Blockbuster, box screen TVs, the CD-ROM–all wiped out by creative destruction.
Economist Joseph Schumpeter coined the term “creative destruction” some time ago, but the principle is timeless.
“Cooler” things replace those old, outdated things.
Large items become smaller, more mobile. Resources are better allocated to things consumers need and want.
While society as a whole plays this out in a compelling way, most businesses are hesitant to heed its call.
“What if it doesn’t work?” “But, this is the way we’ve always done things…”
The boss is scared; he doesn’t want to screw up. After all, he has a boss, too.
While I can’t say for sure, I’d imagine that startups are better at this. They have less bureaucracy, less red tape to unravel, fewer board members to appease, and less “compliance.” (Just a hypothesis)
Entrepreneurs and freelancers have it the best. They can go out and try something new without asking permission. If it doesn’t work, they simply dump it and move on to the next idea.
Creative destruction doesn’t just apply to business, you can also apply it to your life as an individual.
What areas of your life need to be destroyed and replaced?
Here are some areas worth considering:
- Habits – Are they keeping you from reaching your goals? If so, replace them with new ones.
- Beliefs – If you have limiting beliefs, they’ll keep you from making your biggest contribution. What fears are holding you back? Can you replace these fears/beliefs with more empowering ones?
- Relationships – You are the sum of the five people around you. Do they empower you, or do they take your power away? In a toxic relationship? Get rid of them and move on.
- Mission – Is your job a drag or is it stretching you to become a better person? If not, let it go.
- Location – Your environment plays a big role in how you feel and operate. Do you need a bigger city to live in, one with better opportunities? Put all your stuff in a car and move.
- Physical Health/Appearance – If your health is suffering, then your life is hell. Consider getting a gym membership and working off the flab. You can totally transform the way you appear and feel by simply making the gym a regular part of your life.
Reinvent yourself because you have to. Destroy the bottlenecks and inefficiencies bogging you down. And when you find yourself feeling comfortable, destroy yourself over and over again. More than just an idea, creative destruction is a mantra against mediocrity. Hold it close and speak its name the next time you’re feeling stuck.