Generically, we classify business into two major categories viz Product & Service. There are some businesses which are hybrid by nature. It’s mean that they contain both characteristics. E.g. Mcdonalds (Where you can sit and eat a burger).
To Start any business you should first scrutinize yourself by asking few question by your own self.
How much Capital you owned?
Because Capital is the first requirement to initialize the business. But if there is worst case in which you don’t own any resources at all and have the will to do business then no need about capital. You may start few businesses through Zero Capital. It’s somehow difficult but not impossible, Even the word itself says I’m Possible.
You may Generate initial Capital to start up your business by doing some sort of Job. I suggest you to do Marketing Job. It will also help you in Business but also enhance your communication skills which are major requirement of business.
There are several ways of financing available for Entrepreneurs. E.g. Borrowing funds from Financial Institutions, Venture Capitalist, Crowdfunding, Musharakah, Modarabah, etc.
Mostly we classify business into two major kinds. Here are the few differences in between Industrial and Commercial business.
| Industrial | Commercial |
| Product | Service |
| Time Risk | Investment Risk |
| Investment (In Thousands) | Investment (In Millions) |
| Huge Profit Margin | Slight Profit Margin |
| Skills + PR | Investment + (Skills + PR) |
| Deployment | Delivery/Shipment (Freight Expense) |
2 Tier
|
4 Tier
|
| Niche Marketing | Mass Marketing |