Entrepreneurs-Blue Oceans and Common Mistakes
13 Mar 2015
For a person like me, who cannot work “under” the guidance of someone or take orders and be bossed around, starting up my own business sounds like the perfect idea and only way out. Instead of entering read oceans, with saturated markets and high levels of competition, the blue ocean strategy in this case can work to the best of our benefit. The blue ocean strategy refers to entering new, unexploited markets, where there is lesser competition and a greater room for growth, and thus can be the solution to all your problems.
However, entrepreneurs, new and non-experienced in the game can often make some common mistakes. Firstly, do not start off alone! The saying goes “If you want to go big, go alone, but if you want to go far, go together”. This applies to every walk of life. As a startup company, you don’t only want to go big for the next few months but instead look forward to growing and making it through in the long run.
Therefore, make sure you have on board a partners or partners with you, who are as passionate about the business idea as you are, and you’re good to go!
Next, make sure you rely on yourself and your business partners most of the time instead of taking advice from one too many people. We commonly think that the more advice we take, the more it will open our eyes to things we could’ve never thought about on our own, but many a times the exact opposite happens. Discussing your ideas and asking or suggestions from too many people can often end up confusing you and leaving you in the midst of nowhere. Thus, the best solution is to rely on your own instinct. At least that way you know you’re to blame if anything goes wrong.
The next one is one of the most common mistakes entrepreneurs make. Nearly 80% of entrepreneurs operating in blue oceans, spend way too much time on product development and as a result neglect other important departments of the business. What you need to keep in mind Is that regardless of how brilliant and well-thought out your product is, if you do not focus on sales and customer development, you will not go big. As a result, it is very important to develop a strong product, but yet, working on developing a customer base and increasing sales never is of any lesser importance.
The last mistake, and also an equally important one is entering a very narrow niche. Many a times, entrepreneurs narrow down what they’re doing and who they’re targeting to an extent where there’s no room for growth. A few years down the road however they find their business at maturity stage, and have no way out, except to quit or carry on as it is, which makes growth impossible.
If you are an aspiring entrepreneur, make sure to stay clear of these mistakes, and you’re good to go!