I need to create a business idea using the blue ocean strategy but I cannot think of anything that would work. Can anyone recommend some ideas?
This article may give you some ideas.
http://en.wikipedia.org/wiki/Blue_Ocean_Strategy
I have looked at many sites on the topic, however I am still struggling to come up with an idea.
Think about what your community or your neighborhood needs.
Snowplow or shoveling service?
Handyman service?
Taxi service?
Grocery shopping and delivery?
House cleaning?
Well you should add some fish in the background and it will look nice or just take some time to think and go the the beach and take some pictures!!
Valerie!!
Certainly! The Blue Ocean Strategy is a powerful framework for creating new markets and uncontested market space. To come up with business ideas using this strategy, you can follow these steps:
1. Identify existing industries: Think of industries or markets that you are familiar with or are interested in.
2. Analyze the current market: Understand the existing competition, customer needs, and pain points within that industry. Look for areas where customer demands are not adequately met or have been overlooked.
3. Value innovation: Focus on creating new value for customers by either adding entirely new features or significantly improving existing ones. Innovating in value is crucial in blue ocean strategy.
4. Explore new customer segments: Identify potential customers who are currently underserved or not targeted by existing solutions. Consider different demographics, geographies, or niche markets that have high growth potential.
5. Seek inspiration from other industries: Look beyond the industry you're considering. Examine successful business models from unrelated industries and see if you can adapt them to your target industry.
6. Think unconventionally: Challenge industry norms and assumptions. Brainstorm ideas that break away from traditional thinking and explore alternative approaches.
7. Evaluate feasibility: Once you have several ideas, assess their feasibility by considering factors like cost, scalability, market demand, and competitive advantage. This will help you narrow down the options.
Remember, the Blue Ocean Strategy is about finding untapped opportunities, so be creative and think outside the box. By following these steps, you can come up with innovative business ideas that offer unique value to customers and create a blue ocean market space.