Why anyone is capable of creating new market space
Market creation can be achieved through a reliable and systematic process by anyone, not just entrepreneurs.
Conventionally, market creation has often been seen as the result of a trial-and-error process and the domain of entrepreneurs with certain traits like animal instinct and persistency. While the notion of entrepreneurship was known earlier, the economist Joseph Schumpeter, who is known for his concept of “creative destruction”, has had a key influence in shaping this conventional view. Schumpeter saw entrepreneurs as the chief drivers of innovation and therefore market creation. His argument is that entrepreneurs take risks and learn through trial and error as they attempt to seize opportunities by applying their intuition and ingenuity.
But, our research has shown that market creation can be achieved through a reliable and systematic process by anyone, not just entrepreneurs. It means that market creation doesn’t have to be a random high-risk endeavor reserved to entrepreneurs; it can be pursued as a systematic strategy. Our book,, lays out a systematic five-step process to achieve this, whether or not people see themselves as particularly creative. It provides proven market-creating tools and guidance anyone can follow so you can conceive and discover what others don’t see.
Market creation doesn’t have to be a random high-risk endeavor reserved to entrepreneurs.
Blue Ocean Shift walks you through step-by-step how to move from the current state of play, imagine new possibilities, and reconstruct market boundaries to open up new market space in a way that your people own and drive the process. It allows ordinary people like us to make market-creating moves and do extraordinary things. In Blue Ocean Shift we shareof established companies, cash-strapped startups, nonprofits and even national governments that applied the tools and process outlined in the book to open up new value-cost frontiers and with them new markets.
Blue Ocean Shift shows three basic ways to create new markets and presents a comprehensive and practical model of new market creation that anyone in any organization can follow and use to produce the result. The three ways are:
· Offering a breakthrough solution for an existing industry problem
· Identifying and solving a brand-new problem or seizing a brand-new opportunity
· Redefining and solving an existing industry problem
If you want to move from downward pricing pressure to upward pricing possibility, from chasing customers to having customers seek you out, and from competing fiercely and slow growth to inspiring your people’s confidence and seizing new growth, theif right for you.