A key question that most entrepreneurs face is identifying the business opportunities that will be beneficial for them. So question arises, should new start up focus on introducing new product or services or selects an existing product or service from one market and offer it in another market where it is not available.

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There are many sources for the opportunities for the new venture. A great business idea is- When inefficiency is there in the market and your venture has an idea to correct that inefficiency in the market. Many source of ideas come from existing product or service i.e. how your venture can improvise the existing feature. The most promising idea comes from customers. Your customers should be main focus, this is something we ought to do continuously, in order to understand what additional features they want in existing services.

In this age of internet there are lot of examples of successful entrepreneurs. Whether its PayPal company who provided people to pay online or Flycast who introduced advertising online. Both these companies share one thing common i.e. they understood what the utmost need of market is. There is no substitute for understanding the crucial needs of customers. That will allow you to discover whether you are able to supply those needs, at the price customers want to pay, and if you can still make a profit.