Creative Destruction

Small business is often cited as the backbone of the American economic system, and whether everyone believes that or not, it is a fact that it makes up a significant amount of jobs in our economy. Development of new businesses and growing ventures that have already been created is exciting and leads to not only a better life for the business owner, but even the economic system as a whole. Innovation is my favorite action, and I believe it drives much of our business sector and allows small businesses to flourish.

Like a small ship compared to a large ship, the ability to maneuver and capitalize on innovation is suited for the small ship, or the small business. Schumpeter’s creative destruction, a concept I hold to religiously, is one that we can always look to in business development and value creation. Whether it is a product or a process, innovation can lead to success.

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