I'm not sure what the blue light signifies, but here is your checklist:
 
1) Make sure battery isn't dead.
 
2) After binding receiver to remote, calibrate esc to remote.
make sure remote throttle position is on (0)
Then go thru esc calibration. usually, you hold the little button on the power switch as you turn it on and wait till the red light comes on.
after that, hold full gas till light changes, then hold full brake till light changes, then release to neutral till esc does it's dancing light show, then it will be ready.