ESSAY INFORMATION:
Written by: Xuân Phi, 13/12/2020
Supported by: Nick Kemp – Ex-BC Examiner, 14/12/2020
Question: To succeed in business, one needs to know math. To what extent do you agree or disagree?
(IELTS Academic, 12/12/2020)
ANSWER:
Many people regard math skills as a key factor to achieve success in business as it facilitates the decision making process. However, I believe it is only one out of various factors that contribute to business success and therefore non-essential.
On the one hand, math enables key people to make better decisions. One application of business mathematics is to provide statistics that can predict future scenarios. These predictions might lay a firm foundation for more informed and evidence-based decisions, replacing biased ones based on managers’ gut feelings. For decades, Unilever has utilised a statistical model that can forecast the supply and demand of fast-moving consumer goods, allowing the company leaders to promptly plan production and sales of each product category.
On the other hand, I believe that one can run a business successfully without excellent math skills. In fact, many entrepreneurs have built billion-dollar enterprises thanks to great personal qualities. A good example in this case is Nguyen Thanh Duc, the chairman of NTD Group. He was known to be a disruptive student that failed almost all school subjects including math, yet he rose to become an inspirational leader who could motivate his employees to strive to gain collective success for the corporation. In addition, his success is attributed to the courage to take the risks that rational calculations, such as those that guide Unilever, would rule out. As these leadership qualities concurred with a good fortune, his startup has evolved into a multinational business empire, becoming market leaders in many industries including real estate, fishery and forestry.
In conclusion, although statistical math could help make better decisions, I am of the opinion that risk taking, inspirational personality traits and luck are crucial to drive an enterprise to success. That is why business schools should focus more on honoring interpersonal skills including leadership and communication.
Word Count: 305
WORD LIST:
| ENGLISH | TIẾNG VIỆT |
| Statistical model | Mô hình thống kê |
| Rational calculations | Những tính toán dựa trên lý trí |
| Evidence-based decision | Quyết định dựa trên bằng chứng |
| Biased decision | Quyết định thiên kiến |
| Gut feeling | Linh cảm, trực giác |
| Lay a firm foundation | Tạo một nền móng vững chãi |
| Collective success | Thành công chung của tập thể |
| Fast-moving consumer goods | Nhóm hàng tiêu dùng nhanh |
| Facilitate sth | Tạo điều kiện cho/Làm cái gì trở nên dễ dàng |
| Evolve into sth | Phát triển lớn mạnh thành cái gì |
| Rule out | Loại trừ |
| Drive sth to success | Đưa cái gì tới thành công |
| Billion-dollar enterprise | Doanh nghiệp tỷ đô |
| Entrepreneur | Doanh nhân |
| Non-essential | Không thiết yếu |
| Interpersonal skills | Kỹ năng giao tiếp |
