IELTS Speaking Part 3: Company Management and Business IELTS Speaking Part 3 Practice High-Frequency Topic 16: Company Management and Business 1. Reading and Vocabulary In-Context While many people are happy to be employees, some want to become entrepreneurs and run their own company . One reason for this is the potential earnings . Employees are limited to their monthly salary whereas a business owner can keep earning money if customers are still buying. Another reason is that entrepreneurs own their time . They can come in as they please , unlike employees that must follow a schedule. However, running a business is not easy. A good business usually begins with a great idea to provide something people need. Next, the logistics must be well thought out. If your target sector is miles away, you will need efficient transport or a warehouse near your clientele . Good budgeting is also a necessity. You need to project your expenses and potential income , and you ought to have a backup financing plan just in case you need extra cash . And of course, you need to consider how to advertise so that people will buy. Small companies usually try to specialize in specific services and products for a particular niche in the market. Since they do not have the means to cater to everybody, it makes sense to focus on what they do well and aim for a particular market. For example, some clothing stores focus solely on older adults, carrying brands they might appreciate. To make their store more appealing , they may even offer free tailoring services to ensure the clothes fit well, further encouraging customers to promote the shop to their friends. On the other hand, big companies usually try to service a much larger market such as ...