3 Types Of Business That Every Entrepreneur Must Learn

Types Of Business

Today, the lesson is about the 3 Kinds or Types of Business. 

There are so many businesses that existed in our history and they are continously growing and evolving. 

The question is, how are they classified? What are the type of business categories? What are the list of different types of businesses?

1. Industrial - produce goods used by other businesses or organizations to make things. 

These are the companies who manufactures the products or goods that other companies needs for them to be able to create their own products. 

For example, Napocor or the National Power Corporation is an Industrial business. They have the powerplants to produce power and Meralco buys from them. Meralco then uses this power to distribute electricity nationwide. 

Another example would be a company who manufactures sugar from sugar canes. There are companies who buys the sugar from them and pack them with their brand names so that they can sell them in different prices. 

2. Commercial - commercial businesses are engaged in marketing (wholesalers and retailers), in finance (banks and investment companies), and in providing services (medical offices, fitness centers, and hotels) as their primary business activities.

Commercial businesses are businesses who moves the products to the marketplace. They are also incharge of promoting their products and services. Have you heard the word "commercial" when watching a tv program? 

Commercial businesses promotes their products tru tv ads, radio ads, billboards, social media, and other advertising channels. 

3. Service - businesses are a type of commercial business that use mostly labor to offer mostly intangible products to satisfy consumer needs. For example, lawn mowing, call centers, plumbing service, Dry clean service and others.. 

Industrial, Commercial, and Service businesses are the same in the sense that they are able to solve people's needs and problems. 

Service businesses however, is different from industrial because it mainly focuses on giving services to customers or clients.

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