Blue Ocean Strategy and Corporate Entrepreneurship - Assignment Example

• Question 1

University of Ontario Institute of Technology (UOIT) is an institute based out of Canada is trying to improve the skills by training the candidates and contributes in a better career prospect for the candidates in the future. They offer various programs to the seeking candidates and groom them in order to get competitive advantage over others. The institute offers vast array of degrees which include bachelors, masters and PhDs and a few subjects are very unique which other institutes do not offer. This is the competitive point for the institute and the students who graduate from here are comparatively better skilled and efficient than other students. Moreover, the institute is covering almost all the major field of studies such as science, arts as well as commerce and its substituent.

In addition to all these the institute also enriches the economy by generating some dollars for every dollar of base funding. It contributed nearly an amount of $205 million to the GDP of Ontario. It also helps in employment generation where it creates jobs for many.

• • Blue Ocean Strategy and Corporate Entrepreneurship for UOIT

Blue ocean strategy is actually a book written by W. Chan Kim and Renee Maubargne where both the authors argued about the companies and their strategy making which is regarding both the competitiveness and uniqueness (Kim & Mauborgne, 2014). Therefore, the book’s core component is about creation of a new market space where the product and service should be unique in itself. This has been made understandable by comparing the red ocean and blue ocean. Red ocean is the existing industry with a huge competition but Blue Ocean is the untapped market which could be either created within the existing industry or it will be a new space at all (Agnihotri, 2015). One of the thoughts as per the Blue Ocean strategy, there should be more focus on providing reasonable product or service at a low price rather than providing a high quality at high price.

Creating Blue Ocean strategy in education sector is quite important as it is one of the most demanded sectors. The need for education in any region is very much in requirement. In case of UOIT, it provides degrees for all curriculum levels as well as on many subjects. It can be considered that the institute is well established as well as is very much diversified regarding its education. The institute instead of comparing itself to the other institutes on the region should put efforts on its value innovation. Therefore, in this case beating the competitor is not the deal but creating uniqueness is (Eskandari, Miri & Allahyary, 2015). Therefore, the institute should also provide various platforms of education other than regular class and introduce distance learning degree through introduction of online courses.

Moreover, an education system which is providing experimental and practical knowledge to its students will be very much encouraged. On the other hand, there are also some students who generally like to read various books but do not have access to the same. Therefore, the institute could make some websites for outsiders who can access the books by paying a few amount of money. In addition, the institute could also enhance its model wherein it could facilitate low priced education facilities to one who finds it difficult to afford. The institute should also fund the need of educational growth so as to facilitate the learning experience of the students. In order to mitigate excess cost, the institute should eliminate various programs which are irrelevant to the academic activities.

Corporate Entrepreneurship on the other hand refers to the development of new ideas in a well-established institute in order to improve the profitability as well as enhance its competitiveness with the sector it is operating (Pitt et al., 2015: Bloodgood et al.,2015). In education sector, the books and texts are same irrespective of institutes. Therefore, the uniqueness could only be developed by the faculties as well as management of the institute. Most of the options which have been recommended previously support the profitability of the institute. If the institute tries to eliminate irrelevant costs, the profitability will undoubtedly improve. In addition to the same, if the institute also facilitates other platforms of distributing degree then it will only contribute to its earnings. Moreover, intake of more students will also help not only the institute but also a talented candidate who does not have sufficient money supply to pursue education but has an appetite to learn.

• Question 2

Self-evaluation in very simple term can be considered as the reflection of owns’ progress, growth as well as development in our own eyes. It is very important for a person to evaluate himself as the areas of improvement are easily identified. It provides an opportunity to person to recognize his/her own self-identity. It actually helps a person to evaluate and enhance himself (Chavez, 2015).

