Creative Destruction is a process of Industrial Mutation

Over the past weeks, the fear of missing out (FOMO) has been replaced with FOGO, a fear of going out. You don’t need to still fear that everyone is having a blast while you’re stuck at home…. everyone is missing out, or maybe no one, what is there to miss out on?  I must admit, I have a new form of FOMO: the fear of missing out on new opportunities.

Natural disasters have a significant and positive impact on entrepreneurial opportunities. While some of us are just hoping we could make it through this pandemic without too much sacrifice, discomfort, or loss, others are discovering opportunities in necessity.

Disruption of business as usual and the weakening of existing company structures and supply chains may create a favorable climate for innovation and entrepreneurial pursuits. Stronger businesses may lose market share allowing new or smaller more agile ventures to enter these markets.

In the early 1990s Mad Cow Disease was active in the UK. I remember the following joke: Two cows are standing in a field. Cow 1: “Did you hear about the outbreak of mad cow disease?” Cow 2: “Good thing I’m a helicopter.” The unending stream of humor and short videos born from our current circumstances, confirms the fact that people can be extremely creative in challenging times.

An Austrian economist Joseph Schumpeter introduced the phrase Creative Destruction in 1942. The term is often used to describe disruptive technologies such as the railroads or, in our time, the internet. Schumpeter describes creative destruction as a process of industrial mutation. This revolutionizes the economic structure from within, destroying the old one, and creating a new one. We are in a difficult time. Our comfort zones are being threatened. But there is the promise of something new being born out of the old. Instead of wishing this season away, try to embrace it not only as a time of loss but also as the start of a journey towards new realities.

ABCD can be an abbreviation for Asset Based Community Development. It is a strategy that encourages people to not focus on what they do not have or what they have lost, but on what they still have. Look afresh at what you still have, your skills, ideas, resources, connections, time, health, life! It can be very humble but viewed with gratitude it can be a starting point for a new venture.

Spesres encourages entrepreneurial action as part of a post-pandemic recovery strategy. The sweet news is that you do not need to wait for some kind of normal before you can get your creative juices flowing. You can apply online today to start our 12 month New Venture Creation course. It’s free education at last! In our current context where resources are scarce and freedom of movement is hindered, we can help to free your mind from the constraints of the lockdown. Go to  http://spesres.co.za/apply-now/ and don’t miss out!

Thank you to my sources.

Written by Sakkie van den Bergh

1 thought on “Creative Destruction is a process of Industrial Mutation”

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top