Entrep activity 2
1. How does occupying an uncontested market space help the entrepreneur to break out of
red oceans? [Although the answer can be found on Page 2 of 08 Handout 1 (first
paragraph), provide other possible answers.]
-Entrepreneurs can create new demand that is unknown to others in an uncontested market. This
technique makes competition unnecessary because it focuses on creating rather than competing.
Companies must break out of the recognized limitations that define how they compete in order to
break through the red ocean. Entrepreneurs should establish new markets or uncontested spaces,
as well as methods in existing markets that provide consumers with a huge increase in value.
While most companies concentrate on the customers who are currently shopping in their market
and competing with one another, the Blue Ocean focuses on expanding the industry’s size by
attracting people who have never shopped there before. This provides businesses with a different
perspective on how to rearrange market realities in order to introduce better blue oceans. This
provides companies with valuable knowledge into how to restructure market realities in order to
introduce better one.
2. How will the Four (4) Actions Framework help an entrepreneur in pursuing a venture?
– The Four (4) Actions Framework helps the entrepreneur in pursuing a business venture/ new
business ideas. They can use this as a tool to help them grow and achieve their mission and
objectives. This action framework can be used to examine a business problem and
create/develop new strategies. They can recognize the things that should be get rid of that can
only cause mistakes and errors. This framework can help you determine whether you’re spending
money wisely around your product to maximize user benefit while minimizing user suffering.
They can have a deep understanding of their customer and the future with the help of this action
framework. Allows an entrepreneur to eliminate investments that aren’t doing well and may
result in losses rather than profits, as well as improve the existing investments.