Creative Destruction and the need for an adaptive strategy
Creative destruction is the term that the economist Joseph Schumpter gave to the reality of industry mutation and innovation. These changes simultaneously provide opportunities and destroy opportunities and, consequently, some companies are destroyed and others are created. And although we can easily see the effects after the fact, the real challenge is to change in time to avoid the destruction or take advantage of the opportunities.
If we knew how fast an industry was going to change it would be easy to adapt in time — but that’s the real problem. Change seems to have accelerated in the past few years and many leaders and their organizations are taking too long to adapt. Some are waiting for “normal” conditions to reappear. Others want more data to be sure of the changes. Unfortunately, both parties are waiting in vain. All we know for sure is that the future will be different.
Take a hard look at your company or your career and the answer the hard question — “What will you HAVE to change if you are going to adapt to the evolving reality?” Then answer the even harder question — “Can you move fast enough?”
