Ever wonder where entrepreneurs get their “crazy” ideas for businesses?

Well, one source of inspiration for many was a book by business authors Kim and Mauborgne called “Blue Ocean Strategy.”

Most businesses tend to focus on areas where there’s lots of competition. For example, auto repair or florists or even groceries. They call this a “red ocean,” because it’s a limited sized pool and bigger, hungrier sharks are always circling.

Instead, they recommend you focus your attention by finding a “blue ocean” – a new market where no one else is swimming.

A great example they use is Cirque Du Soleil, who re-booted the whole notion of circuses by blending Theater and Music with traditional circus acts. Result: a brand new “blue ocean” that nobody else even thought of where Cirque Du Soleil now dominates for big money.

Another example is Yellow Tail wines. The wine business is loaded with thousands of different brands and options. Instead of jumping into that “red ocean,” instead those chose to only offer two versions for beer and spirit drinkers – Red and White – and eliminated all complex terminology. It didn’t take long for Yellow Tail to become the fastest growing wine brand in US history.

So if you’ve got a bit of an “entrepreneurial itch” going on right now, perhaps consider some ideas on how you can turn your product/service into something unexpected and different – and find your own “blue ocean” to own.

Of course, whether you’re starting a business or just looking ahead to retirement, you need a solid financial plan in place to get you to that ocean view. Give me call at 513-563-PLAN (7526) or book online and let’s consider some ways to put you on the very best path to that dream.

Regards,
Dan Cuprill, CFP®