The Concept of Product

We all are discussing the different ideas of doing business and achieving financial freedom by establishing some business venture.

Clear concepts are the foundation of all discussions and help smooth exchange of ideas.

The very first thing is the “Product”, but what is a product.

Let’s put it in simple words. A “Products” is anything which can be traded for money. Generally, there are 2 major types of “Product” that are (physical) Goods and (non-physical) Services.

Examples of Goods are Cloths, Soaps, Cars, etc. whereas examples of services are Insurance/Financial/Banking Services, Transport Service, Courier Service, Home Delivery Service etc.

Friends, I would appreciate your ideas in comments and will share more business-related concepts in future.