This study identifies pre-service business teachers' conceptions and ways of teaching business subjects by using phenomenographic and grounded theory research methods. All 25 students who were completing the Business Studies major of a four-year full-time BEd programme in Hong Kong were the research participants. The researcher observed how the participants conducted their business lessons in the practicing school, and asked them to describe good teaching of business subjects and the ways in which they taught. The participants displayed five conceptions of teaching business: (1) knowledge delivery, (2) cognitive skills development, (3) attitude and moral cultivation, (4) interaction promotion and (5) application enhancement. These conceptions were multi-faceted, and can be conceptualised into three dimensions: performance, personal and integrated. The two broad teaching approaches, teacher-centred and student-centred, were strongly related to the conceptions that the teachers held. Hence, it is recommended that pre-service teachers should be provided with up to date subject knowledge base and open learning environments to increase their understanding of teaching.[Copyright © 2005 Common Ground, Christina, Wai Mui Yu.]