Business English Class - At The Office, Financial Jobs, and an Introduction to Business | Benjamin Weinberg | Skillshare

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Business English Class - At The Office, Financial Jobs, and an Introduction to Business

teacher avatar Benjamin Weinberg, English as a Second Language Teacher

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Taught by industry leaders & working professionals
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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

2 Lessons (44m)
    • 1. At The Office and Financial Jobs

    • 2. Introduction to Business

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About This Class

In this class, you will learn about how to understand Business English when it comes to how to interact with others at the office, what kinds of financial jobs are there available, and getting a formal introduction to the business world. 

You'll understand how to become familiar with both Business English vocabulary as well as the grammar concepts related to these topics. 

These two videos will help you to develop your business skills in an effort to become more proficient in this part of the English language by mastering office culture, financial job vocabulary, and what business is.

Meet Your Teacher

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Benjamin Weinberg

English as a Second Language Teacher


Ben is the founder of English from A to Z. He has been an ESL teacher and instructor for the past four years. Ben earned his TEFL / TESOL certification from the International TEFL Academy back in December of 2013. He has a wide variety of experiences in teaching English as a second language to students from around the world. Ben has taught English for companies and organizations such as Berlitz Inc., the Washington English Center, and the Huntington Learning Center. 

In addition, Ben spent a year living in Istanbul, Turkey where he taught English to high school students and also gave private tutoring to Turkish adults.  Continuing his adventures overseas, Ben recently lived in Medellin, Colombia and volunteered at a public high school helping Colombian students to impro... See full profile

