Hi Bill,
Normally, you would select the type of business in the "Account" tab of the Contact entry screen. However, in 1.4.x (up to current HEAD), the field doesn't show up, even if you created values for it. (The field doesn't appear if you didn't configure any values, to keep our UI simple for those who don't need the complexity.)
I've just a second ago fixed the issue with the field not showing, in my repo. The tests for the PR are running as I write it. When they finish, I'll port the change to the 1.4 branch, which should be in the course of the evening.
Regards,
Erik.