101 years ago, Joseph Schumpeter in his book The Theory of Economic Development described entrepreneurs as more than business creators but rather as change agents for the entire society. What was he referring to and how is this relevant today? Entrepreneurs engage in “creative destruction” thereby creating new ideas and new businesses. The result is a shift in the allocation of resources that creates a vibrant economy where these newly created businesses make some existing entities obsolete. Think about mobile phones for a minute. If any of you are old enough, you might remember a time when you could only make a call from a fixed land line that you were in close proximity to. Now you can text, call, check e-mail just about anywhere. It is becoming increasingly hard for consumers to justify paying for land based phone lines. The constant “churning” that Entrepreneurship creates in a healthy and growing economy is finding better ways to serve and improve the quality of life of the region. Schumpeter compares the list of leading entrepreneurs to that of a popular hotel guest list “always full of people, but people who are forever changing”. I don’t think Joseph Schumpeter would have believed in The Eagles “Hotel California” where “You can checkout any time you like, But you can never leave!”
So for today, go out and innovate, creat positive change and report back.
Until next time, be good and cultivate your community of friends.