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1. At The Office and Financial Jobs: Hello students and welcome to the business English course. My name's been with English from a dizzy, and in this first lesson, we're going to cover at the office and financial jobs, and here we go. So the types of jobs and finance there are a number of jobs in finance, but I want to go over the key ones that may come up during your career. You have the role of the banker first. The banker is someone who is responsible for opening a checking or savings account with your bank. He's also in charge of lending money to business owners or to people who need short term or long term loans. Next, we have an auditor in order, or somebody who checks your taxes to make sure you don't know any money. And to make sure that you don't have any problems with paying taxes or receiving a tax return, your accountant make sure that the money receive is on the books and night. Nothing is left unchecked, so they were responsible for night for mine, managing the money and making sure the numbers add up together. Your financial advisor when you're getting ready for retirement or when you want toe invest money, and so the kind of the stock market. The financial advisor is responsible for helping people manage their money in that way. And then a consultant's job is to manage people in terms of helping them with their business, helping streamline processes, hoping them with manager management problems and making sure that the business that you own or that you're part of is efficient. Then we have the budget analysts. The budget analyst has a specific job as well. They're spokes to monitor the budget of your business or to see if it's financially feasible, long term or if you're in too much in the red if you're if you're, oh, too much money or if you have too much of a surplus. So the budget analyst is responsible for both the surplus and the deficit. A stockbroker, somebody who trade stocks on Wall Street, for example, here in the United States. Or it's somebody who buys and sells stocks around the world as well in different stock exchanges. So broker is the one you see on. The four was waving his arms around who's making changes, who was buying and selling on automatically and a tax official with somebody who usually works for the government, local or national governments was responsible for collecting taxes, making sure that the money that they get from taxes goes to the right places and making sure everybody is up to date with tax loss And a treasurer is somebody who manages money. Make sure it goes in the right places, allocates money to different areas of your business or of the company as well. And investors, somebody who invests specifically invest money or capital. Sometimes in businesses, sometimes in markets. It really depends. But there's different types of investors. Hedge fund manager or somebody who allocates pools of capital together and tries to make money from that tries to play the stock market and tries to manage huge sums of money almost in the billions or even sometimes trillions of dollars. Thes hedge funds are quite large, and they have a huge portfolio of capital investments. In an insurance Asian. It could be life insurance, home insurance, car insurance. There's different types of insurance, but in the agent wants you to buy insurance, and they want to manage your insurance plan as well. So in an agent, their job is to sell you insurance, even if you don't necessarily want it. So that's those air the 12 main types of jobs in finance. So tests at the office. More specifically, when you're in the business world and you want to know what you do in English here are was the task that you may run into at an office. You're expected. Teoh Often times write emails, whether that's to colleagues or work, work to your boss or it to your supervisor or to customers. Perhaps you have to order supplies as well, where it's whether it's pens, pencils, paper, other kinds of supply. Sometimes, if you're in accounting department, you manage payroll to make sure everybody gets paid on time. That's sometimes human resources. Often you off the file paperwork, whether that's for payment or just for business expenses. Just keeping track paperwork Scheduling appointments is very important, especially if you're kind of in a certain secretarial role for a business. And oftentimes everybody will have to enter in some form of data or create data sense and manage them. Whether that's for customers or four clients or for other business partners, a lot of printing is involved with being at an office, printing reports, printing papers and making sure that everybody has a copy sometimes and not. This isn't too relevant today, but sometimes you'll be usedto asked to use a fax machine, fax information over to another business to another firm on. You'll need to use the printer as well as use the fax machine, as we say in English, So those were kind of the main task he may run into at the office. There are some other tests that will go over as well. Depending on your role, you'll need to organize team meetings. A lot of times when you're working in office, you'll be working in a small team and you'll need to organize. Meetings were kind of project together. Uh, you also need to collaborate a work with clients that could be partners. That could be other businesses that you're working with, but you need to talk to them over the phone or through email. But that's a process called collaboration, and some office jobs were all around sales, selling your product or service to the company, so you need to make sales calls often probably a couple hours per week if not more. If you're a salesman, you'll probably spend most your time on your phone. Other people in the marketing department will handle marketing projects, either through social media or through traditional marking like advertising. But there's any part of AH March company will have a marketing division who handles those type of projects. Um, sometimes you'll need to scan items of importance for