IELTS Speaking Practice - Live Lessons on the topic of BUSINESS

come nice to see you here and it's thursday and it's 20 the 29th of october and i've just realized having seen lots of messages that i've made a huge mistake now for me it's 10 o'clock right on thursday but of course outside of europe you're an hour behind lots of you have been waiting for an hour i apologize i'm so so sorry um and what has happened is that basically in europe we have a special magic and we can turn back time so on the 25th of october we turn the clocks back an hour crazy i know we go back in time but of course our time is still the same we just changed the clock which means i've just realized around the world outside of europe you don't have we call daylight saving time um and so i apologize many of you are waiting patiently um some of you i'm sure have just gone away left you've got better things to do um but for those of the of you who are here it is great to see you thank you very much for coming along today um for those of you who are watching the recording uh welcome no problem for you guys if you're watching this later today we're going to look at the exciting topic of business um and we're looking at kind of well vocabulary about business different sectors industries different kinds of business we'll be looking at plenty of idioms around business and in fact we are going to start our own little business later in the lesson i wonder what it will it will be well you guys are going to help me set up a little business so in a moment we'll get down to business i'll just see who is here if anybody is anybody here i wouldn't be surprised uh buenos dias hadi hello hello anastasia nice to see you i was wondering yeah i'm really sorry people were worrying about something that happened nothing has happened i'm absolutely fine really um uh i wasn't off i was embarrassingly i was having breakfast uh theo for fjung um i was having breakfast and then i just got everything set up and saw all of these messages so fahima it will be the same time now for the next six months right so that is a very good question will it be the same time you're looking very young there it will be the same time it will be this time yes next week which is 10 o'clock in europe but all of you will be a different time i will change the time on the on my little schedule around the world yo what's up nice to see you hi kin sandy tun hello finally trasan is like finally he's arrived great so listen nice to see you all here namaste good jasmine first time attending you're very very welcome um nice to see you here we're going to look at some exciting things around business today um which is cool right uh people are giving me their local times that's useful actually i'm gonna double check check that later okay so just to begin just to remind you um to remind you what if you're on youtube turn on the subscriptions um turn on that funny notification button so that you can uh get to hear about my recorded less lessons which come out on sundays um and also kind of these live lessons of course which will be every thursday at the moment and just to let you know last sunday as well as turning back time magically um i also released my new online course hooray hurray fluency for ielts speaking um it's taken me quite a while to get it ready and to do it but it's now it's live it's available it's on udemy um there are links in the facebook group there are links in my recent video my last video um on on what on youtube um and i will put links in the show notes so you can also um go and see that if you're interested and of course my other course is still there ielts speaking success get a band seven some people ask me what's the difference okay well first of all this one right is more an in-depth um course around language about part one model answers lots of ideas for model answers for part one part two and part three giving you a wealth of vocabulary it's a much much more in-depth course right this one has a lot more well it has over eight hours of content so there's a lot more content there whereas this course the fluency for ielts speaking is very much focused on fluency so if that's your weakness fluency speaking fluently and confidently that's what this course does and it's focused it's based on the fluency gym you may remember so there's a lot of repetition it's a grammar based curriculum so you get to look at 16 different tenses and aspects of grammar and practice them and practice them to get them automatic so your fluency is better and it develops it looks at kind of part one part two part three questions as well develops vocabulary a little bit but not as much as the other one but it really helps build your fluency that's the basic difference um what else is happening very briefly what else is happening um other things that are happening are tomorrow friday lucky draw tomorrow i'll be giving away two courses right i'll be giving away the the old course and one of the new courses right so if you've done the old old course you can still enter the lucky draw because you could win the new course i'll be doing one of each you can choose which one you want if you win all you have to do is come to the facebook group which is over here come and join the facebook group look out for the post tomorrow it's the lucky draw post all you have to do is comment make a comment on it you'll enter the draw i'll choose somebody on saturday morning and they will get the course that they would like either of those courses right good good questions coming up ashraf has a very good question ashraf says how can i purchase your fluency course well great question right here and now okay let's do something while i'm here right here now and i should have thought of this shouldn't i i should have thought this before but this is what i'm going to do i'm going to try and send you a link right right now in um i'm going to send you a link oh how am i going to do this i'm going to send you a link through facebook and the youtube chat box which means i'm going to have to go into into the class right bear with me bear with me let me do this especially if you're on if you're on um the recorded one and you're thinking what's he doing i'm gonna go to youtube now and let me just post it in the comments section right so if you're on if you're on youtube i've just posted it in the comments section but it will also be in the notes from today's class go to the website on the website you can find links to this as well and and i've just posted it in the facebook group as well excellent right good let me show you um the website oh yes and that's reminding me another thing whilst i'm here halloween party on saturday uh 1 p.m spain time i'm just gonna have a bit of fun with you gonna look at um halloween and how it's celebrated have a bit of a chat just share a few ideas very relaxed very chilled but you know we'll talk in english and practice a bit so that is on saturday but if you go on the website to the fluency gym up here you'll find out all about the course you can sign up now um and it's it's all there it tells you about the fluency gym but it shows you the course as well and there are buttons on there you can press that say sign up now and that's where you can find it whilst i'm here um do remember at the end of the class go to the free live lessons in about four or five hours later on this afternoon and you can download there the free lesson notes to this class great great excited kin is excited for halloween so am i i'm very much looking forward to that i think that'll be a nice bit of fun on halloween right good so let's take that off and let's come back to where are we to business let's get down to business literally i'm going to start off with a little bit of basic vocabulary on business so let's come in here so we're going to talk about business um essential vocabulary okay bear with me got so many things happening here yes here we go essential business vocabulary um so looking here at different levels on on the not the lowest level but the smallest level right talking small one person who sets up a business is an entrepreneur entrepreneur it's a very very hard word to pronounce even for the british because it's