Selecting the right product or service begins by first identifying your target market. What do they need or want? Second, do competition analysis. There is always competition from similar products in the market, and how can your own brand be unique? Reflect upon one or two major components, where you think about the cost of production and whether or not you can sell the product at a decent price and even make a profit in the meantime. Long-term relevance—will clients still be purchasing this product or seeking this service in the future? Last but not the least test the market if possible. Negative feedback from potential consumers before going into full blown production can prove to be economical. In summary, do not make decisions without having prior research and a customer perspective on it.