Most businesses fall under the categories of product or service (plus retail). But what's the difference, and more importantly, which is the best for your news business idea?

Journalist, serial entrepreneur and co-founder of Yoodoo.biz Nick Saalfield will help you work out whether you should create a product or a service.

More advice online at mynewsbiz.org

Don't forget the deadline for entries for the competition is the 1st April 2011* - enter to win £1000!

*open to UK journalism students only.