Business & Money in an IELTS Essay: How to Write Effective Essay

The interplay between business and money is pivotal in today's globalized economy. From multinational corporations to local startups, financial transactions drive economic growth and shape societies. To apply to foreign universities, the candidates are given varied topics to write their IELTS assessment essays. This article delves into how to write an effective business and money essay IELTS.

Below are a few of the important steps that one must follow while curating the essay for their business and money IELTS writing task 2 while undergoing the IELTS preparation.

Understanding Prompt:

Begin by carefully analyzing the essay question. Identify key terms related to business and finance. Consider whether the prompt requires discussing advantages, disadvantages, causes, effects, or solutions.

Thesis Statement:

Craft a clear thesis statement that encapsulates your main argument. For instance:

• While business enterprises drive economic progress, their pursuit of profit can sometimes lead to ethical dilemmas.
• Effective financial management is crucial for both businesses and individuals.

Introducing the Topic:

• Make the first impression long-lasting: Start with an attention-grabbing statement or a relevant statistic.
• Background: Provide context about the significance of business and money in contemporary society.
• Thesis: State your main argument comprehensively and focus on the central idea.

Body Paragraphs:

• Topic Sentences: Each paragraph should focus on a specific aspect (e.g., entrepreneurship, corporate responsibility, investment).
•  Evidence and Examples: Support your points with real-world examples, case studies, or data.
• Linking Words: Use transitions (e.g., "Furthermore," "In addition," "On the other hand") to connect ideas.

Balance Perspectives:

• Acknowledge both positive and negative aspects of these two concepts while writing an essay on business and money IELTS writing task 2.
• Discuss ethical considerations, economic disparities, and the impact on individuals and communities.

Conclusion:

• Restate Thesis: Summarize your main argument.
• Final Thoughts: Reflect on the broader implications of business and money.

In conclusion, mastering the art of discussing business and money in IELTS essays requires a nuanced understanding of economic dynamics and ethical dilemmas. As you write, maintain a formal tone and provide well-reasoned insights. 

Important Resources to Read About IELTS Exam:

Business and Money IELTS Essay Samples

Question- Do you agree or disagree with the following statement? 

Businesses should do anything they can to make a profit. 

Sample Answer - 1 

I do not agree that businesses should do whatever they can to make a profit. I put forward my opinion based on the following ideas. Firstly, every business or institution should have a code of ethics or morality. This indicates that the company should treat all its customers/clients with respect to their individual or institutional rights. It is a given that companies may sometimes fail to earn a chunk of their profits in certain cases. However, client security is non-negotiable and should be ensured at the outset. Otherwise, these customers or clients will shift to competitors and not return to the original company or business. You can find an example of such a case some years ago when Rose Chemicals (name changed) manufactured a new kind of herbal soap without testing suitably. Hence, this led to severe side effects, rashes, and hives for many users, and many of them filed complaints in several courts across the world. The company CEO took the vital decision to recall all herbal soap products from the manufacturing line and distributors while paying compensation to aggrieved customers for their future treatment and harassment. This led to the company losing a major chunk of its business revenues in a particular year. However, it led to its image being salvaged and helping retain its core customer base. The decision was a tough one. The CEO of the organization acted courageously while understanding that failure to act would cost the company more in the future owing to the lack of clients and revenues altogether and loss of brand image and goodwill. 

Secondly, to succeed in a competitive contemporary business environment, many organizations have to take on each other at various levels. Many companies lose out on profits  by reducing product prices. They do not aim for higher profits but create long-term satisfaction for clients. They do this because they want products to be sold and inventory to be cleared while satisfying customers and retaining them for the long haul. They also keep offering free delivery, incentives, coupons, free service, discounts, free online access, returns, etc. This makes older customers happier while also drawing newer ones in the bargain. 

To conclude, a business where the sole objective is profit will not succeed in the long run, especially in today’s fast-evolving business landscape. Companies that put their customers and ethics first will ultimately gain and double their profits manifold in the long run. (406 words) 

Samples Answer - 2

I agree with the statement that businesses should be doing anything they can to make a profit. I put forward my opinion based on several points. While there may be scenarios where companies may have to forego profits on account of several reasons, I believe that the abiding goal and motto of the business should be to earn profits in whichever way they deem fit in the circumstances. Businesses should always look at the silver lining and ways to maximize profits. Let me give you an example of what I am trying to opine. Suppose company A and company B are both rivals in the same business that offers organic fruits and vegetables to customers at their dedicated stores and outlets. Now, with the coronavirus-induced lockdown and restrictions at several levels by the authorities, both companies were initially suffering due to a lack of profits from their physical stores. With lower footfalls, both companies were forced to innovate. Company A announced delivery options for customers at a specific cost, hiring delivery executives on salaries based on minimum projections of per-day orders. Company B announced that customers need not come to stores and instead hired delivery executives to deliver goods to customers at no extra cost. Free delivery would be given to customers, and the executives' salaries would be borne by the company itself. A goodwill gesture, yes, but with skyrocketing demand due to the lockdown, Company A ended up earning higher profits from its delivery model, which created a new income channel and buffered for any depletion of in-store orders. Company B ended up foregoing profits instead of paying for delivery and value-added services from its pocket. With its earnings, Company A paid all salaries, retained all staff members, and contributed toward sanitization and other community welfare measures. At the same time, Company B ultimately had to lay off workers or slash their salaries in the interim to tide over things. Which company did better? Company A, of course. 

Secondly, I feel that the business can be financially stable without profits and no hiring activity. It is important to keep the entire value chain running for any business, and hence a profit-oriented outlook is what is most important. Companies should always engage with their stakeholders to find out newer products/services that work, tapping unused resources to generate income and using money judiciously for future stability and expansion. 

To conclude, companies should do everything they can to make profits, of course, within the bounds of the law and legal provisions. However, it is a competitive landscape out there. They should put their basic needs first, i.e. the ability to keep serving customers, keep monetary inflows coming in, and keep retaining and maintaining employees and employment levels overall. (457 words)

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