Session 6: Product, Service and Hybrid Businesses
Unit 4: Entrepreneurship Skills
Textual Question-Answers
Check Your Progress
A. Fill in the blanks
1. Write P- Product, S- Service and H- Hybrid for the followingbusinesses.
(a) Ice-cream seller: ………..
Ans: Ice-cream seller: ………. P ……….
(b) Restaurant/Cafeteria Owner: ……………
Ans: Restaurant/Cafeteria Owner: ………. H ……….
(c) Car-driving School owner: …………….
Ans: Car-driving School owner: ………. S ……….
B. Short answer questions
1. What are the key differences between product and service-basedbusinesses?
Ans: Product-based businesses sell tangible goods that can be seen andstored, while service-based businesses provide services that cannot be stored or touched.
2. If you had a choice to start a business of your own, which businesswill you start (include in your reply the product or service that youwould like to take up)? Why do you want to start this type of business?
Ans: I would like to start a food service business because people alwaysneed good and healthy food. It also gives opportunities for creativity andemployment.
3. What is the meaning of manufacturing and trading based business?
Ans: A manufacturing-based business makes products from raw materials, while a trading-based business buys finished products and sells them tocustomers.
