Classification and Type of Industry

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For all those people who are planning to build their own business. We must know how to classify what type of Industry our Business belong. But first of all let’s define the word “Industry”.

What do you mean by the word Industry?

Dictionary defines Industry as a commercial production and sale of Goods. A specific branch of manufacture and trade. The sector of an economy made up of manufacturing enterprises: government regulation of industry.  A systematic work or labor.  Trade or manufacture  in general.

They also refer it to be the production side of business activity. It is a business activity, which is related to the raising, producing, processing or manufacturing products. The products are consumer’s goods as well as producer’s goods.

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