![]() ![]() In the 1980s, precisely during an era when the circus industry was in rapid decline, Canadian circus Cirque du Soleil redefined the world’s image of circuses. By pushing the boundaries of an existing market.Ĭonsider the following examples: Cirque du Soleil.By creating an entirely new marketspace.You can create blue oceans in one of two ways: This frees up the companies that create them to concentrate on value-innovation in a space where there’s more than enough room for quick and profitable growth.Įxamples of Successful Blue Ocean Strategies As a result, the water turns bloody (metaphorically speaking).īlue oceans represent new markets where, since they’re unknown, there are no players other than the companies that create them.ĭemand isn’t fought over, because there’s no competition. Red markets are established markets where all of the competing companies are fighting over the same business. Kim and Mauborgne determined that in business, there are two types of markets: red oceans and blue oceans. Chan Kim and Renée Mauborgne of the INSEAD (the European Institute of Business Administration) and first set out in their 2005 book “Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant.” ![]() In addition, competition from Internet businesses was ranked as number 63 and competition from imported products was ranked as number 65.Ĭlearly, competition is something that keeps entrepreneurs and small business owners up at night.īut what if we told you there’s a way to create your own market - one without any competition at all?Īnd that requires creating a blue ocean strategy.īlue Ocean Strategy was developed by W. Source: 2016 NFIB Small Business Problems & Priorities ![]() Competition from large businesses was ranked as number 31, after a range of financial, regulatory and tax-related issues. The 2016 NFIB report “Small Business Problems & Priorities” ranked the top 75 problems of small businesses in the U.S. ![]() If you’ve answered, “The competition,” then you’re not alone. As an entrepreneur, what is your biggest concern when it comes to the marketplace? ![]()
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