Generalizing earlier results on the initial data and the final fate of dust
collapse, we study here the relevance of the initial state of a sphericall
y symmetric matter cloud towards determining its end stare in the course of
a continuing gravitational collapse. It is shown that given an arbitrary r
egular distribution of matter at the initial epoch, there always exists an
evolution from this initial data which would result either in a black hole
or a naked singularity, depending on the allowed choice of free functions a
vailable in the solution. It follows that given any initial density and pre
ssure profiles for the cloud, there is a non-zero measure set of configurat
ions leading either to black holes or naked singularities, subject to the u
sual energy conditions ensuring the positivity of energy density. We also c
haracterize here wide new families of black hole solutions resulting from s
pherically symmetric collapse without requiring the cosmic censorship assum
ption.