Essentials of Entrepreneurship: A Practical Approach

Proprietary
A business that has something to assist in protecting it against competitors. For example a copyright for a software program or a patent for a specific product such as a lawnmower.

Service
A business that provides a specific service such as a CPA or consulting company provides.

Commodity
In commodity businesses, price is determined by a market and profits depend on cost control. For example, agricultural products are determined in a market and the producers are at the "whim of the market."

Technological
This category is really a subset of "proprietary businesses where technical breakthrough occurs. Such businesses often require a heavy capital investment. "Learning curves" and scale economics are often present.

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