When starting a new business, many entrepreneurs opt to enter an established industry so they can know what to expect. At the same time, however, these markets are packed with fierce competitors who must vie with one another for their piece of the pie. The most fortunate entrepreneurs avoid cutthroat industries and create new markets based on previously unknown consumer demands. The video below looks at how this “blue ocean strategy” can ensure long-term dominance for innovative companies.
- Can you think of any other company that succeeded with a “blue ocean strategy” like Cirque du Soleil?
- What happens when time passes and a formerly “blue ocean” company finds itself in a “red ocean” with many competitors?