The assumption that your choice is a binary one is silly. Its never either/or. Its always both.
The first product you build are in a client driven business structure where they are telling you what and how to build it. Then if you do that well enough, you can transform yourself into a product business.
what I find shady is that its against the law to spoof your competitors domain name, but google will allow you to display ads for when people search for your competitor.
I currently am working on developing Talent Management software and I always cringe when I hear that one of the key selling points is that it can help increase employee retention rates.
I've always thought that Talent Mgmt software can only take you so far. Any system in place, no matter how good it is, still can never compensate for how a shitty manager interacts with employees.
The first product you build are in a client driven business structure where they are telling you what and how to build it. Then if you do that well enough, you can transform yourself into a product business.