There are many types of businesses, many different sectors and also different legal forms of running a business. In this article, we have gathered together the biggest and the most important sectors in business and the basic legal forms business in the USA. These legal forms of businesses are: sole proprietorship, partnership, corporation, limited liability company (LLC) and cooperative.
THE BIGGEST TYPES OF BUSINESSES & INDUSTRIES
Services are the largest element in the economies of developed countries. In Germany, for example, services account for around 68% of the country’s GDP. The main product of this type of business are various services such as attention, advice, access, experience, and affective labor.
Manufacturing is the production of various types of products, often made of raw materials. Products created from manufacturing are used, sold and bought by people, companies and organizations.
3. GOODS PROCESSING
Processing goods is a common type of manufacturing. It is about adding value to some material by processing it. In this fascinating process, we take one good and change it so that it becomes much more valuable than the material (s) from which the good was made before. An example of goods processing is water bottling, gold or oil refining and coconut oil making.
This is another big business sector. Essential to the existence and life of humanity. This is where every food that we eat in restaurants or buy in stores begins.
5. FINANCES, BANKING AND INSURANCES
This is a business sector focused on money trading, lending, accepting deposits as well as financial risk management and protection from financial loss.
6. RESELLING AND RETAIL
It comes down to buying some goods cheaper (usually in a country where they are cheaper) and selling the same goods more expensive (usually in a country where the goods are worth more).
7. IT AND HIGH-TECH
These are relatively new areas of business. Despite their young age, they are already worth billions of dollars, and the creators and owners of the biggest companies in this industry are the richest people in the world (Bill Gates, Mark Zuckerberg, Larry Page and Sergey Brin).
8. HEALTHCARE & SOCIAL ASSISTANCE
As it is rightly said, people are willing to pay any money for health and longer life, therefore this field in business is very important and is worth a lot of money. Examples of healthcare and social assistances are the care of nurses for the elderly or the work of a dentist.
Petroleum is one of the most valuable natural resources and a very important sector in business. It is of strategic importance as most of the transport is based on it. Many goods are also made of petroleum, for example plastics and medicines.
10. REAL ESTATE & CONSTRUCTION
Construction of houses, roads and buildings is an important element in business in every country. Building skyscrapers, restaurants and public infrastructure are also examples of this type of business.
11. WHOLESALE TRADE
It’s a kind of business where goods are bought and sold in large quantities.
It is not only an important element in human development but also a very large sector in the economy. In recent years, education has increasingly moved to the Internet and more and more courses and studies are available online.
13. CARS, VEHICLES, SHIPS & AIRCRAFTS
The production of vehicles as well as aircraft and ships enables transport, which is the basis of modern economies and a globalised world. An example of this business in this sector is the manufacture and sale of tyres, or bodywork painting.
Telecommunications is the transmission of data using for example cables or radio waves. The latest example of this type of business is 5G technology.
15. FOOD AND BEVERAGES
Food and beverages are business products usually from agriculture. By processing, preserving or freezing, their value increases and it becomes possible to transport or store them for a long time.
Like retail and wholesale, ecommerce is a very large and important type of business. It comes down primarily to sales and marketing on the Internet. An example of e-commerce are online shops. Jeff Bezos the creator of Amazon – (online store, ecommerce) is currently the richest man in the world.
17. FUTURE-ORIENTED BUSINESS IDEAS AND NEW TECHNOLOGIES
Newly invented technologies and new technical solutions are a type of business of high value. Spheres such as space industry and blockchain are examples of this sector in business.
Information, its collection, processing, analysis and sharing is an increasingly important area of business. An example of this type of business is offering big data services, i.e. analysing very large databases and drawing conclusions from them.
Weaponry equipment and vehicles, ships and planes for the army as well as equipment for the police and other uniformed services are very important and needed goods. Even in times of peace types of businesses in the military field are worth a lot of money.
20. ONLINCE SERVICES
This is a type of services that has been developing particularly intensively in recent years. Due to the availability of new technologies, more and more services can go online. Especially services that are based on the flow of information and interpersonal contacts that are possible via the Internet.
Other big types of businesses:
- machinery and machine tools
- electronics (robotics, wearable tech etc.)
- precious metals
- non-ferrous metals
- food services
- management of companies & enterprises
- materials (like cement, steal)
- natural gas
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