Today I started reading the book Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne. Being very interested in creating businesses--specifically online businesses, I was impressed from the start by a few points they brought up from the start.
The goal of the authors was to find the impact of creating a "blue ocean" on a business. They defined a blue ocean as what is commonly known as a a disruptive technology or innovation--what happens when a business creates (or stumbles upon) uncharted territory where they are above the competition. They found that businesses who create blue oceans, not the ones who compete in the "red ocean"--where there are many similar companies and you can only compete on price or minor differences in products, were the ones who were most successful.
A couple examples they gave:
I'd add to that list:
The key is to create value innovation - "making the competition irrelevant by creating a leap in value for buyers and your company, thereby opening up new and uncontested market space."
Making your product different and less expensive is the killer combination.
I haven't finished the book, but I'm already impressed with the direction their taking.
The mark of character is what you do when no one is watching.
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