What is Business?

“Business” (informally “biz”) is a word which is commonly used in many different languages. Its etymology relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work.

This broad, all-inclusive term can be applied to many kinds of enterprise. Business encompasses a broad range of action, from individual pursuits to the work of giant corporations. The term covers manufacturing, trade and other economic activities of individuals and institutions.

However, the exact definition of business, like much else in the philosophy of business, is a matter of debate.

The term “business” has at least three usages, depending on the scope:

1) the singular usage to mean a particular company or corporation;

2) the generalized usage to refer to a particular market sector, such as “the music business” and compound forms such as “agribusiness”; and

3) the broadest meaning to include all activities by the community of suppliers of goods and services.

Business is an increasingly important activity throughout the world. Millions of people are involved in making, buying, selling or supplying goods or services for money. They go into business to get a maximum profit. Profit, also known as an economic surplus, is the money that remains after all the expenses are paid. Creating an economic surplus is a primary goal of business activity.

Business is like life itself, a cycle – a continuous series of challenges, obstacles, economic movements and above all increasing and sophisticated competition that will always occur. An enterprise, therefore, must continually re-invent and develop itself if it is to remain relevant and successful.

Unfortunately, business is not always brisk. There are periods when it drops off and businessmen sustain losses or even go out of business.

A well-known saying holds “Nothing venture, nothing have.” Business always involves risk-taking. Still some ventures are more risky than others. Business angels or venture capitalists are among those involved in venturesome undertakings of providing capital for new commercial enterprises.

Though business is sometimes defined as the art of removing money from a person’s pocket without using violence, its importance cannot be overestimated. Business is the means through which society’s standard of living improves. It provides the bulk of our employment as well as the products we enjoy. Above all, business is a place where anyone can excel by deploying the learning, skills and standards they have acquired to ensure not only their own prosperity but to contribute to the social welfare.

Vocabulary Notes:

1. etymology [ֽetı`mOləGi] – етимологія, наука про джерела й походження слів і морфем;

2. viable [ `va ı əb^əl] – життєздатний; такий, що спонукає ефективну життєдіяльність;

3. profitable [`prOfıtəb^əl] – прибутковий, вигідний, дохідний;

4. all-inclusive [ֽO:l ın`klusıv] – комплексний; всеохоплюючий; такий, що включає усе;

5. to encompass [ın`kAmpəs] – містити в собі; охоплювати;

6. action [`æk∫^ən] – діяльність, активність, заходи;

7. pursuit [pə`sju:t] / [p<sup>ə</sup>r`su:t] – заняття, справа; професія;

8. to cover [`kAvə] / [`kAv^ər] – охоплювати, містити в собі;

9. scope [skəup] / [skoup] – масштаб, розмах, сфера;

10. to supply [sə`plaı] – постачати (with); поставляти, доставляти; давати;

11. economic surplus [ֽi:kə`nOmık `sə:pləs] – економічний надлишок;

12. expenses [ık`spen^tsız] – затрати; витрати; те, що підлягає відшкодуванню;

13. challenge [`t∫ælın G ] – виклик; складне завдання, проблема;

14. obstacle [`Obstək^əl] – перепона, перешкода, завада;

15. increasing [ıŋ`kri:sıŋ] – зростаючий; такий, що збільшується;

16. sophisticated [sə`fıstıkeıtıd] – складний, тонкий; витончений (про смак, манери); оманливий;

17. relevant (to) [`reləv ə nt] – релевантний; доречний; що стосується справи;

18. brisk [brısk] – жвавий, пожвавлений; моторний;

19. to sustain losses [sə`stein lOsız] – зазнати втрат, збитків; терпіти збитки;

20. venturesome [`ven t ∫əs ə m] – сміливий; відважний, хоробрий; ризикований, небезпечний;

21. undertaking [ֽAndə`teıkıŋ] – підприємство, справа; зобов’язання, угода, гарантія;

22. to overestimate [ֽəuvə r `estımeıt] – переоцінювати; оцінювати занадто високо;

23. standard of living [`stændəd əv `lıvıŋ] – рівень життя;

24. employment [ım`plOımənt] – зайнятість (робочої сили); робота, служба;

25. to enjoy products [`prOdAkts] – користуватися (володіти) продукцією;

26. to deploy [dı`plOı] – використовувати, застосовувати; вводити в дію;

27. to excel [ık`sel] – відзначитися;

28. to acquire [ə`kwaıə] / [ə`kwaı^ər] – набувати, здобувати; досягати, оволодівати;

29. to contribute (to) [kən`trıbju:t] – сприяти (чомусь); робити внесок.

