Types of Business With Examples
Learn the different types of business with examples compilation today and decide what kind of business you should start to succeed. Compilation of business example in a specific niche.
There are three types of businesses namely “people-oriented business”, “thing –oriented business”, and “information-oriented”. Do you want to know their differences? If you are already started your business, do you know which type of business are you into? Let’s find out.
Types of Business With Examples
1. People-Oriented Business
You should own a business from this type if you are interested and knowledgeable in handling or organizing people. Also, you are good at this business if you love to teach, to demonstrate, to negotiate or if you are knowledgeable in event planning activities.
If you love to communicate with other people, you can build your own “people-oriented” business.
Example:
- Nursery School (Education Niche)
- Skills Training (Education Niche)
- Adult Care (Health Niche)
- Event Planning and Organizing like Wedding, Debut, Etc.
2. Thing Oriented Business
Any individual who wants to start their own business but are not interested in “people-oriented business”, maybe “thing-oriented” is fitted for them. What is meant by thing oriented business?
It is also known as “item-oriented business”. If you are interested in working with products, food, agriculture, etc. This will be fitted for you. If you know how to repair, to make or to create and sell specific product, then, “item-oriented business” is right for you.
Example:
- Ice Cream (Dairy Products)
- Hog Raising and Production (Agriculture)
- Weight Loss Products (Health)
- Anti-Aging and Skin Care Products (Health)
- Selling Food Products (Food)
- Fast Food Chain and Restaurants (Food)
- Coffee Shop (Food)
- Selling Car Parts and Accessories (Automotive)
3. Information-Oriented Business
If you are interested in working with analyzing data and information, this type of business is the only business you need.
Example:
- Accounting Business
- Newspapers and Publishing
We are in information age. This 21st century, our world is full of useful technology to use in our everyday lives. We want to make things simple and in instant. You can use technology to get into the right business. Know the business trends and innovation linked to 21st century skills.
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Citations and References: David King, Author, You Can Be Rich, WorldLink Books ISBN: 971-8563-18-0 pp 64-65
Tips and Warnings for Young Entrepreneurs
If you are a young entrepreneur, you need to analyze your skills, interest and talents. Your business should be based on what you know. You can choose which of the three types of businesses is more profitable. Is it people oriented, thing or item oriented or information oriented? Actually any business will become profitable if learned and execute properly.
Remember, “do what you love or love what you do” has a different meaning. So, start with what you know or start with what you love in doing a business.
Thought of the Day:
“The vast majority of millionaires became rich by being in their own business”. T. Harv Eker, Author, Secrets of the Millionaire Mind