The most common cliche I hear is “Follow your passion” or, “do what you love” when asked what kind of business to start.
The reason why most people start businesses is to make a lot of money. They may not be able to do that with things they love (Rock collecting, swimming, basketball).
I think one of the keys is being in the right industry with the right skills. And for that, we need to look at data that supports what industries we should be in. That, or have special connections that give you a competitive edge in an industry that seems to be more protected (harder to make money in, lots of barriers to entry).
Forbes says that specialization is key to success. It’s also important to note failure rates (http://smallbiztrends.com/2008/05/startup-failure-rates-vary-across-economy.html) and use them to your advantage.
