magic startup academy launch 2014 - bfm 89.9: building a blue ocean business and commercialising it...
TRANSCRIPT
BUILDING A BLUE OCEAN BUSINESS
(and commercialising it!)
3 Start-Ups So Far....
KLClassifieds
1997 1999 2007
Classifieds-only paper
Job-portal
Online recruitment
Business radio station
What is a Blue Ocean?
Red Ocean Blue OceanUndiscovered Markets
Demand to be created
No competition
Rules not yet set
Known Markets
Contested Markets
Established Rules of Competition
What is a Blue Ocean?
Red Ocean Blue Ocean
Different Product
Different Business
BetterFasterCheaper
Blue Ocean is About Strategy
And Strategy is about Choice
What you will and will not do to create your right to win
Applying Blue Ocean Strategy
KLClassifieds
1997
Classifieds-only paper
Newspaper
Applying Blue Ocean Strategy
1999
Job-portal
Online recruitment
Newspaper
Applying Blue Ocean Strategy
2007
Business radio station
Music radio stations
Applying Blue Ocean Strategy
KLClassifieds
1997
Classifieds-only paper
1999
Job-portal
Online recruitment
2007
Business radio station
Newspaper Newspaper Music stations
Applying Blue Ocean Strategy to BFM @2007
Language 12-25 35-45 >45
Age demographics
English
Malay
Chinese
Indian
25-35
Hitz Mix Lite
Mixed
FlyFM
MyFMRed98.8
HotFM
ERA
THR
Red104.9
SinarX-FreshRadio24
Ai FM
BFM
Positioning of Malaysia Radio Stations
Italics = Non-music format
IKIM
Red vs Blue Ocean in Radio
Red Ocean Blue Ocean
TalkBusiness (BFM)Religion (IKIM)Women (Capital)
MusicEntertainment(30+ stations)
But Strategy is only the Beginning
Entrepreneurial success is derived from:
10% Inspiration
90% Perspiration
The Components of Perspiration
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Much later adoption rate than you anticipate
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
In a connected world, product is king
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
It's not a sprint, it's a marathon.
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Never underestimate – businesses are won or lost at distribution
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Plan for zero revenue for first 2 years
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Have enough so that you can withstand:
Half of your projected sales Double your costs Double the time when you are
eventually paid
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Conflict is unavoidableDeal with it ASAP.
People
“Do to others what you want them to do to you”
DOES NOT WORK!
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Set the culture earlier rather than later
RitualsRituals
BFM Culture: Let our Hair Down
Learnings from School of Hard Knocks
ProductAwarenessDistributionSalesMoneyPeopleCultureBusiness Plan
Write a business plan. It clarifies your thinking.
