The Great Crash of 2008-2009 has created a great opportunity for entrepreneurs today.

This is because:

1. The crash was caused by a stagnation in innovation from 1999-2008 – which caused consumers to bid up the price of existing same-old-same-old products and services instead of receiving new, better and less expensive products and services. For more on this, see my previous blog entry or my article in the September 2009 issue of Success Magazine.

2. The crash itself caused an even further stagnation in innovation as businesses cut costs everywhere and people delayed expanding or starting new businesses.

Now, there is a large backlog of better methods ready to be implemented in almost every industry–from restaurants to automobiles to housing. I call these better methods RITs, or “ready to be implemented technological advances.”

So, you may be asking, what specific RITs should I focus on now and which business should I start or expand?

Great question. The answer is different for each individual, based primarily on “what you know” and “who you know.”

To get started, I encourage you to consider what advantages you already have.  Figure out what industries you already have expertise with, and who you know that might be able to help your new business as either a partner, investor, or client.  Your contacts and experience should act as your foundation for the entire entrepreneurial process.