by With the global economy being what it is, more and more people are going into the business of their own. This means that they will start a business on their own, be it a service-based or product-based business. If you are one of those people it is very important that you put in the time to learn about different aspects of business and industry. So in that direction, let’s start by learning about the different types of industries recognized globally:
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- Primary industry
Primary industry is the first stage in the production of goods and services. In this sector, raw materials are transformed into finished products or intermediate goods that are then sold as inputs to other sectors. It includes mining, forestry, agriculture (including animal husbandry), fishing and hunting, as well as manufacturing industries.
- Secondary industry
Secondary industry makes up about 25% of total output in developed countries and covers a wide range of businesses from manufacturing to services like retailing or banking. Secondary industries include the construction sector, machinery manufacturing and service industries such as finance and insurance, education, health care and entertainment.
The secondary industries have two subcategories:
- Light industry
In this sector, the products are manufactured by small businesses and the workers are employed by them. The machinery and equipment used in this sector are often outdated or worn out and hence, it is important to keep them in good condition. These enterprises require less capital than heavy industries, but more than light industries.
- Heavy industry
This type of industry involves the production of goods that requires large amounts of capital investment, such as automobiles, tractors and steel mills. The machinery used in these industries are usually very sophisticated and highly automated with complex control systems based on advanced technology like robotics.
- Tertiary industry
The tertiary industry is an important part of economies all over the world because it generates most of the value added in an economy through production and trade: it is where business, science and technology converge to produce new products that can be sold at higher prices than they were made at; this is how nations grow rich overnight when they become industrialized countries! There is especially a huge opportunity to create businesses in this industry in smaller and poorer states. For instance, you can easily come up with profitable business ideas in Bihar and build a business without much competition.
The tertiary sector is a broad spectrum hence many different types of companies fall under this category:
- The professional services industry is made up of a number of different types of companies, including law firms, accounting firms, engineering consulting firms and advertising agencies.
- Telecommunications includes phone companies that provide phone services to businesses and consumers.
- Franchising is a type of business ownership in which a company licenses its brand name to a third party who then runs the business under contract with the original owner.
- Public health refers to the science of promoting and preventing human health through community engagement and medical care.
