Why Are Service-Based Industries Attractive for Entrepreneurs?
Several factors make service-based industries appealing to entrepreneurs:
1. Lower Startup Costs: Compared to product-based businesses, service-based startups often require less capital. There's no need for raw materials, production facilities, or inventory management. 2. Flexibility: Entrepreneurs can easily pivot their service offerings based on market demand without significant financial loss. 3. Scalability: With the advent of digital platforms, many service-based businesses can scale rapidly. For example, online consulting and education services can reach a global audience with minimal additional costs.