stolen from french entrepreneur and in english we say entrepreneur there's lots of r's there there's the entre pro no entrepreneur can you say that entrepreneur nice i want to be an entrepreneur um so that's somebody who starts their own business there are different words nowadays people talk about solopreneur if you're just one person a freelance but a freelance is where it's slightly different you're not starting a business a freelance is you're doing jobs consulting jobs for other people so that's slightly different but i'm going to add that you can also be a freelancer right that's where you're which is really similar to a consultant is where your giving your services um working for other people still right um so that is a little bit different but it's still just one person now as you move up you've got a business right a small business we can use the word company or an enterprise so really a business anything more than two or three people you've got a business right you've got a company an enterprise again similar entrepreneur is from the french it can be used for anything any size of business right so business company enterprise all of those are good as you move up when you've got a group of businesses we then talk about an industry right now industry there are many different kinds of industries the two most common we talk about are primary industries such as mining and fishing and farming because they take the raw materials and they deal with the raw materials of life so you're dealing with maybe coal or oil or gas fishing obviously with fish farming with the plants and animals it's primary secondary industry is where you're taking the raw materials and you're building something you're making something right like car manufacturing as you move up um into the services then we call that tertiary industry or the services industry right so things there like teaching nursing where you're giving services that's what we would call tertiary it's a sure right it's a bit strange but it is a tertiary like sure shall shall i should you tertiary industry so different kinds of industries right now industries you can have also um different or you can have heavy industry and light industry i forget heavy industry tends to be business to business um so where you're selling a product to another business or a group of businesses like the oil is a heavy industry um shipbuilding is a heavy industry partly because the ships are so heavy as well but you're selling to other businesses light industry tends to be consumer oriented nice collocation right consumer oriented right which means you're selling to the customer um b to c we often call that b to c b to c which is business to customer literally so you can say that you know i i would like to have a b to c business or i'd i would like to set up a b2b business it's fine obviously b2b business will might take you longer but things like what manufacturing of clothes a furniture electronic gadgets these are light industries right all of those are light industries now from industry we've also got sectors and a sector contains several industries so the sector is the biggest kind of size right so your agriculture sector will contain farming may will contain different areas in that maybe forestry as well education is a sector retail sector so there industries selling electronic gadgets clothes furniture they're all retail in the retail sector financial services are often considered a sector as well so we can talk about sectors right and a bit more abstract is a market and the market is more abstract it's where different companies trade okay great i realized i sound like an economics lecturer at university don't i turn to page 16. let's analyze businesses yes very lecturey very luxury what's the difference between a company and a firm well when it comes to ielts speaking it's a good question they they're the same start a company start a firm you would use them the same really the same company and a firm great what else have we got anything else relative self-employed you can be self-employed to talk about being self-employed yes right anna talks about venture that's a good word adventure is the idea of starting up a new business like a startup we talk sometimes talk about a startup um you know the tech startups that are coming out of well silicon valley or depends on the country i think most countries have got an equivalent of silicon valley now where you have tech startups and that startup is a venture so the venture it's it's really it's a company but it has the connotation of being new startup um something risk taking a risk and exciting so it's the same but it has a slightly different context connotation but you can use it the same right i've got a new venture and we've set up a restaurant in my city it's a new venture they've got the idea of risk-taking and new right good question anna okay great tertiary means third that's right absolutely we can also talk about small-scale industries ashraf absolutely right yes retail industry well retail is a sector vinnie so yeah then it's a good question a retail industry it is according to economics more of a sector retail sector so where you're selling in the shops selling products in shops to people where will you put it i'm not sure what you mean here i'd put it in the sector put it in your pocket great and of course we've got okay when it comes to sectors public sector when it's run by the government and private sector you're working in yeah private sector when it's organized um not by the government it's by the the private sector that's you and me everyone else okay cool let's move on out of economic lecturer mode what's coming up next i've got a question for you next so we've talked a bit about ventures startups new companies right um how can small companies grow interesting question right because every company starts small but how can they grow now this is a test of your business knowledge as much as um as much as your what your english knowledge let's see have a look in your write down in the comments below i'm going to plug in my computer i just realized my battery's not plugged in a rookie mistake keith whoa great answers lovely lovely lovely great answers let me capture them before you all disappear right we have a dog in the class great kimchi i love that looking for investors absolutely great way nice victoria says by entering a particular niche in england we say niche in america they say niche a niche entering a particular niche or niche absolutely um apparently the more narrow the the niche or the niche um the more opportunity you might have right rand by advertising absolutely clappy i'll talk about unemployment later sure here's a nice one from small companies grow by involving local communities that is so true right engaging with the customer um and investing in local communities very very much so um how else well with investment yep getting an investor or an angel investor through advertisement brilliant these are great answers dick studic daughter says through subsidy so many companies get subsidies from the government a subsidy is a kind of grant in some countries it's alone but normally it's a grant it's an amount of money that you don't have to give back the government just gives to you to help you grow right harlow has a good one opening more branches question mark absolutely that can help you grow reach a wider market speak of the devil relax me growing the consumer base reach a wider market brilliant okay these are all very very good they can take a loan from the bank brilliant so let me capture some of these um just on paper as we're talking i'm gonna i've put down a few ideas but i'm gonna add these to what you said let's see if we've got the same okay can we see that yes we can bob the builder yes we can so invest right you can invest right let me put this into a few phrases they because remember right phrases is the key not just vocabulary but phrases so they can seek investment or they can invest directly so they can invest their own money or seek investment from an investor like an angel investor they call them somebody who's going to invest a lot of money yeah make a lot of sales yes so somebody talked about