Speaking Test Part 3:

1. What do you think are the benefits of starting your own business compared to working for someone else?

Well, starting your own business has a bunch of perks compared to working for someone else. First off, you get to follow your passion and create something meaningful, which is super satisfying. Plus, being your own boss means you have the potential to make more money and build your wealth. You also have the freedom to make decisions and shape your business the way you want it. And let's not forget the flexibility! Running your own business lets you have a better work-life balance and set your own schedule.

2. How do you think companies can balance their profits with ethical practices?

Finding the right balance between profits and ethics is a big challenge for companies. On the one hand, ignoring ethical practices can increase revenues, because you don’t incur the costs related to protecting your employees and the environment. But, on the other hand, even in a free market, being ethical can really help a business grow and increase profitability. Customers want to buy products from companies that they trust and feel good about, so ethical business practices are actually a way to gain new loyal customers. A business will also reduce staff turnover and attract the most talented people if it treats employees fairly and has good ethical practices.

3. How do you think businesses can stay competitive in a constantly evolving market?

In a fast-paced and ever-changing market, businesses need to have a competitive advantage. One key way to do this is through innovation. You’ve got to stay ahead by constantly coming up with new and improved products or services that people want. That means keeping an eye on the latest trends and investing in research and development. Building strong relationships with your customers is also crucial. Give them great service, personalise their experience, and listen to their feedback. At the end of the day, happy customers are loyal customers.

4. Should governments help to protect small businesses from competition from larger corporations?

That’s a tricky question. Some argue for a hands-off approach, letting the free market do its thing. But there are valid reasons for government support too. Offering financial incentives like tax breaks or subsidies can help level the playing field for small businesses. Governments can also put regulations in place to prevent unfair practices by larger corporations. And let's not forget about providing resources and training to help small businesses thrive. It's all about finding a balance that supports small businesses while still keeping the market fair.

5. In your opinion, what role does innovation play in the success of a business?

Innovation is a game-changer when it comes to business success. When you innovate, you set yourself apart from the competition and can gain an important competitive advantage. Businesses that come out with cutting edge products are often massively successful and enjoy huge demand for their products. If you think about Apple, they’ve built their success on doing just that - innovating and bringing really attractive new products like the iphone to consumers.

6. What qualities are important for a person to have in order to be successful in business?

That’s a very good question. Well, first off, you need a tonne of determination and perseverance. It's not always smooth sailing, so you need to be willing to face challenges and keep pushing forward. Adaptability is another important quality. The business world moves fast, so you have to be able to be very flexible and embrace change. And of course, you need to be smart and good at what you do - ultimately success in business depends on being able to streamline operations, increase productivity and satisfy your colleagues and customers.