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Ben's 1x1x1 - July 19, 2024 🚀 - Red Ocean Strategy 📕

July 19, 2024

Life

For those of you that are new here, every week I send what I call a 1x1x1.

One learning, reminder, or interesting thought from my week.
One interesting find/tool from my week.
One image from my life.

Let's dive in 👇

Interesting thought from the week

As entrepreneurs, we all dream of the blue ocean.

Not the blue ocean that you can see from your vacation villa in Tahiti (maybe next year Ben).

We dream of the blue ocean for business that has few to no competitors.

Lately, I've been taking a different approach as I explore new businesses.

I've been really leaning into red oceans that have a number of existing players.

Why I've been liking red oceans as of lately:

Often proven product market fit along with confirmed market demand.
Red oceans are far less attractive for new businesses to enter.
Many red oceans have players that are old and outdated.
Red oceans typically have businesses that are owned by an older demographic potentially looking to retire (beneficial for roll ups).

Interesting find/tool of the week

I know all the buzz is around Canva and Dall-E but Photoshop's Generative AI features are seriously impressive. I've been having a blast playing with this.

Image from my life

When your riding partner forgets the car keys at the top of the trail.