Types of Business

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Types of Business and Forms of Business Ownership By: Abid Istwani, Ayaan Mohammed

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Types of Business

Not-For Profit: In this business, its for everyone therefore its a very advantageous business. It's there to help people or even animals that are in need and that need the resources to survive with their health.

Manufacturing Business: In this industry whats a really good advantage is that the product that is being sold is excessive quality which is a great satisfaction to the customers and for your business.

Retail Business: Some advantages on your business are by selling the items/products to the consumers. These are basic human needs, people need food,clothes,medication etc. The more items you sell the more recognition you get from consumers and you can help a lot of people and it would make a huge affect/value for the consumers and for the business as well.

Service business: Some advantages are it can uplift your business because you are satisfying your customers needs and wants and when you target the right and specific customers for your product, you will have more business opportunities in the upcoming years. Customer service is a very important business,you want to deliver what the customer wants/needs the more you sell the more your business is increasing and making opportunities!.

Types of buisness

Not-For Profit

Manufacturing Business

Retail Buisness

Service business

Explain why a person or group of people would choose one form of business ownership rather than another?.

I believe that it depends for everyone. Some people have stronger strengths in different fields and some people have weaker strengths in other fields therefore in my opinion I believe it depends which person or group are an asset to each field. Examples: People who like to work individually are potentially better for a business like sole proprietorship, people who like to work with a team/partner are better off in a partnership business or a non profit organizations to have companies and worldwide organizations with their teams,people who like to customize other people's needs and wants would like to do customer service business etc. . However For crown business which is owned by the government you wouldn't be able to in that field because it possessed by the government. In business like private corporation is it not owned by the government and held privately by that organization or company therefore maybe if there were people interested in that field they would be suitable there,public companies as well are included,limited companies people who are limited to what they have spent on and aren't directly participated in the administration, general business for people who are an asset in the areas such as marketing,management etc. Therefore I think it depends for everyone which asset and business,they are suitable for.

Advantages

Sole proprietorship: In sole proprietorship you wouldn't need to seek for an approval of any decisions because its controlled by the individual who runs the business.

Franchise business: In franchise business, it provides you with marketing and operating tools which is beneficial and great to the person whos running the business ( meaning you wouldn't need a marketing team to brand and sell the product on the market).

Corporation business: In corporation business it has good control and security over the representative, it includes good protection over the business and service.

Partnership business: A partnership in my opinion is a great method to communicate and connect with each other. Sharing thoughts and Ideas is so important when it comes to working together, for me communication is key you build a strong relationship and bond with your partner and allows you to have better communication skills.

Forms of business ownership

Corporation business: Corporation business is a type of business that gives owners more powerful security and protection to run the business. Some types of corporations are: Private,Public and Crown

Partnership Business: Partnership is a type of business where there are two people who decide to share and agree to the ideas,tasks,resources and profits. They manage and are in control over the business and work. They perform fairly with one another. There are three types of partnerships: General,Limited and silence.

Franchise business: A franchise business, is a type of business where you deliver items, products,resources or services that includes a franchisor. A franchisor's role is to handle and control business under franchise operating and marketing directions.

Sole proprietorship: Sole proprietorship is a type of business that is owned by one person/owner/individual,they are the ones in charge and in control of their own business.

Not For Profit: In a non for profit organization you are trying to do some something well, therefore things like donations and fundraisers are a great asset however they are limited. There there are "Limited fundraising options for investors" meaning it involves lots of money, which is hard and not easy to do ( https://brandongaille.com/20-non-profit-organizations-advantages-and-disadvantages/)

Manufacturing business: Some disadvantages in the manufacturing industry are: The products,items and material can cost a lot of money and can be very pricey to build and design ( "High Cost")

Retail business: Some disadvantages in service business are: The challenges you might face from customers, for instance I saw a couple of videos on how some customers didn't want to wear a mask while we are in a pandemic. Which goes harder on the business and the employees because nowadays masks are required. Another disadvantage is there isn't much security and protection.

Service business: Some disadvantages is: The time you have because sometimes your serving/service can take up a lot of time on trying to sell your product to your customers and attracting them to buy your product.

Description of the types of business:

Non For Profit Business: In this business it provides the need and care for customers . It is a general use and provides help for everyone. Such as the Human Rights Campaign,Charity,Animal Rescue,CHEO etc.

source: Nonprofit organization - Wikipediaen.wikipedia.org › wiki › Nonprofit_organization

( picture from mindomo)

Manufacturing business: A manufacturing business is a factory that uses certain and specific materials such as raw materials they use machines and other items to finish up the final product and satisfy the customers. Such as cars,furniture,refrigerators,ovens etc.

source: What Is a Manufacturing Business? - Definition & Examples ...study.com › academy › lesson › what-is-a-manufacturing-...

Retail Business: A retail business is a business that is created to sell the item/product for customers for their own use, for buying and for eating also known as for them to consume. That includes places like grocery stores,clothing,pharmacies,convenience stores.

source: Everything You Need to Know to Start a Retail Businessblog.hubspot.com › marketing › retail

( Picture from Mindomo

Service business: A service business is created by an expert or a team and they distribute,provide and attract their customers by targeting the specific audience to buy their product or item. In other words their wants and needs! :).For instance beauty products,shoes,clothes,fast food etc.

source: What Is a Service Business? - Marketing Class (Video) | Study ...study.com › academy › lesson › what-is-a-service-busin...

( Picture from Mindomo)

Real Business Examples:

Corporation business: Business like: Amazon,Tumblr,Ford,Facebook,Micorsoft,twitter,instagram FedEx etc.

source:What Is an Example of a Corporation? - UpCounselwww.upcounsel.com › what-is-an-example-of-a-corpor...

Partnership business: Business like: Ben and Jerry ice creams,dr pepper,Uber and Spotify,Red Bull, H&M etc.

source: Examples of Successful Co-Branding Partnerships | Up-Revup-rev.com › 13-examples-of-successful-co-branding-p...

( image from mindomo)

Sole proprietorship: Sole proprietorship are places like small services/business for instance my dance school "Allegro DanceWorks" is owned by my teacher an individual, my dad's soccer Academy "Volley Soccer Academy, house cleaning services,computer repair services.

source: Examples of Sole Proprietors - Small Business - Chron.comsmallbusiness.chron.com › 10-examples-sole-proprietor...

( Image from Mindomo)

Franchise business: Some franchise business examples are places like Food Basics,Tim Hortons,Starbucks,Taco Bell, Wendy's, McDonalds e.t.c.

source: Franchisee Definition - Investopediawww.investopedia.com › Business › Business Essentials

( Image from Mindomo_

Disadvantages

Corporation business: Some disadvantages in this business is the process you have to go through, it can take awhile and includes a heavy beginning in setting up your business. Also you won't get as much as privacy because all of your information and data is public.

Sole proprietorship: Some disadvantages in this business is if the individual owing the company does not have all of the skills they need, they might not get as much as business opportunities. Also it can be hard owning a company alone, for instance now since Covid came into place there has been lockdowns happening meaning companies,businesses, services are closing which is harder on the owner.

Franchise business: Some disadvantages for this business is how much it can take time. It can take a lot of time and work developing and processing through the business. Another disadvantage is between a franchisee and a franchisor. They can bump into complications, for instance arguments, disagreements not having good relationships/bonds with one another etc.

Partnership business: Some disadvantages are sometimes partners can't agree on the same thing therefore,their business may have difficulties and complications selling the product which can cause arguments and sometimes arguments can cause separation.