your inventory, so keeping an inventory in an office is sometimes necessary for paper or other supplies. As we mentioned pen company bills for rent for electricity for water usage, the company bills add up over time, so it's a point to keep track of them on another key part of an office is balancing the budget. So if your budget analyst or your budget accountant, that's your job in the office is the balanced budget. Make sure you're not running whether too much for surplus or too much of a deficit, and that involves being good at math. So calculations, accounting those air key skills that any office would ask for. So those are some of the other main tasks associated with the office. So how do we make introductions at work? You know, maybe your English is not perfect. And you wanna get to know somebody? Well, here's a dialogue that I think can help you out as a student in business English. So let's say let me read it out loud. So a receptionist would say hello. How may I help you? And we have Jonathan here. Jonathan is our example. Whose new? Hello. My name is Jonathan Eckert. I am the new director of the digital marketing department here at the firm Receptionists. Oh, all right. Mr. Timmons, our CEO is expecting you, Jonathan. Excellent. Yes, I have a meeting with him at 11 a.m. Am meaning? Morning. Here, receptionists. No problem at all. Let me show you to the conference room where he's waiting for you, Jonathan. Thank you. I appreciate it. It was an easy flight here. Thankfully, receptionist. Oh, great. It's nice to have you here with us in Boston, Mr Timmons. Now Hello, Mr Swift. It's nice to meet you. Welcome to the company, Jonathan. It's a pleasure to be here with you all. I'm glad to be on board. And if you don't know what onboard means, here is a good phrase that you can use on board means that you're happy to be here, happy to be part of the office or the company or the firm. So if you say I'm glad to be on board, it means you're happy toe be working for the company. So keep that in mind when you want to say it's nice to be here or it's happy time. Happy Toe to be part of the company could also say, Here I'm glad to be on board. So some of vocabulary that we cover we have to director kind of the head of the marketing department. A meeting is obviously where people get together in a department and have a meeting every week or every day to discuss developments with their business. Conference room is a place where people gather when they're part of ah, company. Conference room is where the meetings take place. On board, As I said before, means you're you've joined your part of the company now, and a company is a large organization of people in a for profit business. So company is often large, more than 50 or 100 employees, and it's usually in a bigger office or even the whole building is one company in digital marketing, and we'll talk about this more later in the courts. But general marketing is a form of marketing for online, specifically using digital advertising, social media's and mailing lists and those air different types of areas where you can use marketing online and a firm is like a company may be a little bit smaller. Sometimes we referred of all firms, but there's also business firms as well. And flight, obviously flight is means when somebody's flying in, when they're joining a new place, they're gonna move. Sometimes they're gonna fly in. So asking how your flight is when you're moving to a new city to start. Ah, job in the business world, you will ask you maybe how your flight was. And the CEO is the head of the company. So we call that an English chief executive officer he is, or he or she is the main head of the company. So they're responsible for managing it, not directly managing every part of the business, but they're responsible for overseeing operations. Making sure of decisions are may are executed, in other words, and making sure things run smoothly on a day to day basis. And each large company has a department like the marketing department sales department. Human resource is accounting. The list goes on and on so that some of the vocabulary related to the dialogue so conditions at the workplace When your first joining in office and you're wondering, Well, where do I begin? What kind of questions should I ask before I sign this contractor before I come on board, you'll want to make clear a couple things you want to consider these things on from I don't experience. These are important questions. Task. What are the responsibilities? What am I doing? What are the What are the duties? What am I gonna be doing on a daily or weekly basis? What are the hours of operations where hours. I'm not going to be working every day or I'm not gonna be working on weekends too. Are there any benefits? Eso Is the salary good? Are they paying me? Well, you know, for the job I'm doing, Do I get health care or health insurance? Will that be covered? Well, I have sick time, so if I'm not feeling well, I could stay Hold did not go to the office. What about vacation time? How many weeks of vacation will I get a year? Maybe there's an office Jim Aiken use before after work. Keep myself in shape and go in good condition. Maybe they have food or drinks that are free every now and then, or they offer coffee or tea Eyes. Their in house training available are their professional training opportunities. When you go to a job, sometimes they'll offer training opportunities, and it's good to take advantage because it builds up your skills out of those air, soft skills or hard skills. So it's good to know if your company, your firm, is gonna offer you training while you're there. That may sway recision quite a bit. What skills and qualifications do you need to get this job? What are they asking for? How many years of experience that they look for? So when you look at the job posting beer, where the skills and qualifications that they want from the applicant and lastly, this is the most poor one. Are you gonna enjoy the work? Is the work monotone IHS or is it interesting? Are you going to be bored or