open more branches is one way of doing it if you're a on the ground business for on the ground businesses or we call local businesses and i mean that compared to an online business if you're an on the ground business you can open more branches in your city or across the country or go global right go global open branches across the world why not um somebody talked about investing or engaging in the community you shakun that's right engaging in the community you can get repeat buyers so a lot of companies focus on getting new customers but the harvard harvard the harvard business institute apparently says it's not just the new customer it's getting repeat buyers that means your old customers to buy again it's a huge um base to grow your business as well so to get repeat buyers nice collocation right um great we've talked about what else um get oh venture capital that's very good that's another use of uh i'm going to add that up here get venture because venture is that new business right risk get venture capital from your angel investor like it very very nice good um we can add break into new markets which is kind of similar we said to making yeah going global break into new markets no notice the collocation and the grammar break into phrasal verb break into new markets or discover and conquer new markets right um somebody talked about focus on a specific niche i'm going to use the uh the british pronunciation focus on a specific niche i've been listening right to so many american podcasts that i'm picking up the um not the american accent but the pronunciation of certain words i've been listening to business podcasts um stuart stu mclaren's a great one excuse me for online businesses stu mclaren he's actually canadian but they they say nietzsche go and find a niche i'm thinking a niche what is a niche what are they talking about and only later i realize that they're saying oh niche nietzsche i thought they had a speech impediment uh dear so focus on a specific niche um somebody talked about taking on new staff right employing more people what else did we have so yep focus on a specific need take on new staff diversify now diversify is that idea of going of having different products or different lines we call it right in business so if you're selling fridges that's one line but if you start selling washing machines that's a different line so that is some diversification when samsung went from selling mobile phones to adding lines of televisions and then i don't know what else samsung did computers they had all these lines they were diversifying right so um selling or selling new lines of products let's say new lines is a nice collocation new lines of products selling new lines of products or just new products if you like you can just say selling new products because of course i'm sure in your local language you've got this expression don't put all your chickens into one basket because they'll eat each other that's not true of course they don't eat each other but if you put all your chickens into one basket don't put all your chickens to boil your eggs don't put all your chickens into one basket don't put all your eggs into one basket because um i think we say chickens as well don't we don't put all your chickens into one basket i'm pretty sure we use both of those expressions but the idea that if you back one horse if you just have one line of products and it fails your business fails if you're still selling fridges but you've also got you know washing machines if the fridge industry collapses you can still sell your washing machines so diversify right selling new lines of products get out of the way keith don't put all your eggs into one basket great you can keep costs low um finance talking about finance keeping costs low that's good keep costs low um get a subsidy we talked about sub city which is basically get a loan right from the government or from the bank maybe your government is a maybe your government's a bank probably not maybe your banks are government banks many of them are um improve the bottom line the bottom line right refers to accounting in accounting you've got your profit your where you've got your costs your expenditures um and then your profit and your loss the bottom line is the very very bottom when you re take away your costs from your your revenue your money coming in that's your profit how much money do you make so the bottom line is how much money you make it comes from accounting right it's basically improve the bottle is your profit to be honest that's what it is right and that your profit is revenue good word or income minus expenditure or costs yep this really is sounding like an economics lecture brilliant i did study economics right at university i did business and french so i do know a little bit but that was a long time ago right so improve the bottom line i guess that's the key thing right if businesses if anybody asks you like they do how can a small business grow well essentially they need to improve the bottom line um because you know profit is essential so if they can if they can reduce their costs or increase their revenue then they will improve the bottom line and thus grow great lots of nice little things there oh market research of course we're going to do some market research today do a little bit we're going to start a business soon hands up in the air if you'd like to start a business i actually asked the guys on facebook those of you that are in facebook i asked yesterday if you could start a business what would you start um it was amazing the the creativity and the ideas i mean i mean we had a whole economy there in the facebook group we had nurses setting up similar things to well different practices medical practices some i can't even remember the words now some new words for me about alternative medicines setting up care homes for people we had a lot of i.t people wanted to set up it businesses some educationalist teachers wanted to set up online businesses there was all sorts of stuff very very interesting right great i'm just going to come into your questions keener says a couple of questions do you mean not invest all in one business absolutely yes or well don't invest in one business if you're the investor or if you're the business person don't invest all your money into one line or one product right diversify have different products because if one product fails and you only have one product you're out of business out of business good expression um brilliant now diversify this is great some good expressions here the scope of business very nice collocation diversify the scope of business love it brilliant yeah lots more here great affordable prices of products have incentives and discount for repeat customers somebody there asked me is the fluency course has it got a discount yes it has absolutely it's got an incredible discount at the moment for this week don't you can go and check out the price advertisement i know stop advertising keith come on reduce operation overhead overheads is a nice word right overheads are the fixed costs so if you've got a business you've got to pay the rent the electricity um your staff these are the fixed costs i'm not sure about staff but overheads electricity those are your overheads electricity um rent those are your fixed costs so yeah absolutely then you've got variable costs right that can change the is the subsidy alone i think the subsidy is is not a loan it's a grant well it depends on grant right grant a subsidy is more like a grant absolutely yeah so you don't have to give it back that's the idea i think like all the subsidies being handed out in in covid people don't have to pay them back but some countries you do have to pay them back okay brilliant let me move on yeah i think stan the man also hates economics find an excellent motto yeah find a good logo that's very very good brilliant so those are all ideas right that we've got for for making a business i'm gonna just throw in now a few business idioms right um and please chip in or contribute any idioms you know around business um but these are some that i was listening to my podcasts recently and the radio i like bbc radio 4 they have some great business and