[IELTS Vocab] Topic: Business and Money

Entrepreneur

An individual who starts and runs their own business.

earn a living wage

A minimum income level that allows an individual to afford basic necessities.

Bankruptcy

A legal status of a person or entity that cannot repay debts.

Blue-Collar Employees

Workers who engage in manual labor, often in manufacturing or construction.

White-Collar Employees

Workers in professional, managerial, or administrative roles.

Striving to make a fortune

The effort to accumulate wealth through hard work, investment, or entrepreneurship.

Inherit a fortune

To receive wealth or assets from a relative or benefactor after their passing.

Build up savings

The process of accumulating financial reserves for future use.

Achieving and maintaining growth and profitability

The ability of a business to increase its revenues and profits while sustaining that growth over time.

Launch a business

To start a new company or venture.

Head a department

To lead and manage a specific division within an organization.

Stiff competition

Intense rivalry among businesses in the same market.

Fast-changing world

A rapidly evolving global environment influenced by technological advancements and shifting consumer preferences.

Waste money on

To spend money carelessly or unnecessarily.

Bankruptcy

A legal status of a person or entity that cannot repay debts.

Boosting productivity

The act of increasing the efficiency and output of a workforce.

Maximizing production

The effort to achieve the highest possible level of output from resources.

Increasing sales

Strategies and actions aimed at generating more revenue through selling products or services.

Clear strategic vision

A well-defined plan guiding a company's long-term direction and objectives.

Raise a company’s profile

To enhance a company's public awareness and reputation.

Encountering various challenges and obstacles

Facing difficulties that hinder progress or success.

Outperforming the competition

Achieving better results than rival businesses in the same market.

Offering in-depth advice

Providing comprehensive and detailed guidance on specific topics.

Improving their reputation

Enhancing how a company is perceived by customers and stakeholders.

Cover their running costs

To generate enough income to pay for routine business expenses.

Heavy workload

A large amount of work that needs to be completed in a specific timeframe.

Out-think and stay ahead of their competitors

To strategically plan and act in a way that keeps a business in a leading position.

Taking on more employees

Hiring additional staff to meet business demands.

Setting clear objectives

Establishing specific and measurable goals for a business