Water, water, everywhere
You don't have to compete in a red ocean of bloody competition. Even exhausted industries — like the circus — can be reinvented.
Don't swim with the school
Quit benchmarking the competition or setting your strategic agenda in the context of theirs.
Find new ponds to fish
Don't assume your current customers have the insights you need to rethink your strategy. Look to noncustomers instead.
Cut bait on costs
Put as much emphasis on what you can eliminate as on what you can create.
A version of this article appeared in the July 2005 issue of Fast Company magazine.