politics programs which i'm really into um so to take a hammering so when we talk about a business taking a hammering then we suffer economically right so you're losing money so you might say for example oh well the uh the food and beverage industry we often call it the f and b industry the f and b industry has taken a real hammering recently right so that's the f b food and beverage so your hotels restaurants bars food and beverage maybe i should write that out because not everybody knows that sorry food and beverage and beverage the f b industry has taken a real hammering recently right um let me let's do a bit of fluency jim to help you the fluency gym will help you a little bit with pronunciation and intonation and also fluency right so putting this together listen carefully the f and b industry has taken a real hammering recently repeat with me and notice the stress right the f b industry has taken a real hammering recently ddd yeah the f and b industry has taken a real hammering recently right so you're under you're stressing words like industry hammering um and that phrasing is important where the pause is right don't feel that you have to be very very long right the f b industry has taken a real hammering recently right that's difficult right you can phrase it the f b industry has taken a real hammering recently right you can use that phrasing it's brilliant that's what we do that is how you build up your fluency take a hammering in the recent recession many businesses have taken a hammering absolutely great here's another one for you to keep your head above water here's your head here's the water now if your head goes under the water what happens well you you're finished right so it's to survive but we're talking we're using it in the business context so for example with lockdowns excuse me many small businesses can't keep their head above water right listen with me listen to the phrasing and repeat with me after three three with the lockdowns many small businesses can't keep their head above water and repeat d d d d d d d d d d d d d d d d good well last time with the lockdowns many small businesses can't keep their head above water great feel the stress and feel the rhythm can't keep the head above water that rhythm really important right all right right brilliant good i'm just going to see any other let me just go through these and then i'll i'll get some of yours to be hard hit is similar right to suffer or be badly affected by so to suffer again be hard hit this is great in times of covid it's just the language you need right um businesses have been hard hit in recent times businesses have been hard hit so it's the passive right to be hard hit um restaurants have been hard hit in recent times uh hotels have been hard hit in recent times and this is the technique i teach you in the fluency course right is substitution so when you get yourself a phrase just take one word and change it to build up your fluency so you're thinking okay businesses restaurants restaurants have been hard hit in recent times um on small businesses small businesses have been hard hit in recent times and just repeat and repeat and repeat and what you're doing as well is you're hardwiring you're fixing this have been hard hit in recent times you're fixing the collocation or the vocabulary into your head keep doing that into your head by that repetition but you're also thinking right competition cutthroat competition pirates halloween don't cut your throat but it just means very strong right there's a lot of cutthroat competition in the mobile phone market oh my god talk about cutthroat it really is right prices are coming down lower and lower especially with you know you've got your apples at the top end of the market you've got your samsungs up there as well and then coming down you've got all different levels sometimes with price wars um getting cheaper and cheaper cutthroat competition right let's have a look let's have a look right a couple of your expressions okay back to the drawing i think you mean back to the drawing board huh let me just uh hang on a minute oh dear i want to try and help you change that here we go back to the drawing board i think is the expression so back to the drawing board let me move a few things around back to the drawing board great means to begin again uh literally to go back to start your plan to start from scratch right to go back to the drawing board it's a good expression let me just add a couple of these on um so many companies will need to go back to the drawing board and basically very similar to to start from scratch and all of that equals to begin again but from the beginning that's the idea right to start from scratch so many companies and businesses that go bankrupt you know they have to start from scratch they have to go back to the drawing board and rethink their business so for you stay in there be patient [Music] oh here's a nice one holler we've got the cash cow and the lion's share so the cash cow is a product that has huge profitability huge profitability and that's the product you need to sell the one that makes the biggest profit profit the lion's share is normally in a market we say they have the lion's share of the market is the largest part of the market so i'm going to add those two because they're pretty good expressions right this product is a cash cow i don't know in some countries the cow is sacred and maybe that's where it comes from it's a cash cow something very special so it makes a lot of profit normally the most amount of profit for that company um share of the market and then you've got the lion's share is the biggest part i'll just put samsung have the lion's share of the market equals the biggest part of the market i take samsung as an example i'm not sure if that's true somebody will probably prove me wrong it's not true but and it depends on the market right am i talking about tvs or fridges or phones or tablets maybe they have the lion's share of the tablet market right maybe they do excellent some nice expressions there um oh this is a nice one as well let's throw this one in um these days are like dog-eat-dog-world in many business lines yeah a dog-eat-dog world that's very very good do you remember i talked about cut-throat competition a dog-eat-dog world or dog-eat-dog competition it's just very very aggressive right oh it's difficult because everybody's eating each other this is a nice run from gopi to corner the market right means to to get the lion's share or to actually dominate the market to corner the market nice one let's add that a couple of nice collocations to dominate a market and to corner a market which is more or less the same thing it's to enter and do really well in that market brilliant yeah this is good i'm going to do the last one before i move on i'm going to show you a video in a minute but one more bite bullet it's that's great razia it's to bite the bullet to bite the bullet so many which means you have to you kind of have to accept the difficult situation right and i think i don't know where this comes from but you know when they do an operation on you in the old days they would put something in your mouth maybe uh not that maybe a piece of cloth and you go so you don't scream too much or hurt you have to bite something so when you feel the pain you bite the bullet means you're you're resisting and you're resisting and there's nothing else you can do but bite the bullet so in these in this day and age right uh with covid many companies suffer let's use one of those expressions what did i have many companies have any companies um are have been hard hit but they have to bite the bullet they have to sit and wait and resist until things get better yeah i'll just leave it there to have to bite the bullet right resist wait uh put up with it kind of all of those expressions the meaning basically there's nothing you can do right there's nothing you can do you have to bite the bullet yep if you've lost your wallet or if you've lost your car you know bite the bullet there's nothing you can do that kind of idea if that makes sense brilliant great some great expressions wow we've got loads of um expressions there so we've got just very quickly