- One of the biggest challenges you have as a CEO,
as an entrepreneur, now a day,
is how do you differentiate yourself from your competition?
How do you stand out with so much
competition that's going out there?
Consumers, they have more choices than ever.
They have so many competitors entering in your market space.
What do you do?
The best way I believe to do that
is through a Blue Ocean Strategy.
Now, what is a Blue Ocean Strategy?
Now, I want you to imagine this,
that you're competing in an environment
where there a lot of competition.
We call that the Red Ocean.
There are a lot of sharks, right?
There's a lot of blood,
and you differentiate yourself by saying,
"I am better than everybody else."
"My products are better than everybody else."
"My service are better than everybody else,"
but it may or may not be true,
and consumers, they are so confused.
They're so skeptical, and they don't know
what is good and what is not good.
Just because you say you're better, well, how do I know?
A Blue Ocean is completely different.
A Blue Ocean is finding a marketplace,
finding a market space,
within this environment, that's untapped.
It makes the competitors irrelevant.
I want you to think about taxi.
The taxi business has been around a long, long time, right?
I have this taxi company,
I have that taxi company.
Maybe we charge a little bit less, a little bit more,
maybe we have better service, and then guess what?
Uber comes along.
That's a Blue Ocean.
Completely disrupts the market place.
It makes the competitors irrelevant,
and putting a lot of taxi companies,
taxi drivers, out of business, unfortunately.
Good and bad, but that's the capitalist society.
That's Capitalism, being disruptive.
So, I want you to think about,
in Blue Ocean, what could you do?
There are three types of businesses, I believe.
The first one is what I call the Me Too business.
Yes, right?
Me too.
Like, I am the same as everybody else.
If I put you next to your competitors,
the consumers can not tell the difference.
They can not tell the difference,
as you look like the same as everybody else.
You provide such of the same product and service.
Now, then you have what I call
the second type of business, which is Me Better.
Now, what is Me Better?
Me Better is, you'll say,
yes, I am better than everybody else,
that I'm better than my competitor.
Maybe I've been in business longer than my competitors.
Maybe I have better team than my competitors.
Maybe my packaging is better than my competitor.
Maybe my warranty is better than my competitor.
Maybe my technology's better than my competitor.
It doesn't matter.
You're saying, I am better.
That's a Me Better business,
but the best business to be in, or you at least,
you want to strive to be in is, Me Only.
How can you be the only person
in that space that does what you do?
That's what you wanna do.
In my career, I've started a lot of businesses.
Some of them are Me Too,
just like the same as everybody else.
When I was mowing lawns for people,
when I was fixing computer for people.
I'm essentially operating just like everybody else.
Then I strive to be better than everybody else, right?
To have better marketing skill, the better management skill,
provide better service, provide better product.
That's Me Better, and that's okay.
I make decent amount of money,
but really, I created tremendous amount of wealth
when I found that Blue Ocean.
When I found that Me Only business, that this is what I do.
I am the best in the world at this one thing,
that one thing that only I can do.
Now you may or not be able to get there overnight,
but if you can get there just a little bit closer,
then sometimes it doesn't even
have to be a revolutionary thing,
just a perception in the marketplace,
'cause perception is reality,
that if a marketplace can perceive you
to be a little bit of Me Only.
To say, hey, you know what, he or she
of this company does this, that nobody else does,
you have dominated the marketplace,
and now you have applied the Blue Ocean Strategy.
So, think about how you can find
the Blue Ocean, and dominate it.