you're going to be excited to come to work, and you may not think of it now. But in six months, a year or two years, if it's monotone, its meaning, meaning in English. Boring. Are you really gonna enjoy being there? Is it really worth your time? So these are some conditions of the at the workplace that you should consider before joining an office job. Also, have a few more Here. Uh, these are some additional questions. What is the staff like? Do they treat the employees well or badly? Do you get along with the people work there? Who are the employers who are part of the management team who make the company run every day? Will you get along with them? How do they see my eyes? People? Is there the possibility of a bonus or a raise? Sometimes companies will have bonuses for performance or give you an annual raise. You do a great job. And is the work challenging or easy to dio? Is it too difficult to easy? You gotta sometimes find that balance where it's not too hard and not too easy. And can you make a career out of this job or not? Is just kind of a short term, one year to year gig? Or is it a 2030 year career with actual security that you can get the most out of? And what is your position or job like? What's the title? What are your responsibilities again? What was it like? What were some of the physical mental demands made on you? So here's some vocabulary words, um, verbs that you should consider when it comes to office responsibilities. Maybe you need to analyze documents. Maybe you need to give it up, advise people were advised clients. Maybe you need to check the balance sheet or the budget. Maybe you need to compose emails or compose papers. Maybe you need to watch the budget or budget accordingly every month of business. Maybe your responsibility is to hire people or employ them in the company. Maybe you're supposed to exchange, uh, fax, faxes or papers or exchange documents. Maybe you need to introduce yourself to potential customers, declines as part of your responsibilities, or maybe only to be part of the management team, and you'll need to manage people, make sure they're doing a good job, so there's a ton of responsibilities here are 10 very important verbs, and I want you to consider when it comes to being at the office, some other office duties. Maybe you need to prepare a presentation. Maybe you need to propose a project or maybe need to propose a client with what your company can offer. Maybe you need to sort through Doctor man's or soared through emails. Maybe you need to stop paper or other supplies. Maybe you need to contact potential customers every day or maybe have to chat with other clients or chat with your coworkers or supervisors. Chat is another word for talk. Are you in communication with other people, maybe up to schedule appointments in secretarial role, maybe have to do interviews or interview potential employees, maybe have to edit papers or reports, or maybe need to rewrite them as well? So those are 10 other verbs that are likely to come up when it comes to office duties. Here's another short office dialogue about what it's like to talk to people at in English at the office. So we have John Jane. Uh, well, here are a bunch of examples eso kind of examples of what people would say to each other at an office, and this is likely to come up in English. These air, some common things that people are likely to say to you at the office. John, what did you do this weekend? And you could say, Hey, I stayed home. I did my laundry. I went grocery shopping. Uh, Jane, Jane says, Not too much. I just stayed home and watched Netflix. So that's another response to Bury says to Alan. Alan, when will you have that logistics report for May? Allen says to bury. I should have it done by close of business today. CEO Be she will be is another word for end of the day. We're end of operating hours. So if close the business is 5 p.m. Allen would have it done by five PM Cynthia, do you know when the sales meeting is? Cynthia says. I believe it is. Friday morning at 10 again for the whole team. 10 AM means morning here. Wynne says. The printer is currently jammed. I can't do anything with it. So when the printer is jammed, it means it's not printing out paper, so it needs to be fixed. Matthew. I'll call the I t depart. They should fix the problem. Tina, When will you be taking her vacation time? This year. Hey, Alex, I'll be off the week of Christmas and for two weeks in July. So those, um, five pairings with 10 different people are kind of examples of what would come up at an office talking about your weekend, talking about the report you need to do. Talking about sales meetings, talking about the printer, talking about vacation time. These are all likely to come up if you're working the English speaking world at an office. Some other tips and advice for this lesson. Make sure your study, the vocabulary I mentioned and the grammar involved with working in an office remember the types of jobs that we covered up the beginning in terms of finance those 12 jobs and how they may be relevant for your own career goals. Remember the study. The dialogues I recovered to better understand how English speakers often converse with each other in the office. Uh, and you can re watch the video pause it, rewind in case there's anything you missed regarding the topics that were covered in this lesson. So now, at home. I want you to create your own dialogue and I'll give you a scenario here. That's about the office. So the scenario is your boss, Mr Smith calls you into his office to discuss your yearly performance in human Resource is he thinks you're doing a great job for the company, but it's not sure whether or not to give you a raise. Raise meanings, improve your salary or increase your salary. So in this situation, give Mr Smith three different reasons why you should earn that race and how you ever did over this year. So pretend you're in Mr Smith's company. He's your boss. You need to tell three different reasons why you're doing the job. Maybe you got new customers. Maybe you had a good marketing campaign. Maybe you balance the budget, so you need to tell him in a dialogue of maybe 10 to 12 lines, where you're pretending to be both Mr Smith and yourself, you need to tell him why you should learn that raise and how you have earned it. So this is a good way to practice what we learned in this lesson, and I expect you to please do it If you're a part of this course, it's on Lee. Good practice for both your vocabulary or grammar and your writing abilities and talking about business specifically. So that's the assignment for this lesson. Create your own dialogue. So thank you for watching. I hope you enjoy this lesson focusing on financial jobs and at the office. We covered a lot of ground in terms of vocabulary, grammar and dialogues with a little bit of writing for your assignment. Thanks again for taking my business English course, and I'll see you in the next video, Bubba. 