Business is a diverse field. It's not just about buying and selling goods, but a wide range of activities.
Some of the types of business activities you have to know include;
a) Trade
Trade is the exchange (buying and selling) of goods for other goods or for money.
This is the widely known business activity.
Sometimes, people tend to think that business is just trading.
b) Processing
To process is to change the raw form of a material without adding other components.
For example, grinding maize into maize flour.
c) Manufacturing
This is combining different raw materials to come up with a final product.
Cement and chemicals are good examples of manufactured goods.
d) Extraction
Extraction is a business activity that involves getting goods from their natural environment.
Examples of extraction include; mining, quarrying and fishing.
e) Provision of Services
A service is primarily, a thing done by someone/party to benefit other people/parties.
Examples of services are health and insurance services.
f) Construction
This include activities like road and bridge construction.
g) Distribution Activities
These are the activities that involve moving of goods from where they are produced to where they are needed.
Retailers and wholesalers are good examples of distributors.
Also read;
Factors To Consider Before Starting a Profitable Business
Good content 😘
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