ANALY SIS


How do family enterprises expand in a low-growth environment? Are untapped markets the stuff of blue ocean strategy books or can multigenerational families nimbly channel all-new revenue streams? Scott McCulloch navigates uncharted waters


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ompanies should stop trying to beat the competition and focus on finding “blue oceans”—new markets devoid of competition that create new demand. That was the wily premise of W Chan Kim and Renée Mauborgne, professors of strategy at French business school INSEAD, in


their 2005 international bestseller Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant. Blue ocean is a metaphor for expanding,


competitor-free markets that nimble companies can navigate. Unlike red oceans, crowded with competitors, blue oceans offer untapped market space and the opportunity for highly profitable growth. “Life coaching is a $2 billion industry that


didn’t exist 25 years ago and today it’s the second-fastest-growing profession in America,” Mauborgne told Fortune magazine. But is this approach a fit for multigenerational


family businesses? Imran Zawwar, a strategic management expert


at Cranfield University’s School of Management in the United Kingdom, says it depends on the context in which families operate. Zawwar cites the Global Entrepreneurship


Monitor, which divides leaders into “necessity- driven entrepreneurs” who are involved in entrepreneurship because they had no better choice for work, and “opportunity entrepreneurs” who are driven by opportunity. Zawwar believes family businesses are closer


to “necessity entrepreneurship” since the next generation, who propel the family legacy forward, enter entrepreneurship not because they see opportunities, but because they see few other suitable work choices available.


ISSUE 72 | 2018


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