2. Introduction to Business: Hello, students and welcome back to our business English course where in this lesson will be covering an introduction of business. My name's Ben, with English from a dizzy and here we go, So an introduction of business. What is business? Well, business is theatrics of engaging in the buying and selling of either goods or services, or sometimes both good goods and services. In other words, you're involved in commerce, whether you are the business man or woman or the customer themselves. So it's a two way street, meaning transmit transactions go both way. Gopal go both ways, and they can be measured in either monetary or non monetary terms. So it's either through bartering, selling goods for goods, kind of exchanging goods or services for one another, or through buying through the exchange of currency. You know, so purchasing, purchasing skis with dollars or purchasing books with euros so you can either use currency or barter for goods by exchanging goods for other goods. Or you could exchange money for goods and people make their living by engaging in business regardless of the type of business it is, and businesses make up every type of profession, trade or occupation that encompass an entire economy. So, in other words, business is the lifeblood of an economy. So there dozens of types of businesses out there small, medium and large businesses to be aware. So that's a little bit of background about what business is. So what is the business cycle with the business cycle makes up kind of the boom and bust booming means like it's a really good cycle to be in business. There's a lot of job opportunities. Does markets air high? The stock markets? People are consuming more people are buying more. There also may be saving more to and the boom. And when there are boom times, it's called a bull market. So there's a lot of buying going on. Companies are valued very high, maybe unemployment is low and inflation is low and there is more credit out there. There's more lending capacity. Eso That's a boom. When there's a bust, it's also a bear market. So you know people aren't buying as mileage. People are deciding to save more and purchase less. There's a little bit of anxiety about the economy. There's not as much hiring of employees going on, and there's maybe wages are stagnant, productivity to and markets aren't doing as well. So when markets aren't doing as well, when there's a contraction, it means the economy is slowing down or in recession, so businesses aren't growing. Which could we to a crisis, a crisis kind of being either recession or even a depression as listed below, Depression is really serious. That's super I. Unemployment, lack of consumption, businesses shutting down and deflation to was a little bit worried. Some, such as inflation. Inflation means things were really price too high, and the currency is worth was deflation means that currency may be worth too much, and you know, the purchasing power is too high. So that's kind of the, you know, when you think of the business cycle, think of Is it easier hire people? Is it easy to start a business? Is it easy to get a loan? Is are we a bull markets? Good, right, But it can also weight to a bear market. So there, when you think of a business cycle, it's boom or bust. Three economy itself could be contracting, meaning businesses aren't hiring or expanding, meaning businesses are hiring and businesses are doing well in terms of salary, goods and services to continue a little bit, and we covered most of this. So an expansion is good if the economy is growing, businesses are are booming. Uh, equilibrium means there. It's not a boom or bust cycle, but things were kind of level. And then we talked about inflation. Recession, destabilization means markets. They're kind of scattered there. They're not doing their kind of good one day and bad the next day. There's no kind of stabilizing effect, and things numbers, air vary widely. And when there's a recession, obviously there's going to be recovery things. They're getting back to normal, absolutely. But surely unemployment is going down. Maybe inflation is going down, which means markets are stabilizing. It's stagnation is when there's not much growth. Maybe businesses are stuck in the kind of not a boom cycle or bust cycle, but kind of our equilibrium. Well, stagnation means businesses aren't hiring his months. They're not growing as much. So that's kind of way and make leading to a bus cycle. Types of businesses, entities. I won't cover all these. I'll cover the main ones, especially the ones I'm familiar with sole proprietors. It means you're kind of starting a business on your own of your personal funds. Your kind of solely responsible for your business LLC is the most popular type of business entity. It's where you kind of set up in your home, state or country. Your liability is limited personally, and they can't go after your assets or your or your money. So Women of Liability Corporation jealousy is set up to protect yourself financially. Many businesses out there are family businesses, meaning it's gone from generation to generation. And maybe the grandfather started the business than the