Everyone seems to be obsessed with finding ‘never-been-seen- before’, ‘cutting edge’, ‘breakthrough’, ‘all-improved’ ideas for businesses that nobody has ever heard of before.

I’ve never patented anything. I’ve never come up with a new idea. Nothing. But I’ve made £168m. So, how does that work? If you want to find a good idea for a new business venture, it’s not about inventing anything. The light bulb, telephone and wheel have all been done before. Don’t beat yourself up trying to split atoms.

Like me, follow the latest trends in all the newspapers. Keep an eye on whatever is getting the most press for a consistently long period of time.

Spot the trends and then follow the yellow brick road. If everyone’s doing it, so should you. The revolutionary concept that nobody has ever thought of before is for your ego, not your wallet.

When Margaret Thatcher was prime minister, she was offering to pay business people to look after the elderly in care homes due to overcrowding in hospitals. Anyone with a brain started opening care homes. So I launched Quality Care Homes and sold it for £46m 10 years later.

Health clubs were happening. Everyone was getting fit. There was an explosion on the scene with Fitness First and Holmes Place. So I launched Bannatyne Fitness.

The appetite was already there and so I knew I was on to a winner. It is now valued at £120m.

Even my first ice-cream business was an idea waiting to happen. I was at a car auction when an ice-cream van came through. It was a ready-made business that I didn’t have to think about.

As far as ideas for businesses go, jump on the bandwagon. This is not to say that you can’t put a unique spin on your new courier service, café or cattery. It’s just that if everyone is already talking about it, you know it’s more likely to succeed.

Of course, with any idea, ascertain what the key benefits are first. Be sure your idea is at the beginning of its lifecycle. You don’t want to enter a cluttered market with so many competitors that you can’t see the wood for the trees. Also ensure that your idea isn’t already mature and interest is waning.

Be a little controversial. Tackle something with talk value. And make sure that your idea is part of a trend and not a fad. A fad, like most of the Big Brother stars, are here today and gone tomorrow. A trend has longevity.

Look at the steady growth in demand for organic food. Everyone’s talking about it and demanding it. Organic food is not a fad. We’re not overnight going to start craving chemically enhanced, toxin-enriched battery chickens and hens’ eggs again as opposed to organic ones.

If your business idea is about real chocolate or 100% natural smoothies, you know you’re in good company.

Ultimately, trust your own judgment. You can feel when you’re on to a winner. Don’t try to be too clever. Usually it is your first instinct that’s the right one.

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