Amazon did well. It's easy to stay alive, in a bubble or not: just forget the buzzwordy bullshit and build a business with a viable business model from day one. Unless all you want is to raise funding and have fun for some time, that is :)
I think the markets for tools for small businesses are not saturated yet, even in US (most of the rest of the world is at least several years behind). If I had domain knowledge in some small business area other than restaurants (sick of it already) I'd totally build some useful service.
The funny thing about Amazon is that they took on so much debt that everyone was certain they would be the first "big one" to fall when the bubble burst.