Product-driven and service-driven entrepreneurship represent distinct approaches to business based on the core offering. In product-driven entrepreneurship, the focus lies on developing and delivering tangible goods or innovative products to meet market demands. This approach often involves manufacturing, distribution, and marketing of physical items.
On the other hand, service-driven entrepreneurship revolves around providing intangible services to fulfill customer needs. This may include consulting, advisory, expertise-based solutions, or other non-material offerings. Success in service-driven entrepreneurship is often tied to the quality of interactions, customer relationships, and the expertise of the service provider.
Both models have unique challenges and opportunities. Product-driven ventures may face inventory management and production challenges, while service-driven enterprises rely heavily on human capital and expertise. The choice between these models depends on the entrepreneur's strengths, market dynamics, and the nature of the value they aim to provide.