As an entrepreneur, I´ve never heard the meaning of finding a blue ocean, before reading the Harvard Business review ¨Blue Ocean Strategy¨by Chan Kim and Renée Mauborgne. I recommend you to go read their wise recommendations, however I´m going to write to you the basics of it.
Finding a blue ocean is about finding an industry that doesn´t exist today. It is about finding a market that is unknown to everyone else, especially your competition. By finding this blue ocean, you get an advantage and a big opportunity for growth because it consists of giving rise to a completely new industry. If you are able to find a blue ocean, you can create a profitable company.
A red ocean also exists. To find a red ocean is when a company decides to alter an existing industry, it is not about creating a new one but about bettering an old one.
Below are three strategies that you need to know in the path of finding a blue ocean, according to Chan and Maubornge:
- Blue oceans are not about technology innovation. Sometimes technology is involved but it is not the feature of it.
- Incumbents often create blue oceans and usually within their core businesses.
- Created blue oceans builds brands
The blue ocean strategy have always existed, but once the companies realize what it consists in finding one, they will find more blue oceans and start a successful company. You can have a great opportunity if you find one, so go read the full Harvard Business review and get out of the building to find a blue ocean.
-From an entrepreneur to another entrepreneur.