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Defining What “Industry” Means

Business

Defining What “Industry” Means

The word “industry” is thrown around and used in many different contexts on business-related blogs, articles and news. But the word has become somewhat forgotten. People use it in almost every context and the word has lost its meaning over the past couple of years, and many new startups and budding entrepreneurs aren’t a hundred percent sure how to use the word or what it even means.

 

So let’s get you aspiring business owners and soon-to-be millionaires off to a good start by first defining what it means to be in an “industry”, or what the word even means when it’s used in the context of business.

 

 

By the dictionary

A business dictionary would define industry as the manufacturing or technically productive enterprises in a particular field, country or region viewed collectively. Industries are usually named after their primary product For example, the gaming industry, auto industry, or chemical industry.

 

The dictionary definition makes sense. When you say something like the “agricultural industry”, it means anything related to the business of agriculture. This could mean companies that sell trucks and industrial hose reels, it could mean the supermarkets that sell the farmed produce and it refers to the farms itself. If you think of it like a puzzle, an industry would be the final picture, and the components would be all the individual pieces. Without the pieces to make up the industry, it cannot exist.

 

By common definition

“Industry” is commonly used by people around the world to refer to the collective of services and businesses that make up an industry, much like the dictionary definition. However, it’s often used in the context of making money. For instance, someone could write “get involved in the smartphone industry” and they are probably referring to making your own smartphone, working for a big brand such as Samsung or Apple, or starting a blog that reviews smartphone products.

 

Yes, even the bloggers and reviewers on sites like YouTube and Tumblr are part of the smartphone industry, because they sometimes indirectly (and occasionally directly) market those products and as a result, people listen to their advice and by them. This type of word-of-mouth marketing is extremely important when it comes to growing an industry and becoming part of it. If you run a website that convinces people to buy a certain product through reviews and impression videos, then it’s safe to say that you are part of the industry. Perhaps your voice is a small one that is overshadowed by larger publications, but you have the power to convince people despite your lack of influence.

 

Become part of an industry and utilise it

If you want to become part of an industry then you need to get involved. Make your opinion heard, speak confidently, and start up a website or blog to show your opinions and get noticed. If you prefer to work for an industry more directly, you should aspire to learn the skills necessary to get a job in the industry. Like cars? Then read up about vehicles, study how they work, learn the opportunities you have for a job, and plan your career path logically.

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