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Bob Parsons, the founder of Inc. 500 winner GoDaddy.com offers his advice on which business idea you should pursue.  Excerpts include:

Find something that you love to do. Ideally, whatever you choose to do, you should be doing it without regard for money. Trust me, if you dig in and do well, the money will come. However, if money is your primary motivation you have two strikes against you before you start: If money is the driver you will tend to make short-sighted decisions. People who work just for the money tend not to work as hard as those who love what they do.

Also:

I’ve heard people say that I love this idea, but this particular business is already crowded. In response to that I say there is always room in any industry or business for someone who truly makes a difference. And I can tell you that someone who loves what they are doing often makes a wonderful difference. People who make a difference tend to stand out from the crowd and they are the ones who survive shakeouts.

So there you have it, also make sure to read our section on the business idea for more great info on picking the right business idea.

Blogger Warren Meyer has written a great 3 part article on how he bought a small company, step-by-step. Very interesting read.  He writes:

One fateful day, I decided that A) I hated working for other people and B) I had no groundbreaking entrepreneurial ideas of my own so that C) if I wanted to own a decent sized business, I would have to buy one.

Unfortunately, I had NO CLUE how to go find companies that were for sale and that I could afford. In fact, I was not sure at that point such opportunities even existed (again, when the rubber met the road, my Harvard MBA let me down). And, if the questions I get asked all the time are any indication, I was not the only one who didn’t know how any of this worked.

Also, don’t forget to read our content on buying a business or franchise.

(via Start-up Guide)

Growthink has many free business plan resources, don’t forget to read our section on the business plan.

From Don the Idea Guy:

1. Flies The Coop: You don’t write down the details of the idea, and it slips from your memory.

2. Failure to Launch: You’ve captured the idea, but do absolutely nothing with it.

3. Fear of Loss: You’re not doing anything with the idea, but you’ll be damned if you’re gonna share the concept with anyone else for fear THEY will actually DO something with it.

4. Faulty Follow-Through: You actually make a concerted effort at putting the idea into action — but then you abandon it, half-finished.

5. Fades Away: The idea has been back-burnered for so long that its ‘born-on date’ has expired. The once fresh concept has gone bad — it’s spoiled. Your opportunity to profit from your creative idea has been spoiled by your lack of initiative. Others who may have had the same (or similar) thought put it into action and are reaping the rewards of their hard work while you’re just a little older and (hopefully!) a little wiser.

One of the most recent third-world success stories has been the use of “microloans” or small loans (usually of $100 or less) to help people start their own business (many times something as simple as sewing or buying a cow to raise).  There’s a new website called Kiva.org which brings this concept to the web and allows people from anywhere to provide the loan. 

Using Kiva, you can provide a loan (say $100) to an entrepreneur of your choice.  This money would then be repaid to you once they are financially capable of doing so.  So, in essence, this costs you no money AND you are contributing to a worthy cause.  Personally, I think this is a brilliant idea.