In order to cope with many of the market challenges in 21st century, what business needs is to be creative and innovative. Creativity is needed at all levels within an organization. Creativity is the key to innovations and nowadays innovations are all around us. Being a true innovator is much greater than just simply improving on something already known, it’s the creation of something new that defines the unknown. True innovation is measured by the impact that a company has on the market as well as on the consumers. It defines the leaders and the followers in the world we live in.
Do you know what the term `blue ocean strategy` stands for? It teaches the business how to create uncontested market space and make the competition irrelevant. The rapid pace of innovations make experts look for a new way and that is the blue ocean strategy. For managers and entrepreneurs who try to develop a unique value-adding strategy, it fits perfectly, but keep in mind those four risks:
- Ignoring relevant competition – when it comes to the blue ocean strategy managers and entrepreneurs come up with new ideas for products, services and strategies rather than mimicking those of competitors. That’s great but it is also pretty easy for a manager to believe that their product or company is unique which can be a crucial mistake.
- Reinventing the wheel – it could happen when you do not know your competitors in details. In order to make the competition irrelevant, first you should know it – what your competitors do, how they do it, why they do it. If you know those things, the chance to reinvent the wheel is zero
- Swimming too far – do not attempt to go too far off your own competences. Yes, the competition is irrelevant, but this does not mean that you should forget about the existence of potential competitors.
- No fish – this is the worst that can happen and it’s up to you how you will react. But in order not to have to react, start your blue ocean journey with the best reality check. Each successful business and company starts there.
Innovations require taking risks, but think in a perspective, strive for success and dare to dream. CEEDS’15 by Webit makes dreams come true, so book your ticket now.