Creating Competitive Advantage in Business

As part of new year resolution of developing strategic mindset :-), I have been reading few books which would help me to develop the required mindset of thinking a bigger picture. Recently I completed one such book which helped me to understand how the strategy can be developed.

Blue Ocean Strategy: How to Create Uncontested Marketspace and Make the Competition Irrelevant. The book, which debuted in 2005, is a must read for any corporation today. Resting upon four “formulation principles” and two “execution principles,” Blue Ocean Strategy teaches the reader to create uncontested market space and break away from bloody competition by strategically moving into the area the authors call the “Blue Ocean.”

The book is intricately designed to walk through the process of its six principles and teaches the reader how each principle is able to reduce risks inherent in any new strategy. Blue Ocean Strategy is not only a book to read but a strategy to adopt and implement for corporations that are determined to succeed in the long-run.

Based on in-depth study of number of leading industries, the authors remind us that in emerging business scenario there is no permanent great company or industry or market or business alliance , instead success comes from being proactive and anticipating cultural, socioeconomic ,environmental, technological advancement and adapting new frameworks and analytical business tools to develop Blue Ocean Strategy.

I was so much impressed by this book, I choose to present this during this month’s ‘Executive Management Meeting’. I have also decided to apply these principles to by Business Unit. Watch this space to hear how it has shaped up and how it is really helping me.

Yet another book which I picked up and which is running good is, ‘Creating Competitive Advantage: Give Customers a Reason to Choose you over your competition’. It is also impressive book, explaining how we can create competitive edge and grow the business.

What I found out from these books is; all the good companies do adopt new business models; change them and build new ones.

That is the difference between good companies and great companies!