to raise a company profile: to make more people aware of a business
to balance the books: to not spend more money than you are earning
Part 3-style questions
Examiner:  Why do some people decide to set up their own business?
Marion: 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 
to win a contract: when a business gets legally-binding work with an individual or company
to launch a product: to start selling and promoting a new product
sales figures: a report of the income a company generates through sales of products or services
Examiner: What are some of the dangers involved in starting a business?
Hiro: 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 
to go under: (see ‘to go bust’)
to do market research: to do research into what potential customers would or wouldn’t buy
stiff competition: strong competition from other companies in the same area of work
Examiner: What are some of things you have to do when running your own business that might not appeal to everyone?
Katy: 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 
to take out a loan: to borrow money
to lay someone off: when a company ends an employee’s contract of employment
to cold call: to make a sales call to someone without asking them for permission first
to drum up business: to try to get customers