![]() If you want to be an entrepreneur, you have to solve a problem in a big marketplace. The founders of Skullcandy did something similar by walking through Target to spot their earphone opportunity. Run a few of your best “opportunities” through the Blue Ocean Strategy framework of raise, reduce, eliminate and create. Then research how big that industry category actually is. Look for current products that seem over priced or they don’t exactly make the customer ecstatic. Another option is to walk through Target or Wal-Mart and slowly walk up and down the aisles. Don’t look for anything in particular, just observe. Or go to places where you can observe people: malls, airports, universities and just walk around. If you want to get a jumpstart on surfacing an opportunity, pay attention to something new you see (craft beer, organic pet food, cloud storage, etc.) and do some research. That means they were dissatisfied before these companies came along. In almost every case, the customer is happier with the new company or product. But all these companies either innovated the current product in the marketplace or they offered a simple innovation or twist to the business model for their company. None of these examples showcase a completely new, never heard of before product. A few years back, Chobani did the same thing to yogurt by offering Greek yogurt, more protein and less sugar. Wherever you find customers are not ecstatic, dig deeper. ![]() As a potential entrepreneur, just examine large industries or product lines and see if customers are happy with their current choices. In recent years, Dollar Shave Club took on Gillette by offering subscription-based access to razors at a better cost and service. Meanwhile, blue oceans are characterized by untapped market space, demand creation, and the opportunity for highly profitable growth. Think Target versus Wal-Mart, Sony versus Samsung. Red oceans are characterized by multiple firms offering similar products competing mostly on price. (AP Photo/Richard Drew) ASSOCIATED PRESSĮxisting marketplaces with lots of competitors live in crowded, shark-ridden red oceans. ceremony at the New York Stock Exchange, as his company makes its initial public offering, Friday, May 10, 2019. Uber CEO Dara Khosrowshahi, third from left, takes a photograph as he attends the opening bell. ![]()
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