UNIT 1: INTRODUCTION INTO BUSINESS ENGLISH

EXERCISE 1.Explain the following words and make up sentences with either of them:

1. To mind one’s own business- to look into your own matter and avoid taking interest into
someone else's matter.
One of the best advices that my mother gave to me is that I should mind my own business
so that I will not be dependent on anybody in future.
2. Bad business- A bad business is the business that does not act ethically and harm
stakeholders
You should avoid using bad business practices if you want to be one of the best
businessman businessmen in our country.
3. Dirty business- A business that practices unethical methods during his activity.
I think that this is a dirty business so we should not be part of it anymore.
4. Personal business- Something that is important for you, a matter of personal concern; the
business that is run and owned by you.
Anna just looked at me and said: “It’s my personal business, you shouldn’t be part of it.”
5. Business hours- The part of the day when a business is usually open
The office is open only during normal business hours.
6. Monkey (funny) business- a behavior that is not acceptable; dishonest activities
When it’shis financial incompetence was discovered, it he tried to involve other councils
in the same monkey business.
7. Annual business- the business plan for a fiscal year of the company.
Is that part of the year when the annual business plan should be done.
8. To be in business- to be ready and able to start doing something that you planned
A company that is in business is operating and trading.
9. To be out of business- a business which has to stop trading because it is not making
enough money.
His organization has a lot of debts that can not be paid, so he decided to be out of
business.
10. Booming business- sales are very good; the company is doing very well; the business is
making a lot of money.
Business is booming since we did the last investment on technology.
11. To build up business- to start a business
Nowadays it is becoming more and more difficult to build up a business.
12. Business competition- Competition in business is the contest or rivalry among the
companies selling similar products and/or targeting the same target audience to get more
sales, increase revenue, and gain more market share as compared to others.
Business competition makes the business realize its actual strengths and weaknesses.
13. Business corporation- A form of business that declares the business as a separate legal
entity guided by a group of officers known as the board of directors.
 Business corporation is one of the most profitable structure of businesses.

EXERCISE 2.Choose three words which you consider the most important ones in any
business from the list below. Explain your answer:

Three words which I consider the most important ones in any business are:

 Promotion,
 Customers,
 Profit.

I chose these words because the main objective of a business is the profit that will be gain by
doing the necessaries activities. Profits provide incentive for firms to increase production and
encourage new firms to enter into that industry. It encourages firms to develop new products to
lower production cost and to provide better services to the consumers. Profit is also expands
business activity of the organization.

To achieve this profit a business should do a lot of promotions. Promotion is a key element in
putting across the benefits of company’s product or service to the customers. Well-designed
marketing and promotional strategies ensure long-term success, bring in more customers and
ensure profitability for businesses that can be done in different ways in nowadays. On the other
hand one of the main things for a business success is definitely the costumer. Without them the
company can’t achieve none of the objectives. For this reason a business should study
costumer’s needs and requirements to be able to translate them into products or services which
would provide higher income for the company. Considering customer importance at all stages of
the marketing process helps your company to ensure greater customer satisfaction and increase
its long-term goal of repeat business

EXERCISE 4.Discuss the following questions:

1. Give definition to the word ‘business’.

Business is an organized approach to providing customers with the goods and services they want.
The word business also refers to an organization that provides these goods and services.

2. What is the difference between for-profit and non-profit organizations? Support your answer
with relevant examples.

Most businesses seek to make a profit - that is, they aim to achieve revenues that exceed the
costs of operating the business. Prominent examples of for-profit businesses include Mitsubishi
Group, General Motors Corporation, and Royal Dutch/Shell Group. However, some businesses
only seek to earn enough to cover their operating costs. Commonly called nonprofits, these
organizations are primarily nongovernmental service providers. Examples of nonprofit
businesses include such organizations as social service agencies, foundations, advocacy groups,
and many hospitals.

3. What is production?

Production includes those activities involved in conceptualizing, designing, and creating

products and services

4. Specify the notion of ‘just-in-time inventory’.

An important development has been the trend toward just-in-time inventory. The word inventory
refers to the amount of goods a business keeps available for wholesale or retail. In just-in-time
inventory, the firm stocks only what it needs for the next day or two.

5. What is marketing?

Marketing is the process of identifying the goods and services that consumers need and want and
providing those goods and services at the right price, place, and time.

6. Define such business operation as finance.

Finance involves the management of money. All businesses must have enough capital on hand to
pay their bills, and for-profit businesses seek extra capital to expand their operations. In some
cases, they raise long-term capital by selling ownership in the company. Other common financial
activities include granting, monitoring, and collecting on credit or loans and ensuring that
customers pay bills on time.

7. What does the HRM involve?

Businesses rely on effective human resource management (HRM) to ensure that they hire and
keep good employees, and that they are able to respond to conflicts between workers and
management. HRM specialists initially determine the number and type of employees that a
business will need over its first few years of operation.

A business’s HRM division also trains or arranges for the training of its staff to encourage
worker productivity, efficiency, and satisfaction, and to promote the overall success of the
business.

EXERCISE 5.Discussion.How do you see your future profession?

I am interested in these kind of works:

 well paid work

 interesting work
 work in an industry which has future prospects
 to travel a lot
About my future profession I can say that actually I am actually working in my profession, as an
economist in an accounting office and I am very happy for that.
I think my profession is prestigious and will continue to be well paid in the future. Economics is
concerned with the question of how individuals make choices and how all of these individual
choices interact with each other to determine what happens at the level of the entire economy.
Economics then provides a useful perspective for understanding and analyzing complex systems
of interaction, making predictions about how changes in the underlying conditions surrounding
those systems will change the outcomes they produce, and devising better rules for organizing
particular choices.
So I can say that the benefits of becoming an economist are quite large. On the other hand there
are also some difficulties which I have to face such as finding a good job and the competition.
But I believe that I will succeed and would use the competition among my coeds as a stimulus to
work and study hard and in this way I would be the economist that I always dreamed.
In the future I hope to work in a big company, to be well paid, to travel a lot and what is most
important to be a great economist.

Viljana Pelivani