we've got take a hammering the hammer i don't know if you know a hammer is literally boom boom boom if i want to put the nail in the wall boom boom boom i use a hammer so you can imagine if you've been you've taken a hammering you're suffering um keep your head above water great expression to be hard hit by something nice cutthroat competition dog eat dog as uh we had um back to the drawing board let's just put these in bold make it super clear start from scratch excellent we've got the cash cow the lion's share normally that's of the market but not always but that's the most common example to dominate and to corner and to bite the bullet [Music] great collocations brilliant aren't we doing well we're doing very well good excellent now then okay i feel like we're on a roller coaster we're going to pop up and down round and round really really fast it feels a bit fast it feels a bit like an economy economics class not economy class that's on the airplane or the train the cheap tickets not an economy class but an economics class an economics class um now then i would like to show you actually uh a video it's a video it's a piece of news it's a recent piece of news breaking news and this is what i want you to do i i didn't drink hang on keep hydrated i want you to listen to this piece of news it's about three minutes i don't know why i do that like that three minutes and see if you can hear any business idioms listen out make a note on your paper if you're like old-fashioned like me you can use a pencil if you're you know old-fashioned if you're super old-fashioned you can use a pear a brush or you can type in the comments below the idioms that you hear that you pick out right that is your job so that's the question right is let's business news listen to the news how many idioms can you spot that's a nice word spot pick out identify great so guys are you ready what a nice mug thank you kalpana he's a lovely mug from cambridge when i was there i didn't go i didn't go to cambridge university i went to the cambridge city yes and bought the uh and bought the souvenir the obligatory souvenir showing all the different cambridge colleges but you can see it's many years ago so here we go straight into this video it's a breaking piece of news let's watch and you know what to do here we go hello and welcome to the six o'clock news at the bbc read today by stan the man yo check it out so bbc covid first up hello big ben first up kovid uh kovid and kovid has been hitting businesses hard all over europe and i'd go as far as to say america okay you are ah keep it objective right okay sorry yeah uh covid has been hitting businesses hard all over europe and the usa and many countries around the world indeed so in particular restaurants and hotels have had it really hard right they've taken a real hammering no not a hammer like renovation i mean they've been you know struggling they've taken a real hammering trying to get by get customers in the door they can't right with all the new regulations indeed many smes and if you don't know what that is check it out small medium enterprise in it many smes i know they know i'm just checking many smes are struggling to keep their head above water they just can't afford to stay open in fact it's more expensive to open than it is to close with all the overheads paying the staff staff and so few customers coming through the door it looks like many smes are gonna hit the wall go belly up um you know go bankrupt nothing they can do nothing at all sorry about that of course many of them are in the same boat so the government has decided in its wisdom to give some uh subsidies or loans with no strings attached to help out these smes and small companies to help them get by to make ends meet get through these difficult difficult times and if you asked me it's a no-brainer what do you mean nobody's asking me oh yeah bbc keep it serious and subjective so that's it that's thank you for listening this is stan the man from the bbc six o'clock news good night in it yeah what does subjective mean anyway there you go the six o'clock news the bbc has a new news reader stan the man he's got a new job brilliant so listen we got lots of expressions there um i'm just gonna go back and just bring out a few that you've mentioned right we've got good okay we definitely hit business hard covid has hit businesses or business business or businesses hard business is the idea of trade buying and selling businesses is the countable different companies right excellent that was spot on um great what else have we got yep hit not that one there's the next one real hammering yep so we said brassana says real hammering many companies have taken a real hammering yep i think clappy has got the full expression here taking a real hammering i think i said have taken or i think i'll change that they are taking did i say taking or taken i think they have probably have whoops have taken a real hammering yeah excellent good good we've also got what have we else what else have we got i'm just going to get by get by hello renovation get by right to get by to survive companies can get by um we've also got keep your head above water jt says head above water nice mask full expression from gautham was to keep your head above water notice it's not the water it's water above water keep your head yeah let's add that in or keep their heads right but you need a pronoun keep your head above water brilliant uh regulations we talked about we talked about overheads afford to stay open yep not an idiom but it's a good collocation they can they cannot afford to stay oh they cannot afford to stay open because of the overheads right excellent really really good um coming through the door nope we oh well done you picked up smaller medium enterprises again it's more of a collocation hit the wall was a good one hit the wall comes from marathon running when you're running and running and at the 20th mile bum kilometer you hit the wall means you suddenly stop you're out of energy um i'm using it here sorry stan was using it more metaphorically that the companies hit the wall they're out of energy um great go belly up right is to go bankrupt yep to lose money or to go bankrupt go belly up um that's the one emmy has got it to bankrupt bankrupt so notice the collocation right is to go bankrupt i don't know why you have to go anywhere to lose your money but you do you have to go bankrupt um we've got shakun says in the same boat right in the same situation they're in the same situation what else have we got ah this was interesting yeah dim in its wisdom the government in its wisdom has decided to give uh subsidies or loans i mean yeah it's kind of a collocation kind of a thing a thing a thingy no strings attached that was an idiom yeah so the the loan or the subsidy is no has no strings attached so it's free there's no special there's no small print that says they have to do a b or c right so there's no conditions basically brilliant i think i'd what else have we got any others just two more then make ends meet as raghav says to make ends meet is to survive and it's a no-brainer as garji says it's a no-brainer a no-brainer just meaning it's it's you don't need to think about it it's so obvious you don't even need to think about it brilliant good i'm just going to put these on the i'm going to share with you i actually wrote them down earlier just to save a bit of time but just let me show you visually because i know that can help as well if you can see them and later actually i will put subtitles on the video so you can watch it again on the facebook page um kovid has hit business hard ah so i use the singular i think business so if it's singular that's great we're talking about the abstract buying and selling but if you want to use it as accountable businesses you can restaurants and hotels have taken a hammering great trying to get by to get by which means to survive great many smes are struggling to keep their head to keep their head above water so notice head singular head above water even though it's there because each company only has one head their head above water many smes are going to hit the wall go belly up right which is basically go bankrupt bankrupt