Joennel M. Semilla Ms.

Rowena Garcia
BSA103 The Entrepreneurial Mind

Instructions: Briefly answer the following with no more than five (5) sentences. (2 items x 10
points)

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.]
Taking over an uncontested market allows an entrepreneur to break through red oceans
by creating fresh demand for themselves that is unknown to others. With the use of the blue
ocean strategy, companies are a challenge to explore creative collaboration with other enterprises
to create blue oceans and new buyer value. It also got staff, consumers, and non-customers
involved in coming up with new ideas. Entrepreneurs seek fresh market space and strategies to
reinvent the industry rather than compete. In such situation, the competition will be unimportant,
and the company will be more successful, with less risks and higher earnings. Entrepreneurs can
create demand that is unknown to others in an uncontested market. This technique renders
competition unnecessary since it focuses on producing rather than competing. Companies must
break out of the recognized limitations that determine how they compete in order to break
through the red ocean. Entrepreneurs should establish new markets or uncontested sectors, as
well as methods in current markets that provide consumers with a significant increase in value.
While most firms concentrate on the customers who are presently shopping in their sector and
compete with one another, the Blue Ocean focuses on expanding the industry's size by recruiting
individuals who have never shopped there before.

2. How will the Four (4) Actions Framework help an entrepreneur in pursuing a
venture?
Four (4) Actions Framework help the entrepreneur in pursuing a venture, they can used
this as guide to grow and accomplish their mission and goals. This action framework can use to
analyze the business issue and develop a new strategy, they can identify the things that they
should eliminate that only gives them an error or mistake. This framework help assess whether
you are spending money in the correct ways around your product to maximize user gain and
minimize user pain. It can help the entrepreneur to think which factors that their industry has
long competed on should be eliminated? They can identify the factors that require a lot of
investment and effort, but don’t bring a lot of revenue/new customers. Also, they can think of the
features/characteristics of your product that are well designed to beat the competition but take
too much time and resources. They can think about what are the pain points that the market does
not address and lastly, they can create something that the industry had never offered before,
through the help of this action framework they can acquire a deep understanding of their
customer and the future and the challenges that the customers haven’t articulated yet.