A chip type electronic component and a method of manufacturing the same reduces the steps necessary for applying an electrically conductive paste to define a first external electrode, a second external electrode and a third external electrode on the outer surface of an electronic component main body. External electrodes are provided around the side surfaces of the main body of the electronic component. The first external electrode is positioned on the first end surface of the main body, the second external electrode is positioned on the second end surface, the third external electrode is positioned between the first and second external electrodes. The first and second external electrodes are arranged to extend to edge portions of the first and second end surfaces, but exposing at least the approximate central portions of these end surfaces. In this way, the external electrodes are formed by applying the electrically conductive paste on the side surfaces of the main body.