nice go bankrupt so many of them are in the same boat right same boat you can imagine what that means but it's basically the same situation they're in the same situation so many of them are in the same boat the government will give them subsidies or loans with no strings attached with no strings attached so no conditions with no conditions right it's a no-brainer it's obvious basically that's what that means i'll just put those like that so it's clear great so many of them yeah just to make it clear it's not so it's so many of them so many of them again just i mean just to help with the phrasing say this with me so many of them are in the same boat and put it together so many of them are in the same boat can you feel the rhythm so many of them so many of them are in the same boat that's it nice build up your fluency very good way to do it excellent um so that was stan the man yay stan the man we're on we're in the same boat in the same boat well done some of you have done some great um summaries there and this is a nice one thank you chad solar this is a very very nice one at the end just to add um subjective because stan at the end right he said what does subjective mean because the bbc we're telling him not to be subjective is to manipulate your point of view that's right so news readers right they shouldn't be subjective right you don't say oh and i think no you just give the news objectively so thank you for that that's great good brilliant well done i'm just checking how you're all doing you're still there nice good practice brilliant good good practice as you're practicing and writing stuff down remember to keep speaking it out loud be careful with your phrasing keep practicing absolutely brilliant on the in the same boat on the same page not exactly the same i'll just do that question very quickly um captain america here in the same boat means you're in the same situation on the same page means that you agree you have the same opinion so you might be in the same boat but you're not on the same page right businesses a lot of businesses are suffering covid we're in the same boat but they don't all agree on how to handle it so they're not on the same page great question but they are a bit different right you can see yeah stan got a job with the bbc only for the moment i think i'm not sure if he's gonna keep his job what do you think do you think he'll be able to keep his job is he a good news reader or is he a bit a bit too subjective maybe right guys let's move on um i'm going to move on next to do a little exercise with you if you're happy to stick around um we're going to do something well i've not done this before so i honestly don't know how this is going to work but let's see it might be fun and we can see some interesting language coming out but i need you to participate right um i need you to get involved through the comments and the chat we're going to start a business together and as we um start this business i'm going to ask you a series of questions and you choose what to do so you decide the direction of the business and at the end we'll see what kind of a business we have right so i need you to put your answers in the comment and then we'll choose or i will choose it's gotta be me because i'm in control you can't choose um you could well yes so let's have a look here's the question right first of all let's we're going to start a business let's just go back down let's build a business build let's start i think start is a better word we're going to start a business okay i want you to choose a sector first of all so choose one of these sectors and just write it in the comment box tell me which sector and why you want to start a business um you can choose financial sector the education sector or the retail sector there are three choices so we're beginning at the top the biggest level and then we're going to drill down into the small detail but first of all then which sector would you like to enter right so let's dive in as tanas says we're all entrepreneurs anastasia you are now an official entrepreneur right razia it's got to be one of these not energy it's got to be financial education or retail so we've got a few let's see what you say swati says educational chang says retail trang says financial we've got a lot of different ones we've got quite a lot of education ones valentina says educational um the guys from the money heist alvin says retail i bet you just want to break it and steal everything don't you van says education um dave says retail right good um private sector education says lakshmi okay we've got nobody's telling me why but you're all there's a lot of people going for education okay we've got also we've got leo who says retail okay and year one day goes for education a lot a lot financial ah here we go from saurabh retail because there are consumers who are more diverted towards retail one right so there's a bigger market right you mean basically there's a bigger market i think so it's retail or education any other good reasons right okay based on that i'm going to go with education because most of you have gone for education now we're going to choose a business right so we're in the sector we're in the area of education but what's our business right what's our business going to be you've got a choice of three we can either set up a school now that can be a physical bricks and mortar school or an online school or we can create a learning app or publish a magazine so are we going to be in the school business the mobile app business or the magazine business which one again in the comments choose and tell me why which one would you choose and why ah i should have waited i was too impatient now your your reasons are coming out let me share this with you because samina's got a lovely little thing here this is lovely i like this very much education sector because i'm in it i'm an educator plus quality education for all nice for all the love will lead its way on achieving the sdgs the sustainable development goals love it samina nice now you need to decide which business which business so i've got to be patient i've got to wait because i know it takes you time to type which is great because i can have a cup of tea excuse me oh some great ideas right let me share a few srijan says create a learning app nice or yakanami would like to set up a school claudia would like to create a learning app as well apps are popular right path as well would go for the creating the app interesting uh who else have we got raise set up a school samina your your diversity a personified fantastic creator learning app for the vulnerable group to enhance their learning experiences poorly very nice victoria though would like to set up a school yeah need engine i like it you've got a marketing head and a business head well done sir creating a learning app as everything nowadays is digital kind of true and the money is in the subscription and money is in subscription the money is in the subscription that's so true yes that's a great business model right we talk about the business model is how you're going to make money you need a way to make money because if you don't make money it's not sustainable i mean really um so the money's in the subscription very true that i think that's why so many learning apps are popular nowadays right what else let's see gandib is another good reason create a learning gap because bcs because in pandemic situation it's more beneficial that's true yeah very very true anymore any more reasons i'm trying to try and shoot some different people as well kaya because the situation of kovid well i would say yes set up an online school right with kovid i think a face-to-face school would be very difficult at these times in fact did you know did you know just a sidestep i got a message this morning from my daughter's school they've cancelled the half term holiday next week was our week's holiday where she has a week's holiday the school has just said cancelled you must come to school they're worried about children going um back to the families maybe the grandparents looking after the children if the parents are working and then spreading the virus so holidays have been cancelled so upset but