• • Self-assessment
• I belong to a culture which provides a huge importance to the artistic, literacy, social as well as political elements. Humor prevails as we like to smile as well as make others smile. We are very much fond of our history as it is not influenced by one culture but many. I am proud of my country which has a diversified culture as well as many immigrants also colored they into our culture only. I belong to a family where humor is quite frequent and our ideologies make us laugh even at slight moments. It is so because we love comedy shows and even try to crack jokes at several moments. Other than this, my grandparents were also very fond of art which included paintings and other heritage sculptures. This has come to me in heritance after my parents who also had interest in literature. Moreover, music is something which almost everyone enjoys in my house. Sports are something which I’m not very much fond of but yes I do cheer my team during ice hockey match. I have a special liking for the folklores very much which even include existence of many imaginary creatures and do like to hear them. However, my ethics and culture do impact my critical thinking process as I’m very much inclines towards the music and art and am even little superstitious. However, am trying to improve of several fronts and absorb the most of the positive things which I feel is valuable for me. The reason for mentioning the same is that I generally do what I feel is right rather than doing the same under pressure. It is how I value my culture by doing the right as per my thinking process.
• I’m quite emotional and mostly take my decisions based on my emotions. Emotion is something which comes from my heart rather than thinking critically. Though it is very important to use brain but I try to understand others and do the right purpose. The culture from where I belong taught me to understand people rather than blindly focus on the requirement. I generally try to see things from other’s point of view and am not very biased as I react as per the situation. However, I’m trying to improve in these grounds where I need to stay tune with my own emotions and belief and then judge others as it might create trouble for me. On the other hand, the main thing which I try to improve is to avoid humor while conversing to someone on professional level. Being an emotional creature, I try to avoid negative feelings but at the same time observe the nature of the other person. I’m working on relationship building as well as socializing so as to understand different person and their behavior. I concentrate on not lowering my self-esteem if I could not connect to someone properly as behavior varies. My aim is to surround myself with positive thinking and try to relax when stressed. A calm area provides me with enhanced thinking capacity and scenic beauty provides calmness. This also raises my self-esteem or helps stemming it if depressed due to some reason.
• Communicating with someone is not a big deal with me but effectively communication is. However, I try to enhance collaboration as well as deliberation through improvement of my communication skill. I thought to go over the internet and list down a few collaboration and deliberation skills and will use them while communicating to others. I feel free to communicate with others but I like it more when the interaction is more from emotions rather than for some purpose, as I feel it more of a need of the situation rather than interaction. I would try to act in a logical way and keep any of my arguments based on facts. However, I will also provide with my opinions wherever necessary but it will be logical and relevant to the topic. Connecting to others is something which I try from very first day and will improve it such that it will provide me with an advantage of collaborating with others.
• I believe that one should have appetite to learn more and more as we will only gain. Therefore, I would like to increase my personal knowledge through learning not only in academics but also the things which I find interesting. I have been always fond of various mystical elements which are out of my academic curriculum but curiosity makes me read such articles and gain knowledge about the same. If provided with an opportunity, I would like to visit some places linked to such elements. However, once my studies are over, I would like to move out to earn by my own and once settled, I will also call my parents and siblings. I would try to get a job in the field of my studies and attain a better position in the same.
• References

Agnihotri, A. (2015). Extending boundaries of Blue Ocean Strategy. Journal of Strategic Marketing, 1-10.

Bloodgood, J. M., Hornsby, J. S., Burkemper, A. C., & Sarooghi, H. (2015). A system dynamics perspective of corporate entrepreneurship. Small Business Economics, 45(2), 383-402.

Chavez, R. S. (2015). The structure and function of brain networks underlying self-evaluation. New Hampshire: Dartmouth College.

Eskandari, M. J., Miri, M., & Allahyary, A. (2015). Thinking of the blue ocean-strategy beyond the competition. Asian Journal of Research in Business Economics and Management, 5(8), 134-145.

Kim, W. C., & Mauborgne, R. (2014). Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant. Harvard: Harvard Business Review Press.

Pitt, L., Berthon, P., Robson, M., & Prendegast, G. (2015). Does Corporate Entrepreneurship Influence Innovation in Service Firms?. In Proceedings of the 1997 World Marketing Congress (pp. 639-645). Berlin: Springer International Publishing.