Would you like to work on your English reading skills? These are excellent, easy English texts resources. Let’s study the business world today, including its definition, how businesses operate, and some key facts about occupations and businesses.
What Is Business?
A business is a company where employees collaborate to produce goods or render services. Companies sell goods or services to consumers in order to generate profit.
Businesses come in a wide variety. Some are small, such as your local bakery. Others, such as banks, airlines, and tech firms, are very large.
How Do Businesses Work?
Businesses are made up of various components that work together to accomplish everything. Here are a few of the most crucial elements:
- Management: Those who plan the organization’s operations and make decisions. These are the directors and managers.
- Finance: This division manages the business’s finances. They oversee salaries, pay bills, and determine whether the business is profitable.
- Marketing: The company’s goods and services are advertised by the marketing team. They talk to customers, handle social media, and make ads.
- Sales: Customers are sold goods and services by this team.
- Human Resources (HR): HR assists with hiring, training, and handling workplace issues.
- Operations: This division oversees the production of goods and the provision of services.
How Do Businesses Make Money?
When consumers purchase a business’s goods or services, it generates revenue. Revenue is the amount of money that is received. Profit is the amount of money left over after expenses like rent, salaries, and supplies are covered.
A business experiences a loss if its expenses exceed its revenue. By enhancing their products, cutting expenses, and expanding their clientele, businesses aim to prevent losses.
Business Types
There are various kinds of businesses:
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Small Business: Such as a tiny clothes store or coffee shop.
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Startup: A brand-new company that strives for rapid expansion, frequently in the technology sector.
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Corporation: A sizable business, such as Google or Amazon, with a large workforce.
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Nonprofit Organization: A nonprofit organization is a business, such as a charity, that works to better society rather than make money.
Employment in the Business Sector
The business world has a wide variety of roles. Here are a few instances:
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Manager: Organizes teams and projects.
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Accountant: Deals with taxes and business funds.
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Salesperson: Sells goods or services.
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Customer Service Agent: Customer service representatives assist clients with inquiries or issues.
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Marketing Specialist: Advertises the business and its goods.
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Project Manager: Organize and oversee particular projects.
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HR Specialist: Manage employee relations and make hiring decisions.
Every position is crucial to the company’s success.
International Business
Every country has different business practices. Business practices vary among cultures.
For instance:
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In Japan, people are very formal in meetings. They bow to show respect.
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In the United States, business is often direct and fast.
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In Brazil, meetings are friendly and people like to build personal relationships.
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In Germany, people are punctual and very organized.
Companies can succeed globally by understanding how business is conducted in other nations.
How Business Was Affected by Technology
The business world has undergone significant change due to technology. Nowadays, a lot of businesses reach out to clients via social media, apps, and the internet.
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People can shop online anytime.
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Businesses hold video conferences with individuals across the globe.
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Social media helps companies promote their brands.
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Data analysis helps businesses understand customer needs.
Technology speeds up and expands the global reach of business.
Well-known Businesses Worldwide
You may be familiar with the following well-known companies:
Amazon
- Type: Internet-based retailer
- Known for: Fast deliveries, huge variety of products
- Type: Technology
- Known for: Search engine, YouTube, Android
Apple
- Type: Technology
- Known for: iPhones, iPads, and Mac computers
Coca-Cola
- Type: Beverage company
- Known for: Soft drinks like Coca-Cola, Fanta, and Sprite
Toyota
- Type: Automotive
- Known for: Cars, reliability, innovation
What Makes Business Vital?
Business is important because it generates:
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Jobs: People work for companies in order to make money.
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Products: Items that people require, such as food, phones, and clothing.
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Services: Services include things like banking, healthcare, education, and transportation.
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Innovation: Businesses are the source of new concepts and technology.
The goods and services that people use on a daily basis would not exist in the world without business.
Let’s Get To Business
Our lives are significantly impacted by the business world. Companies provide goods, services, and jobs that people use on a daily basis. Gaining knowledge about how businesses operate helps you learn about the real world and expand your vocabulary. Every business, no matter how big or small, contributes significantly to the economy. Innovation, culture, and technology all affect how companies expand and thrive. You can improve your English for work, school, or everyday conversations by learning about business.
Practice Time!
Start the quiz and answer these simple questions to practice your reading skills.
Watch this video lesson to improve your English a bit more. Try Business view with and without subtitles.
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Vocabulary
| Word | Meaning |
|---|---|
| Organization | A group of people working together for a purpose |
| Provide | To give something to someone |
| Profit | The money a company makes after paying costs |
| Revenue | All the money a company earns before costs |
| Loss | When a company spends more money than it earns |
| Corporation | A large company with many employees |
| Nonprofit | An organization that does not aim to make money |
| Punctual | Being on time |
| Innovation | A new idea, method, or product |
| Data Analysis | Studying information to understand something |
After learning about nations, how about continuing your practice with our upcoming corporate topic? To view it, click the post directly below.
Reading for Beginners Lesson 8 – From Small Shops to Big Corporations