that's life right good so listen guys it looks like creating a learning app seems to be the number one yep even jane says create a learning app because it's trendy in the current digital era yeah okay excellent so let's go with that let's create a learning app brilliant next question then well what's the product or the service so we've got a learning app but what will our product or service be so here's your choice right you can either have a learn english app learn code or learn how to start a business let's bring that down learn english learn code or learn how to start a business which app would be the best one for us trang wants food delivery can't do food delivery i'm afraid because we're in the education sector right remember we're in the education sector so learn how to start a business that would be very i think that would be very popular now because more and more people are starting their own businesses especially in times of covid uh lakshmi says learn english matilda shouts out learn how to start a business victoria this is a nice one because you've got me you've got a nice reason here set up an online business school for children so that they can learn how to make money from a very early age so it's online school teaching how to set up a business how to how to do that that's nice like it very very good tell you what i'm going to do i'm going to move this up so that hits the top so we can see the comments properly learn code says hazma yes and again big demand probably a very very good one to do i would have thought learn english so learn english or code oh moody star student learning app can be a cow cash product yes a cash cow it's the other way around but excellent i love the practice let me just change that for you can be a cash cow product excellent love it and you know that's brilliant because it's through trying and making these mistakes that you suddenly learn now you know and it's better in your head a cash cow product love it dialer says oh learning code is getting so important yeah this is nice from kalpana lots of practice as well i want to set up a school because it is the demand of parents to have quality education yes and have few chance to keep our head above water um i would say the opposite right it's the demand of parents to have quality of education and i'm not sure if this is what you mean but i think it's a better chance to keep our head above water if we have quality education we've got a better chance to survive right i think that's what you mean i think great love it set up a youtube channel and compete with keith yes but it's not really a business or a product is it not quite a business el pro gaming learn how to start an online business great so it seems gosh i don't know which one to choose i mean all of those seem incredibly incredibly popular but what should we do let's oh let me just see which ones how many more have we got mix of everything well maybe okay i can see a huge amount of starting a business and learn english oh gosh all right executive decision we're going to go with um learning how to start a business right pro gamer let me take you off for the moment how to start a business so that's what we're going to do so we've got how to start business we're going to create a learning app just to recap we're in education we're creating a learning app learning how to start a business my next question then for you is choose a market which market would you choose so worldwide india or china i've only chosen three and i know you're not going to be happy about that but which one would you choose so here there are different kinds of market right of course i'm talking about the geographical market which one would you choose india market worldwide market worldwide all worldwide yeah to be honest worldwide india yeah it makes sense right if this is a an uh how to start a business learning app on a mobile phone you've got to go worldwide you don't want to corner just one market i guess you want to try and dominate dominate the worldwide market right diversification right enter into different markets you can diversify into different markets as well as having different lines you could diversify into different markets some people would start in china then go globally right but clearly clearly china has a huge niche niche yes they do indeed ishmael i would go for india because it's efficient and low in cost and then go globally eventually so a few of you have got this this strategy of going into a niche market and then going global and that actually business-wise is the best way to do it right go into a niche and then later as you're building up go global it's what most companies do right so eventually we would go worldwide so we're going to go with worldwide decision again great i think i've got a final question which is to choose a target customer so when we talk about um the market you can also talk about the customer would you target nice collocation target old people retirees married couples or teenagers so this and this is a learning learning act on how to start a business worldwide which customer would you target all right let's see what would you target which customers would you target well shakun says teenagers shamini says teenagers teenagers because they're always on the phones it's very true let's put this up yes teenagers without a doubt nice like the language without a doubt teenagers because they want to start businesses married couples as well right but i suggest that we focus on one target customer because if you go too wide your product will be too general and it won't appeal and your marketing will be really hard if you're trying to market to teenagers and married couples i can't imagine the marketing campaign lots of people say teenagers teenagers because they are the future they are the present the past and the future this is nice because teenagers because they are the ones who stand to gain the most lovely gautham stand to gain the most right they're in a position stand to get the most very very true excellent love it great so final question you've got the we're going to go for teenagers we've got a great business here we've got to choose a price right when it comes to price what are we going to go what are we going to do i'll just take this away we're going to go either high end price which is you know expensive we call we call it premium pricing we can go for bundle pricing so we have different apps and you can pay one price for everything together and it's cheaper or we go at the bottom we go economy pricing sometimes called rock bottom prices or no frills prices the frills are the nice pretty things but if you don't have that it's the basics it's a basic low price no frills price so what strategy what's your pricing strategy here i'm going to actually change that to pricing strategy rather than price it's more of a strategy choose a pricing strategy well i guess with teenagers i think i know what i would say but what would you say right what's your pricing strategy nice collocation bundle pricing economy pricing yeah tran says economy pricing because the the customer is teenagers right beer ham agrees with you yes kk says economy pricing as parents love to pay oh hang on if it's economy if parents love to spend for teenagers then i would have a high end pricing because the parents are paying right i would edwin would go for a bundle price it's a good strategy pricing tactics you can also say yes now here's an interesting strategy a great business head again economy pricing because it should be affordable and by that way the product will get sold in the market and after the high demand we can increase the price great i think they call that penetration pricing right where you have a low price get in the market dominate the market and then you up the price to a premium price brilliant but great strategy but it seems the economy pricing is the most popular from what i can see here having said that the next 20 comments say bundle pricing so guys we're going to go for i'll tell you what i'm going to go i'm going to go for the economy pricing or the no frills pricing because that seems to be the most popular with teenagers what we've got here despite what you said