Blue Ocean Strategy:An Opportunity for Entrepreneurs to Create Uncontested Market

Abstract

In the current global scenario, where the organizations are growing continuously, they have to keep pace with their global competitors. They have to face a lot of challenges in the form of increasing their turnover, increasing their customers, diversify products and services. With that cut-throat competition, it is difficult to do all this and increasing the profits! The situation is even tough for an entrepreneur to stay in that market where head to head competition is thriving. So there is a need to find the solution which can be there in the form of adopting a 'blue ocean strategy'. This strategy does not motivate entrepreneurs to be active in the prevailing market but insists them to create a new space in another market where competition is irrelevant. This paper highlights the concept of blue ocean strategy and discusses how this strategy can act as an innovative strategy for an entrepreneur. It helps to create value innovation and change the situation where competition worries about the entrepreneur. It is based on the fact that successful people do not do different things but they do the things differently and this should also be a unique trait for the budding entrepreneurs. In this way, entrepreneurs can follow the path of transformation to meet out the desired objectives of the organization.