Take Wal-Mart for example. Wal-Mart has done so well by offering low prices on a variety of consumer goods. So now we know not to compete on price, but there is one thing that goes directly opposite of price--Quality. There is almost no way under heaven that Wal-Mart can offer the greatest quality consumer products and at the same time, offer the lowest price. Create a business and strategy on this principle. Now I understand that there are businesses that have already taken this to heart, but fortunately, the United States is large as well as the globe. I think it would still be possible for an entrepreneur to take over on this idea and come out with a hefty market share. Too bad this case isn't recession proof as price will trump quality in a case of bad economic times. But, of course, this was just one example.
Now do this with other industries. Go find all the industries where price is important and check to see if there is a perceived leader for "low-price." Look at the lowest-cost provider and see if they are doing as well as they possibly can. Look at their management and see if you have the chance winning the market with a well-planned business strategy. Sure, you won't have a chance going up against Wal-Mart in consumer retailing, but there are numerous markets where an entrepreneur could leverage his or her competitive advantage(s) and come out on top.
Now really, you don't have to confine your potential business search by looking for industries where "price" or "quality" is important. What you can really do is look at every single industry and see what's important for that given industry. (e.g. Speed, Service, and Reliability for Shipping). Look at the competition and see what's possible. I guarantee you that there are many markets out there where the chief competition can be out-maneuvered with great management and the proper resources. One of the great things about all this is that many of these opportunities have great potential in terms of profit.
I'm sure many entrepreneurs already do this, but somehow I managed to miss it for all these years.