father ran it. Now we've given it gives it onto a son, so it's kind of a three generation business, so businesses are often family run, especially restaurants. Now it is start ups or when you know your small team, your dump, you kind of are looking for outside investment. You don't have a large amount of people or you're not. You don't have an unlimited amount of money, so you're kind of, you know, cutting ends or just trying to make ends meet and trying to get to profitability. Social cooperative is kind of there's no hierarchy. Everybody gets shares in the company. Everybody kind of gets stock options people. There's different teams, but there's no true leader per se. So it's kind of a cooperative where people are sharing the wealth of the business and try everybody is kind of benefiting equally. A lot of people, sometimes for tax purposes, they have an offshore company. I don't recommend it, really, but there are people that there will have their company hosted overseas. For tax savings reasons. I don't recommend it. Don't take my advice here because I'm not a business expert, but officer companies a part of business entities in our days when the partnership, it's kind of related. If you're starting a business with another person on and you're sharing responsibilities, I won't get too much into that one. Conglomerated. You think of Amazon Apple, Google. Those air conglomerates, huge sector huge, have a huge portion of the of their market, and there's not much competition. It's almost kind of like a not a monopoly, but there's very few competitors when you have a conglomerate, think of Coca Cola or Nike to just huge companies with billions of dollars in assets. Public company. When you go when you have your initial public offering, your AIPO, you're going public. So then you'll have access to owning stocks and you you may have to promise shares to investors. And going public is kind of a big deal nowadays, and you see a lot of businesses on the New York Stock Exchange when they go public. It's a huge announcement, and it's kind of a party atmosphere. And the nonprofit organizations they do donate. They raise money for their business operations, and they can get tax breaks for otherwise known as a non governmental organization there dozens of nonprofits out there, and they rely on fundraising and outside donations for their business. So that's a different entity when compared to for profit businesses. Eso More specifically, what kinds of businesses are there? Were there many, many types, as I mentioned, but the most popular? Nowadays you have tons of shops. Retail is a huge industry of restaurants, the dining industry, hospitality hotels, casinos, firms like consulting firms while firms financial firms. Then you have the online giants Amazon, Google, Facebook, Alibaba. Then you have your brick and mortar, your antique stores, your mom and pop shops, you know, corner stores, small business, small businesses, which make a block portion of businesses. And then you have the industrial sector. You got construction and manufacturing, utilities, farming and unwind businesses are well are growing massively in this day and age, so there are many, many types of businesses. Here are the main ones that you're likely to encounter in your own careers in different sectors. Business growth here, some good vocabulary words in English. You should know when you comes discussing breaking business growth, for example, acquire like maybe Amazon acquired a smaller company, so they expanded their operations. That way, companies will bid to buy company to buy other companies. So your bid on a company or your bid on a on a product or you borrow or lend money to start your borrow, borrow money to start your business. That's how you get Rose. You get lending from the bank. Sometimes your contract workers as an independent contractor to work for you. When you have enough capital or money, you can hire employees when you want to get from a sole proprietorship. You can incorporate to become an LoC or a limited partnership or LP, and when you want to expand your business got innovate, so you got to come up with good products, but services to stay out of the competition process of launching means you want your product. You want your service to the market, uh, where hopefully, if it's popular, you can scale your business and grow it. So the more products and services you sell to more, more people go scale your business so it expands. So that's part of what business growth is so verb tenses in business. And this is a key part of our course and this lesson. So the past president for future verb tenses are all used in business English, especially when it comes to their simple progressive in perfect grammar tense forms. Here are some examples, and I want you to think about at home before it say it are these past, present or future verbs. So I have looked over your business proposal, and I'm quite impressed with it. So what kind of tense do you think is use your past, present or future? So if you at home, if you pause the video, you hopefully said the right answer. It's the past tense, so this would be simple past. You have looked, and you have impressed. Next we have. The union was negotiating with the company for many months, but not much excess was being made through the two that the current terms of the contract. So this would be an example of what? For? You guys at home. If you said past. Yes, you're correct. So it's kind of the past progressive. So you have was negotiating was this past tense and in negotiating its progressive, so was negotiating was being made. So that's past progressive. Jack was so successful with sales this quarter that the management team is going to make him director in January. So this is an example of what kind of verb tense. So if you said future, you're correct. It's simple future tense with going to. That's an example of simple future. And lastly, in case the settlement is not reached, there will be a strike by the workers of the company beginning next week. This is a harder one. There's a couple