Innovation

We all see business as a commodity idea. We need to be more contrarian minded. Read this:

• Just four to five years ago, entrepreneurs were shunning the corner store option in favor of launching their business venture in the more lucrative e-commerce arena.
• Now the trend has shifted to multi-channel retailing where new businesses want a store presence, they want to be on the Internet and also sell through catalogs.

And look to some new (and old) ideas:

• an Atlanta-based company called Teavana is betting that it can carve a niche for itself - a la Starbucks - for tea drinkers. Teavana operates more than 50 mall-based tea bars/ tea emporiums nationwide.
• MetroPark carries a variety of trendy apparel and accessories brands such as True Religion, Le Sportsac and Harajuku Lovers. It's stores also feature DJs, adding to the club-like atmosphere.
• Room & Board, which sells stylish contemporary furniture in the mid to high-end price range. Their furniture would appeal to first-time home buyers or people moving into city apartments. They have a non-commission selling staff and their overall customer service is very good.

In old ideas, you can find innovative ways to make money.