Going to College in the US
Useful Vocabulary for Business Executives - from M to Z
We’re going to go over the meaning of some business-related words. If you’re a business executive and currently attending an ESL school, it’s important that you review them once in a while so you don’t lose track of their subtleties, since these words are the basic substance of your communication. We hope the following list helps you keep your English fluent and robust. Good luck!
Marketing - The study of markets and their behavior, based mainly on statistical research, with the aim to promote, sell and distribute a product or service. Marketing mixes a wide range of practices that include advertising, publicity, promotion, pricing, and overall packaging of the goods or services.
Merger - A fusion of two previously separate corporations into a new legal entity. Previous businesses are dissolved and their assets and liabilities moved into the rising entity.
Multi-level Marketing (MLM) - A business in which a person’s source of income isn’t limited to their own sales, but also proceeds from the sales made by people they have recruited, and also by people recruited by recruited people, and so on.
Network Marketing - A business built and sustained by a distribution network. Usually, such businesses are also MLM (see above).
Networking – As the name suggests, it’s a way of developing relationships in order to gain knowledge and grow your business base.
Outsourcing – When a company uses services from another business, such as accounting, payroll, IT, advertising.
Partnership - A business made up of two or more individuals legally regarded as a group of owners rather than a single entity.
Patent - A document stating that a certain idea or concept belongs to someone (inventor), and grants the inventor’s rights to exclude others from making, using, offering for sale, or selling the invention for a limited time.
Public Relations (PR) - The deliberate promotion of a specific image for a business. Not to be confused with publicity, which refers only to the materials used in a specific stage of a public relations campaign.
Sales - The exchange of a product or service for money. It may also refer to this activity as a profession or to the department within a company that performs this activity.
Small Business Administration (SBA) - The United States Government Agency responsible of “providing customer-oriented, full-service programs and accurate, timely information to the entrepreneurial community”.
Sole Proprietorship - A business owned and run by one person.
Strategic Alliance - An ongoing relationship between two businesses in which they combine efforts for a specific purpose.
Trademark - A form of legal protection for words, names, symbols, sounds, or colors that distinguish goods and services. The main difference with patents, in this sense, is that trademarks can be renewed forever as long as they are being used in business.
Venture Capital (VC) - A form of financing for a company in exchange for partial ownership and control of the business, over a limited time period, usually 3-5 years. Investments typically range from $500,000 to $5 million, although there are occasionally VC investments for as low as $50,000 or as high as $20 million.
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How to Choose the Right College for You
There are many factors involved when it comes to choosing the right university. I am going to go over the most important ones.
The Program
Don’t be fooled by the illusion of prestigious universities being always the best option. Their curriculum can be too hard and sometimes they don’t have a good program for the career of your choice.
Location
Chances are you will be visiting home often, so location is a very important factor. Make sure you are within driving distance of home or that the airfare is affordable.
Financial Aid and Scholarships
Most students focus on tuition cost to choose a university. Tuition cost is not nearly as important as financial aid packages and scholarships available. If one college’s tuition is $30,000 a year but you can get $20,000 in financial aid and scholarships, then it will be cheaper than another one with a lower tuition where no financial aid is available.
Consider Community Colleges
Most community colleges cost considerably less than universities. For this reason, some students decide to get their degrees at community colleges, and others do their general studies at a community college and then they switch to a bigger university, saving thousands of dollars that way.
Facilities
You need to take facilities into consideration as well. A good library and a modern computer lab, for example, are going to make things much easier and more enjoyable for you.
Class Size
Make sure that you feel comfortable with the size of the average class at the school you are looking into. Are there too many students per class? Maybe you are the kind of person who can greatly benefit from small classes where your teacher can spend more time with you.
Climate and Geography
This might not sound as a big deal, but in most cases it is. If you lived in Alaska all your life and now you are looking into Miami State University, you might not be able to tolerate the high temperatures. This is an extreme case, but you get the point.
Visit the Campus
If you have two or three main choices, it might be worth it to go to the campuses and see how you feel. Don’t make your decisions based purely on emotional factors, but a gut feeling is sometimes worth much more than a dozen logical reasons. Also talk to other students and ask them what they think about that college.
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