Service
Definition
A business that provides a service for a fee such as transport, Electricity and also water to help someone or to provide something for someone.
Examples
An example of a service in real life is a haircut, someone cuts your hair and you pay them however much they take for the haircut. Another example of a service is uber, you get a car ride from A to B and then you pay the driver the amount it costs to drive you there.^
Advantages
Not a lot of actual in person work and not alot of actually talking to people in person and just buying or making a business online.
Disadvantages
No actual in person shopping which is good for some and bad for others.
Sources
https://www.shopify.ca/encyclopedia/what-is-ecommerce
https://www.techtarget.com/searchcio/definition/e-commerce#:~:text=E%2Dcommerce%20(electronic%20commerce),or%20consumer%2Dto%2Dbusiness.
Merchandising
Definition
A merchandising business is a business that buys products from other manufacturing businesses and resells them for a profit.
Example
An example of a merchandising business is Walmart, Costco, dealerships and clothing stores
Advantages
One advantage of a merchandising business is you make more money when reselling the item you bought and it's more profitable
Disadvantages
A disadvantage of a merchandising business is that sometimes products that you buy won't sell and then it would be a big waste of money especially if you bought a lot of them.
Sources
Non-Profit
Definition
A non profit business is a business that is mainly runned by the government and it isn't a business that can actually make you or others a profit.
Examples
Schools, Churches, l;ibraries, Hospitals
Advantages
There is the government to build and control these types of businesses and some just work for the government like teachers and other jobs that you can get in any of these businesses
Disadvantages
A disadvantage is that there is no profit to the government with making these types of businesses
Sources
Manufacturing
Definition
Manufacturing Business is a business that builds products to sell to stores like costco and supermarkets and also clothes stores
Examples
One example is IKEA, and also automotive industry the ones that build cars and sell them from the dealership
Advantages
An advantage of having a really good manufacturing business is the products you're selling and if they are in high demand and if retail stores, supermarkets and other merchandising stores would buy them.
Disadvantages
A bad product that people dont wanna buy and a bad product that big retail; stores, groceries, and clothing stores would not buy
Sources
E-Commerce
Definition
E-commerce business is a business that is mainly based online like an online clothing store or product store that is based online.
Examples
An example of an E-commerce business is Amazon, and also Kijiji. They are both online businesses
Advantages
Not a lot of actual in person work and not alot of actually talking to people in person and just buying or making a business online.
Disadvantages
No actual in person shopping which is good for some and bad for others.
Sources
https://www.shopify.ca/encyclopedia/what-is-ecommerce
https://www.techtarget.com/searchcio/definition/e-commerce#:~:text=E%2Dcommerce%20(electronic%20commerce),or%20consumer%2Dto%2Dbusiness.
Partnership
Definition:When two or more people put together the resources and form a business and are held responsible to manage income or losses and profits.
Advantages
Access to knowledge, experience and skills, easy to get started
Disadvantages
Liabilities meaning as much as sharing success and profit together. They are also responsible for debts. lack of stability
Examples: Wright brothers invented the first working plane that actually flew , Larry Page and Sergey Brin are the co-founders of google
Sole Proprietorship
Definition: It is a business that is owned by one person
Advantages
Easy and inexpensive to register, all profits go to you directly
Disadvantages
No liability protection All the responsibility is yours when it comes to depts and making less profit
Examples: local convenience store, local grocery store
Corporation
Definition: Manufacturing Business is a business that builds products to sell to stores like Costco and supermarkets and also clothes stores
Advantages
the owners limit from unlimited liability, when it comes to finance and money it is easier to access
Disadvantages
Double taxation (pays federal and state taxes on its profits), more costly
Examples: Walmart , Amazon
Franchise
Definition:The owner grants to investors, the franchisers, the right to operate a business in a way the and style the company has already developed
Advantages
Lower failure rate , there is business assistance form the franchiser
Disadvantages
Usually restrictions on where you operate , lack in privacy, high initial investment
Examples: Mcdonald , Subway
Co-operative
Definition: A business owned and democratically controlled by the people who use its services seeking to satisfy common needs.
Advantages
Teamwork and shared decision making, satisfy common needs
Disadvantages
Lack of leadership and financial management skill mistrust among co-operative member might occur
Examples: Day cares , retail outlets