ENTREPRENEURSHIP

Detailed explanation-1: -A service type of business provides intangible products (products with no physical form). Service type firms offer professional skills, expertise, advice, and other similar products. Examples of service businesses are salons, repair shops, schools, banks, accounting firms, and law firms.

Detailed explanation-2: -Intangible products-travel, freight forwarding, insurance, repair, consulting, computer software, investment banking, brokerage, education, health care, accounting-can seldom be tried out, inspected, or tested in advance.

Detailed explanation-3: -Examples of intangible services include health care, physical security, and legal services from lawyers.

Detailed explanation-4: -[8] defines the service industry as, “in the narrowest sense, an organization that provides an intangible product (e.g. medical or legal advice).