Contributed by Anand Chhatpar, CEO of BrainReactions LLC http://www.brainreactions.com

I have been an entrepreneur as long as I can remember. I started my first company, Pyxoft Infotech Pvt Ltd. at age 17 in India. I went to college at the University of Wisconsin-Madison and in my second year in the US, was involved in my second start-up, OZ Innovations and we went on to sell the product internationally in a retail chain of over 72 stores. I was also fortunate to have been named as one of the “Top 5 Entrepreneurs Under 25″ by BusinessWeek and also featured on CNBC TV’s “Young Turks.” Now is as good a time as any I have seen to become an entrepreneur.

This is a great time in life for you to start a new business, especially if you do not have the responsibilities of a family or the pressures of a house mortgage payment. Starting a new business has become much cheaper today because office rent, cost of advertising and cost of employees has gone down. You probably also have a group of friends who would like to work with you and all of you can pool your startup money together. Some of you have ideas, but are hesitant to act due to the fear of making mistakes. Let me assure you that everyone makes mistakes when starting a new business. What is needed to succeed is the will to recognize your mistakes and to fix them quickly. As I learned from my mentors during my internship, “Fail fast to succeed sooner!”

Some of you may not yet have thought about any ideas for a business you can start. My company, BrainReactions http://brainreactions.com, is in the business of identifying new opportunities for entrepreneurs and companies by generating creative new ideas. We not only generate ideas professionally for clients, but we also teach people methods of being more innovative systematically so they can create useful new ideas for their unique situation. Perhaps we can share some business ideas with you here. Although the general sentiment today is quite negative, this is in fact, a great time to use the recession to your advantage.

Not all businesses are suffering in the recession. According to Barry Moltz’s recent survey, about a fifth of all businesses are such that they actually do better in a recession. Such businesses, called “countercyclical businesses”, present great startup opportunities right now. Businesses that help people save money generally tend to be in this category. For example, in a recession, people prefer to buy more groceries or eat cheaper food than eat at a fine dining restaurant. Insurance agents that can save people money on their car insurance premiums also do well in a recession. Funnily enough, in India, astrologers tend to have an increase in clients during a recession. Could you, perhaps, create a new product or service that helps people save money or reduce wastage in their homes and offices?

For new entrepreneurs, it is easier to set up service-based businesses that have a low startup cost. Businesses like web design, tutoring, delivery, event planning service, and a travel booking service are some examples.

Since you are reading this article on a computer, I would assume that you enjoy the Internet and are open to ideas for online entrepreneurship. Sites like eLance.com and odesk.com provide opportunities for freelance writing, graphic or web design, programming, and even simple tasks like data entry and virtual assistance. Similarly, Amazon’s Mechanical Turk at mturk.com pays people for completing simple tasks online as well. If you are good at photography, you can upload good quality photos to iStockPhoto.com and get paid royalties. Metacafe pays users to upload videos that are popular. Sites like ReviewMe.com and PayPerPost.com pay you to write reviews of websites on your free blog. Speaking of blogs, Squidoo.com and eHow.com pay a revenue share to people who contribute articles to their site. SpringWise.com has a database of unique business ideas from around the world that you could spend hours reviewing. The web is a huge resource of business ideas and for reaching out to other entrepreneurs who are available for providing guidance and help for your new business.

To get more new business ideas, I would recommend traveling to a new place that you have not been before, perhaps to a different country if you can. Experiencing a new place and culture can give you tremendous amount of fresh inspiration for new ideas. Also, check out the book called “Successfully launching new ventures” by Dr. Bruce Barringer which features BrainReactions as a success case study in its second chapter. Furthermore, you can double your chances of success by learning the fundamentals of systematic innovation through a four-week online course we deliver via webinars at http://www.innovationtraining.org or get recordings of the training sessions. You can walk through activity by activity the steps to create a solid business concept or new product idea.

I hope that after reading this article you will rethink your career and normal daily job-hunting and actually use some of the ideas and resources that I have shared in order to create your own successful business and create new jobs for our country and our world.

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About the Author: Anand is the CEO of BrainReactions LLC, a company that helps companies and entrepreneurs with innovation. Anand has a degree from the University of Wisconsin-Madison in Computer Engineering. He holds 8 issued U.S. utility patents.

| Creativity & Brainstorming, Generating Ideas & Ideation Techniques, Managing Ideas, Innovation Techniques, Generation-Y wants, Gen-Y ideas, Open Innovation, Voice of the customer, New Concepts & Ideas, Corporate Innovation, Innovation Training, Managing Generation Y, BrainWaves Emagazine | Email Article | Share on Facebook | del.icio.us | digg this

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