Task 14. Agree or disagree with the following statements. Correct false statements.

1. In many cultures the word “business” does not need translation.

2. Etymology of the word “business” relates to the state of being rich.

3. Business people are involved in commercially viable and profitable work.

4. Manufacturing and commercial trade are not the only components of business.

5. Philosophy suggests the exact definition of business.

6. The term “business” has several usages, depending on the country.

7. The importance of business is gradually decreasing in the world.

8. Business is like life itself.

9. Most people go into business to contribute to the social welfare.

10. Fortunately, business is not always risky.

Task 15. Match items in column A with their antonyms in column B.

A	B
1.to go into business	a)to sustain losses;
2.profitable	b)fruitless, defective;
3.to drop off	c)crude, naïve;
4.employment	d)risk-free;
5.increasing	e)earnings, gains;
6.expenses	f)to underestimate;
7.viable	g)to be brisk;
8.to get a profit	h)to go out of business;
9.venturesome	i)to lose;
10.sophisticated	j)unemployment;
11.to overestimate	k)loss-making;
12.to acquire	l)decreasing;

Task 16. Complete the sentences with the words and phrases from Task 15.

1. Business angels are involved in _____ activities.

2. Loss-making companies often have to _____ business.

3. When business is _____ a company gets high profits.

4. Those who ______ business risks will surely sustain losses.

5. The _____ of loss-making enterprises are higher than profits.

6. When business drops off the rate of _____ increases.

7. Not all business people are involved in commercially _____ and profitable work.

8. People go into business to get a maximum _____.

Task 17. a) Match the terms in column A with their definitions in column B:

A

B

1. enterprise 2. competition 3. employment 4. business cycle 5. manufacturing 6. venture capitalist

a)the business or industry of producing goods in large quantities in factories, using parts or raw materials; b)a company or business; a business project, especially one that is difficult or involves taking risks; the activity of starting and developing businesses; c)the usual pattern of a country’s economy over a period of time, with periods of success (growth) and periods of difficulty (recession) happening regularly one after another; d)a private investor or a financial business that invests money in new companies, which may involve a lot of risk and bring good profits; e)a situation in which people or organizations compete with each other for something that not everyone can have; f)work, especially when it is done to earn money; the state of being employed; the situation in which people have work; the act of employing somebody;

b) Translate into Ukrainian.

1. He really wants the job, but he will be facing stiff competition.

2. We are in competition with four other companies for the contract.

3. Graduates are finding it more and more difficult to find employment.

4. She has negotiated a five-year employment contract with a company.

5. How do you turn a loss-making enterprise into a profitable concern?

6. The country has been selling off its state enterprises.

7. Many jobs in manufacturing were lost during the recession.

8. The manufacturing sector is starting to recover.

9. Successful venture capital investment is harder than it sometimes looks.

10. The model isn’t all that complicated: develop a good idea, raise venture capital, grow rapidly, and then go public or sell out.

Task 18. In the text “What is Business?” (Task 13) find the words similar in meaning.

1. To get, to obtain; 2. majority, major part; 3. engaged, occupied; 4. popularly, usually, ordinarily, generally; 5. discussion; 6. occupation; 7. to assure, to guarantee; 8. company, firm; 9. production, making; 10. obstruction, hindrance, barrier; 11. to take place; 12. precise, exact; 13. fundamental; 14. range, scale; 15. prosperity, well-being.

Task 19. a) Translate the following nouns. Find the paronymous (related) adjectives in the text “What is Business?” (Task 13).

1. Difference;	3.profit;	5.risk;	7.relevance;
2. society;	4.economy;	6.venture;	8.success.

b) Use the derived adjectives to make up word combinations with the following nouns. Try to make up as many word combinations as possible.

_____ welfare; _____ undertakings; _____ enterprise;

_____ languages; _____ work;

_____ venture; _____ activities.

c) Which of the above word combinations were used in the text “What is Business?” (Task 13)?

Task 20. a) Match the verbs (column A) with the nouns (column B) to make up phrases.

A	B
to be in
to take	risk
to run	loss
to incur	work
to share	profit
to make	goods
to cover	business
to do	expenses
to be out of

b) Translate into English.