answers here. What do you think? So if you said first we got past tense, that's correct. We have simple past is not reached, and there will be that simple future will be for the future, and then beginning is president progressive. So we got We got simple past, simple future and the present progressive. So in any one sentence about business, you could have two or three different types of verb tenses. So keep your eye out. Think about past, present or future, and then is it simple? Is the progressive or is a perfect So there's a lot of different verb tense usage that we can have with business English Fraser Verbs in business In addition to different verb tenses, Fraser verbs come up a lot in business English. So it's important to be aware how they could be used and when they can be used and both spoken and written form. Let's look at our examples. Janice flew up for the meeting in Seattle in order to close the business deal. So Flew up is an example of what it's a phrase over bright. So she full up for the meeting in Seattle to close the deal. Thomas was on a strict dead one, but he needed to get through reading all of the reports by 6 p.m. In evening today. So get through is kind of finish or, uh, do the reading. So get through is another Krayzelburg that we can use. The management team decided it needs to set up a meeting with the union so that they could negotiate the terms of the new contract. So set up means the plan to finalize to get done, to make the meeting official for for the purpose of the management team meeting with the union in this case. And then lastly, Tim sales presentation was called off due to the CEO not being able to make it today. And remember, CEO means chief executive officer. So the big Kahuna, the one in charge of the company. So when it's called off, it means canceled or postponed or it's not gonna happen. So called off is another phrase over. So these are all examples, including Come up appear. I tried to tricky. There Come up is another phrase verb In business, English phrase of herbs are gonna come up a lot, so you need to be aware of when they're going to come up and how you're going to use them in sentences. Uh, just quickly. I won't dive too deeply into economic indicators because it's not this is not an economic scores but you. When you were in business, you gotta look at Consumer Price Index. Are people buying on our people confident in business right now? Are they looking to buy your products or services? That's the C P I unemployment rate. If it's low, that's great news. You can hire more people. There's probably more people looking for work. If unemployment rate is high, maybe it's hard to hire for your business retail sales If you're in retail, for example, if you're in that kind of business you need to be looking at, Are we making a lot of sales? Are people buying from stores or are we facing a lot of competition from Amazon bankruptcies? If you're if you're in bankruptcy, it's not good. Or if a business is in bankruptcy, it means they have to restructure. Maybe they have to go under and they're not profitable. There's auto news about trade. It's important to be aware if you have a trade surplus, it means Theo economy you're part of it is training a lot more than they're taking in. So if you're a business, it's a kind of a good thing. If you're trading a lot. You know you're trading with the rest of the world. If you're involved in the trade surplus, that's good for businesses in your country. Trade deficit is not so good, but maybe there's an advantage there in the near future. Maybe your come to company will be looking for your business or businesses like yours to trade more outside of your borders. Inflation rate of inflation is very high, causes problems for a lot of businesses, so that's not good. So you want to keep inflation low for purchasing power of your customers. Interest rates If they're high, good for your savings. If they're low, maybe there's more of a chance you can borrow money. Or you can lend money out at a lower rate income level on wage rate. It's important to know the minimum wage that your business has to pay its workers, and you'll have to be aware of you know, the kind of the consequences when the wage rate is if your wage way is to allow, you have to make sure you're at the minimum wage, so people are making a good income. If you're an employer, current exchange rate is kind of comparing the currencies. So if you're buying euros, you need to know if your business is If your business is using dollars and you're buying euros, you need to know the exchange rate. Eso You know, if you're getting a good deal on the exchange and then consumer confidence, that's important. Kind of a statistic to look at. People are confident in consuming or being consumers. That's good for your business, especially if your business is in retail, hospitality or dining. Consumer confidence is high. That's good for businesses. If it's low, it's not so good for businesses, so something to be aware of. So what do your responsibilities when your business under? Well, there are a number of them. So if you're a business owner, you have to be aware of these. When you're owning your own business, you have to be able to provide health insurance to your employees, depending on the country. But does he is usually the case, especially in English speaking countries. You have to know the difference between hiring contractors and hiring an employee contractors. There's not as much responsibility if you're hiring employees there. There is having the awareness of what type of business, entity or company is. So you know the difference between an LLC and NLP or an offshore company and social cooperative? You can you should be able to project your business's growth by writing up a business plan . So business plan is your thoughts for the future and how you're gonna make money, how you're gonna grow your business. How are you gonna attract investors and you need to know how you're going to sell products and services to your customers. You got to know what your customers