For a variety of reasons, I never miss Chairman Jerome Powell’s remarks. I find his thoughts insightful and often more broadly based regarding economics in general. In his January address, I heard him talk about the creative destruction cycle of capitalism.
Michael Cox of the SMU Cox School of Business commented after the press conference with equally interesting thoughts: Capitalism inherently has a cycle of innovation that disrupts or “creatively destroys” the status quo.
It’s a bit like how the Great Game of Business (GGOB) referenced that businesses grow by encountering challenges and obstacles and grow through the process. It can be painful, but it is far better than the alternatives.
Failing to grow, or lacking the courage in leadership to flex to a new model exposes our businesses to a multitude of threats. In short, creative destruction can position our businesses for the future if we can navigate change.
How do we navigate change effectively? It’s often not just science, being successful as an entrepreneur is often a combination of skill, gut, and a little bit of luck.
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