Coming up with a decent business idea

Supposedly, the economy is coming out of recession and we have just had the worst slump in at least 50 years. Does that mean it is a bad time to start a business? Far from it!

We are living in the fastest pace of living that there has been. We all live in relative luxury compared to any other time in humanity. The Internet and technology is growing at such a rate that there are new businesses popping up every day and making a success. In my opinion, there has been no better time to start a business.

If you don't have an idea of what to do then we've come up with the following advice:

• Choose a niche or sector you are passionate about.
• Research companies in that niche and find out what they are doing right and doing wrong.
• Don't try and re-invent the wheel.
• Get a group of like minded friends and brainstorm.
• Get creative. Go to new places to find inspiration.
• Start reading business magazines.
• Start visiting business websites.
• If you think you've cracked an idea, ask people (who aren't friends and family) what they think.
• Listen to business audio books.
• Allow your mind to wander, you need to be at your most creative when thinking of new ideas.