1. Укладати угоди, вести справи, торгувати;

2. керувати підприємством, вести справу;

3. займатися торговельними справами;

4. викликати, спричинювати витрати;

5. виконувати, здійснювати роботу;

6. зазнати збитків, проторгуватися;

7. збанкрутувати; бути банкрутом;

8. покривати витрати, збитки;

9. брати участь у прибутках;

10. отримувати прибуток;

11. розподіляти витрати;

12. виготовляти товари;

13. бути безробітним;

14. зазнавати ризику;

15. покривати ризик;

16. мати роботу.

Task 21. Translate into Ukrainian paying attention to the italicised words.

1. What kind of work do you do? 2. It’s not the best piece of work you’ ve ever done. 3. He’s someone I can do business with. 4. We do business with many domestic companies. 5. The factory makes luxury goods (предмети розкошу) for the export market. 6. There’s no way you can make a loss on this deal. 7. We made a loss on the house sale. 8. He’s only interested in making a quick profit. 9. A businessman will catch at (схопиться за) any chance of making a profit. 10. I’m afraid I won’t be able to cover all the expenses when this bill matures (настане час оплати цього рахунку). 11. The insurance will cover all expenses incurred during your time in hospital. 12. He was given a sum of money to cover his travel expenses. 13. Will £20 cover your expenses? 14. The insurance policy (страховий поліс) covers a range of risks. 15. Who will cover the risk of our property damage? 16. The economy is growing fast and more people are in work than ever before. 17. He’ s in business in a small way. 18. They have been in business, not for love, but to make money. 19. The percentage of people out of work has fallen. 20. Many small shops are out of business these days. 21. I’m not prepared to run the risks. 22. You have to run a lot of risks if you want to succeed in business. 23. It was my dream to run my own business. 24. Owners of the partnership share their profits. 25. A plan was brought forward to allow workers to share in the profits. 26. They established a rule that everyone must share the expenses. 27. It was my understanding that we would share the expenses. 28. The company has incurred huge losses over the past three years. 29. Each stage of the process incurs an additional risk. 30. I take calculated risks but never gamble (граю в азартні ігри). 31. I was taking a big risk in lending her the money. 32. A good pilot never takes a risk.

Task 22. Make up sentences with the following word combinations.

1.To take a risk;	7.to be in work;	13.to run the risk;
2.to do work;	8.to be in business;	14.to run a business;
3.to do business;	9.to be out of work;	15.to cover the risk;
4.to make a loss;	10.to be out of business;	16.to cover expenses;
5.to make goods;	11.to share profits;	17.to incur a risk;
6.to make a profit;	12.to share expenses;	18.to incur an expense.

Task 23. “ Odd man out.” In each line cross out a word that in its meaning differs from the others. Explain your choice.

1. term – definition – competition; 2. meaning – increasing – etymology; 3. a business – an enterprise – agribusiness; 4. competition – market – community; 5. profitable – relevant – overestimated; 6. challenge – success – obstacle; 7. buying – selling – supplying;

8. apply – scope – usage; 9. issue – debate – goal; 10. sell – excel – success; 11. viable – relevant – busy; 12. brisk – risk – successful; 13. expenses – profit – surplus; 14. create – develop – re-invent; 15. giant – all-inclusive – broad.

Task 24. Give the English equivalents for the following words and word-combinations.

1. Бути пов’язаним, стосуватися, пов’язувати; 2. виробник; 3. визначати; 4. використання; 5. створювати; 6. постачальник; 7. перевозити, рухати; 8. конкуренція; 9. розвивати; 10. втрати, збитки; 11. наймати, давати роботу; 12. продукція; 13. гарантувати; 14. процвітання; 15. робити внесок.

Task 25. Fill in the blanks with noun or verb forms. Use your dictionary if necessary.

NOUN	VERB
1.-----------	to relate
2.manufacturer	-----------
3.-----------	to define
4.usage	-----------
5.-----------	to create
6.supplier	-----------
7.-----------	to move
8.competition	-----------
9.-----------	to develop
10.loss	-----------
11.-----------	to employ
12.products	-----------
13.-----------	to ensure
14.prosperity	-----------
15.-----------	to contribute

Task 26. Use the correct noun or verb forms in the sentences. Change the grammatical form of the words if necessary.

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