Economic downturns present significant challenges for businesses and individuals alike. However, they also offer unique opportunities for entrepreneurship to thrive. This topic is increasingly relevant in IELTS Writing Task 2 essays, as it combines elements of economics, business, and social policy. Let’s explore how to craft a compelling essay on promoting entrepreneurship during economic downturns, with sample essays for different band scores.
Analyzing the Topic
The question of How To Promote Entrepreneurship During Economic Downturns has appeared in various forms in recent IELTS exams. It’s a complex topic that requires candidates to demonstrate their understanding of economic cycles, government policies, and business strategies. Based on recent trends, we can expect this theme to continue appearing in future tests. Let’s examine a typical question on this subject:
Some people believe that governments should provide more support for entrepreneurs during economic downturns. Others argue that resources should be focused on established businesses. Discuss both views and give your own opinion.
This question requires candidates to analyze two contrasting viewpoints and present their own stance on the issue. It’s crucial to address both perspectives before concluding with a well-reasoned opinion.
Sample Essay (Band 8-9)
Economic recessions pose significant challenges for both new and established businesses. While some argue that governments should prioritize supporting existing companies during these difficult times, others believe that fostering entrepreneurship is equally, if not more, important. In my opinion, a balanced approach that supports both established businesses and entrepreneurs is crucial for economic recovery and long-term growth.
Those who advocate for focusing resources on established businesses argue that these companies are the backbone of the economy. They provide stable employment, contribute significantly to tax revenues, and often have the infrastructure to weather economic storms. By supporting these businesses, governments can prevent massive job losses and maintain economic stability. For example, during the 2008 financial crisis, many governments provided bailouts to large corporations to prevent their collapse and the subsequent economic fallout.
On the other hand, proponents of supporting entrepreneurs during downturns argue that new businesses are essential for innovation and economic renewal. Startups often emerge from economic crises with fresh ideas and business models adapted to the new economic landscape. By providing support to entrepreneurs, governments can foster innovation, create new job opportunities, and diversify the economy. The success of companies like Airbnb and Uber, which were founded during the last major recession, demonstrates the potential of startups to drive economic growth.
In my view, governments should adopt a balanced approach that supports both established businesses and entrepreneurs. While it’s crucial to prevent the collapse of major industries, it’s equally important to invest in the future by fostering entrepreneurship. This could be achieved through a combination of policies, such as providing tax incentives for both existing businesses and startups, offering low-interest loans to small businesses, and creating mentorship programs for new entrepreneurs. Additionally, governments could invest in infrastructure and education to create an environment conducive to innovation and business growth.
In conclusion, promoting entrepreneurship during economic downturns is vital for long-term economic resilience and growth. However, this should not come at the expense of supporting established businesses. By adopting a balanced approach, governments can ensure immediate economic stability while laying the groundwork for future prosperity.
(Word count: 339)
Promoting entrepreneurship during economic downturns
Sample Essay (Band 6-7)
Economic downturns are challenging times for businesses. Some people think governments should help new entrepreneurs more during these periods, while others believe established businesses should get more support. I will discuss both views and give my opinion.
Those who support helping established businesses say these companies are important for the economy. They provide many jobs and pay a lot of taxes. If these businesses fail, many people could lose their jobs, which would be bad for the economy. For example, during the 2008 financial crisis, governments helped big banks and car companies to stop them from closing down.
On the other hand, people who want to support entrepreneurs say new businesses can bring fresh ideas and create new jobs. They believe that during difficult economic times, new companies can find new ways to solve problems. For instance, many successful tech companies started during economic downturns and went on to become very successful.
In my opinion, I think governments should help both established businesses and new entrepreneurs. Established businesses are important for keeping the economy stable, but new businesses are needed for future growth. Governments could give tax breaks to all businesses, provide loans to help small businesses, and create programs to help new entrepreneurs learn important skills.
To conclude, I believe that supporting both old and new businesses during economic downturns is the best way to help the economy recover and grow in the future.
(Word count: 238)
Key Points to Consider
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Structure: Both essays follow a clear structure with an introduction, body paragraphs discussing each viewpoint, the writer’s opinion, and a conclusion. The Band 8-9 essay demonstrates more sophisticated paragraph development and transitions.
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Vocabulary: The Band 8-9 essay uses more advanced vocabulary and phrases such as “economic recessions,” “foster innovation,” and “economic resilience.” The Band 6-7 essay uses simpler language but still conveys the main ideas effectively.
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Grammar: The higher band essay shows a greater range of complex sentence structures, while the lower band essay uses simpler constructions but maintains grammatical accuracy.
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Task Response: Both essays address all parts of the question, but the Band 8-9 essay provides more detailed examples and a more nuanced discussion of the issue.
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Coherence and Cohesion: The Band 8-9 essay demonstrates smoother transitions between ideas and paragraphs, creating a more cohesive argument.
Vocabulary to Remember
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Entrepreneurship (noun) /ˌɒntrəprəˈnɜːʃɪp/ – the activity of setting up a business or businesses, taking on financial risks in the hope of profit
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Economic downturn (noun phrase) /ˌiːkəˈnɒmɪk ˈdaʊntɜːn/ – a period of reduced economic activity
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Resilience (noun) /rɪˈzɪliəns/ – the capacity to recover quickly from difficulties
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Innovation (noun) /ˌɪnəˈveɪʃən/ – the action or process of innovating, introducing new ideas or methods
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Diversify (verb) /daɪˈvɜːsɪfaɪ/ – to vary or extend the range of products or fields of operation
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Incentive (noun) /ɪnˈsentɪv/ – a thing that motivates or encourages someone to do something
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Mentorship (noun) /ˈmentɔːʃɪp/ – the guidance provided by a mentor, especially an experienced person in a company or educational institution
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Infrastructure (noun) /ˈɪnfrəstrʌktʃə/ – the basic physical and organizational structures and facilities needed for the operation of a society or enterprise
Conclusion
Writing about promoting entrepreneurship during economic downturns requires a good understanding of economic concepts and the ability to analyze different perspectives. Practice writing essays on this topic, focusing on clear structure, varied vocabulary, and balanced arguments. Remember to support your points with relevant examples and maintain a formal academic tone throughout your essay.
For further practice, consider writing essays on related topics such as how to attract foreign investment during economic downturns or the impact of economic crises on social mobility. These topics will help you develop a broader understanding of economic issues and improve your ability to discuss complex ideas in your IELTS Writing Task 2 essays.
We encourage you to write your own essay based on the question provided in this article and share it in the comments section below. This practice will help you refine your writing skills and receive feedback from fellow learners and instructors.
