How to Think Like a Shark for Your Business | Book Insights on Blue Ocean Strategy by W. Chan Kim & Renée Mauborgne

*In today’s world, competition is becoming increasingly fierce. This leads to bloody battles among competitors who are forced to keep reducing prices while continuously spending money on incremental improvements in product quality.  *If they are successful at this, they will merely stay afloat in red oceans. Because other firms are doing the same, everyone is facing the risk of drowning.  *Blue Ocean Strategy offers a different way of making business. Instead of swimming in red waters replete with hungry competitors, Kim and Mauborgne recommend finding blue oceans, that is becoming pioneers in new and untapped markets.  *Kim and Mauborgne summarize their approach by saying that “The only way to beat the competition is to stop trying to beat the competition”. Theme 1: What is blue ocean strategy? - 0:29 Theme 2: How to find blue oceans & avoid traps - 9:54 Theme 3: How to renew blue oceans - 24:10 Like what you hear? Be sure to like & subscribe to support this podcast! Also leave a comment and let us know your thoughts on the episode. You can also get a free weekly email about the Book Insight of the week. Subscribe at memod.com/insights Want quick save-able, share-able bullet points on this book? Check out the Memo: https://memod.com/TomBBBusiness/how-did-cirque-du-soleil-become-so-big-and-what-le-307 HEAR THE FULL INTERVIEWS MENTIONED IN TODAYS' EPISODE HERE: YouTube. (2019). Blue Ocean Strategy, Create New Markets and Leave the Competition Behind | Renée Mauborgne | WOBI. [online] Available at: https://www.youtube.com/watch?v=clp-IMpuwaQ. Mauborgne, R. (2019). Stop Competing & Start Creating: How to Be Uniquely Successful With Renée Mauborgne. [online] YouTube. Available at: https://www.youtube.com/watch?v=YLgUnEtN1Ic. Full Title: Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant Year of Publication: 2015 Book Author: Renée Mauborgne, W. Chan Kim To purchase the complete edition of this book click here: https://tinyurl.com/pj6cv7av Book Insight Writer: Rafal Jennek Editor: Tom Butler-Bowden Producer: Gabe Mara Production Manager: Karin Richey Curator: Tom Butler-Bowden Narrator: Kristi Burns