JSFiddle - React, Tailwind, and code Playground

HTML

<select class="business_types_select" name="business_type_id">
<option value="0" selected="selected">Select a Business Type</option>
     <option value="54">Bakery</option>
      <option value="55">Tobacco</option>
</select>

JavaScript

$('.business_types_select').live('change', function() {
    alert($(this).find('> option:selected').text());
});