about parents it's true different pricing strategies so guys we now have wow we now have a business right we've got education sector we've got a language sorry a learning app how to start a business worldwide targeting teenagers and our pricing strategy will be the no frills rock bottom prices to get them in maybe in the future with a view to expanding our market so brilliant we have a business your homework is the following i would like you to do this the homework is create a logo and share it on the facebook group wow right that's our business go and create a logo it can be anything simple complicated bear in mind the product the customer and the price right to make sure it appeals to the right kind of people go in the facebook group and share it all right i'll put up a post and you can share the logo there excellent good that's the homework now i've just realized how ridiculously late it is h-e-l but i haven't a facebook app so sorry logo for the business hassan logo for that business the business we've just created right yes a logo for that how to create a business app for our business right we're going to worldwide teenagers with rock bottom prices is this a glass i don't know i'm so lost this is an economics class i'm teaching you how to start a business no i'm not i'm teaching you the language of business that's what i'm teaching you now because it's so late i'm not going to go into the model answers because that will take us far too late what i will do though is guys let's finish up on a big kahoot because there's lots of interesting expressions today some really nice idioms and i think it'd be really good just for you to get them fixed in your mind just as we uh as we finish up any prize for the best logo let me think about that let me think about it possibly if you haven't joined the group uh aishwarya come and join the group right it's um very very easy to find i think it's this one it's facebook group keith's mastermind community come and join us there and you can put your logo there put it anywhere just post your logo and we can all talk about them and make comments about them and practice our english describing them how appropriate they are for our business excellent it's kahoot time i've just finished dinner while watching keith right okay kahoot give me a moment just to help let's just find my um my account kahoot account right come on login here we go i actually feel like i want to start that business it sounds really exciting i think that'd be a great business to start now where are we we got the business kahoot we're gonna play teach let me um pull you in the one hand i think no no no no no no no what's happening here i don't know what's happening there excuse me classic so if you're new here kahoot is a you basically have to go and log in nice music go to www.kahoot.itu and there i think and put in the number 575-7784 right and you can um you can join us 575 7784 write in your name and you can come and join us i'm going to ask you four questions multiple choice you have to choose the right answer as fast as you can and then we'll find out who the winner is but it's a great way to uh great way to walk great way to learn vocabulary no questions today sarah i'm gonna run out of time trademark copyrights no problem we're creating our own business [Music] okay who is in how many have we got we've got 90 people in okay that's great okay so let's get straight in there because it's so late i'm gonna go straight in and start i think you can still join business question number one we need to do more we need to do more market blank we need to do more market blank you have to choose one here investigation study research or search you can also write in the comments what your answer is [Music] you've got eight seconds left nice sally hamza very nice ishta nice wow look at that 66 got research absolutely brilliant well done spot on that's the right answer research right notice it is singular it's not countable so we do not say researches that's a big mistake i see a lot of students make it's research non-countable we need to do more market research let's see who was top yumiko again very crafty nice one next question these days many companies cannot keep their heads above these days many companies cannot keep their heads above what now be careful here well done hamza imana nice one nasir well done sidratul be careful gigi be careful [Music] the answer is water now a lot of you also in the comments had the water there is no article keep your head above water okay nice one let's move on scoreboard oh tonsky again you're very fast right up in the top place excellent question number three restaurants have suffered badly they have taken a blank ah restaurants have suffered badly they have taken a blank nice answers well done you should get this one after stan the man oh that's impressive very very good great 81 of you got hammering absolutely brilliant well done taking a hammering they've suffered badly let's see where we are on the scoreboard tonksy is still in first place and british is coming up second place we're gonna move on to the last question there is so much cut blank competition it's dog-eat-dog ah so much cut blank competition be careful dennis very good aishwara nice ashwadiyah jayran good well done all of you that is brilliant most of you vast majority got it cut throat competition so very very strong competition nice one well done that's it so let's see where are we on the podium brish you got third oh in second which means [Music] is tongshi well done brilliant straight in there you've been up there quite a few times recently and today you've finally made it well done despite the cutthroat competition you um cornered the market got all the right questions and won the game well done excellent so that's it guys thank you very much for today um i do apologize again for being late but um i hope you've learned a lot about business today if you're on youtube do remember right subscribe so that you can get notifications about the upcoming videos brilliant um in about four or five hours i will be putting the notes all of this you can download from the website right all you need to do is go to the keith um speaking academy it's over here i'll just show you very briefly keithspeakingacademy.com and you can then go to the free live lessons page and just download all the notes um to the different topics that we've done money photos you can even go on and click and watch i mean not watch but if you don't want to download you can actually just read it on your mobile phone directly and get it all there so that's on the website right excellent good um the website just so you do know is www.keithspeakingacademy.com great if you're interested in building your fluency little plug fluency for ielts speaking it's on udemy the links are on my website anywhere you go on the website i think you'll find it um or you can see it on the facebook group and in the youtube videos at the top you'll normally see the link to the course or just look go to udemy and look for fluency for ielts speaking excellent great first class you enjoyed it nice brilliant nice to hear that i hope this has been useful i've had a lot of fun actually that's quite exciting starting up a new business isn't it what a great thing to do um great we must do this more often so guys tomorrow lucky draw come into the facebook group i'll be giving away two of my online courses just look for the lucky draw post and comment on it and then if you're interested saturday if you want to kick back chill out let your hair down relax but be really scared come and join the halloween live lesson um it'll be a bit informal but just a bit of fun and practice a bit of english on saturday one o'clock spain time check that time in your country as you know i don't know what time it is now great guys thank you very very much um for being here today i hope you have a great rest of the day and i will see you all very very soon take care everybody bye

Channel: English Speaking Success

Views: 40,007

Rating: 4.9391303 out of 5

Keywords: ielts speaking, ielts speaking business, keith speaking academy

Id: xFgYHAW5QYs

Length: 95min 4sec (5704 seconds)

Published: Thu Oct 29 2020