need. You have to ask them questions. You have to do a market research you have to be able to sell to stay in business, and you need to build a great team. Ah, management team in particular, that complements your strengths as the business owner and far too being a business owner is taking measured risks to grow your business over time. So you need to know what kind of risk you can take, what kind of risk you can take. And you want to treat your employees fairly with fair wages and benefits. So make sure you know the minimum wage. Make sure you know what benefits are mandatory by walk for your employees, and you need to be ableto handle important meetings with prospective clients and customers . So you need todo. Make sure you're good, you're good with people and that you're, you know, get it. Get giving people the opportunity to know your business and Teoh to buy from your business . So you need to be able to be on top of who are your clients and who are your customers. How do you start a business? Well, I'm not going to give you a warm spiel, but in English terms, you need to come up with a great idea that your passion about that, you think will also make you money it but that you will be able to work on for sometimes years in it at a time. Sometimes, you know, and don't This is a business English course. So don't take my advice is being the gospel here. But you want to raise capital, other funds through the bank, friends, family, outside investment. These are all options to consider. I'm not telling you what you should do, but I'm giving just some background on what people do when they want to start a business. You want to build a website or rent property for a storefront. If your business is online, you'll build your own website. Or you can rent property for a storefront if there if it's available and eventually want to hire team members or give you give them some stake in your business so they can help you with sales, marketing operations and management. And then you gotta have a product, end or service or more than one product or service they can offer to your customers. So it's important that when you have a business, you got to know what you're selling and you gotta know we're customers are and what exactly they want eventually, hopefully earn profits. You will try to keep costs to a minimum so you have actual revenue. Profits minus costs equals revenue, and then you can start to grow and scale your business as much as you can. Within reason, you want to be smart about it. So these air kind of things to keep in mind if you're think about starting a business in an English speaking country and these air kind of main vocabulary points and written points that you want to consider some other business tips and vocabulary. You have merged companies sometimes merged together form conglomerates. Business is about modernisation. Keeping up with technology Keeping up with the Times. Negotiations involving mergers are very important. Involved negotiations about buying other companies really important. Organizing your business, the structure of it. How who is responsible for what out sort? Sing certain tests, the freelancers or contractors important. You want to know the regulations? How do you regulate your business? Where? How is your business gonna be regulated? Sometimes you have to restructure the company as well to make it more efficient. Sometimes you have to relocate to another country or to another city or or part of the country. You need to sell your products. Remember, you need to train your employees, and maybe you need to upgrade your software, your hardware, some additional tips for business. Even if you are not the business owner or the chief executive officer of the CEO, you should think about how the business you work for runs and understand the ins and outs of what it takes to build a business. You wanna just learn how your how the business you're working for runs and how can it become better? You want to use the information gained in this session or lesson to invest in your professional development, were in the vocabulary and learn these kind of skills to boost your career. Think about it in an English sense. In a business sense. How can you get ahead in English speaking business world and remember to contribute to the business? Because hopefully it'll get noticed. Your co workers were appreciate it hoped for. Your boss will appreciate it, and you want to give back any way you can, because the show's maybe you you can get a razor. You can get a promotion. Or maybe you'll get a management position if you were contributing both your time and your expertise. Eso Here's your introduction of business assignment. Your business English teacher Probably me right now. Ask you write a paragraph about what a business is, what is the business and describe how it functions. So give him when you've learned in this lesson recession. Right to me, uh, or anybody, it doesn't have to be made. It could be a friend or maybe a coworker in real life, and you can make up the person, too. But I want you to answer the following questions in your paragraph. Tell me, what is the business? How did I define the business? What types of businesses are there? How could you possibly start a business? One of the steps to take whatever responsibilities involved in becoming a business owner. And how does the business grow? And what kind of business is business entities are there to choose from. And I've listed a bunch of examples, so you can watch the video again. You can re watch it. You can rewind, pause, fast forward, do what you can. But I want you to try to write a paragraph for this assignment for this lesson about what is the business and how does it work? How does it function? This is good for practising your English, but also understanding the business of business English. Um, so that's your assignment for this lesson. Thank you again for watching. I hope you really like this lesson. I know I did about introduction to business. Um, I hope you enjoyed this video, and I'll see you in the next lesson. Thank you.