Being destructive....but in a good way

There is a theory that I remember reading about several years ago...a theory that seems to make more sense given my experiences of the last several years. This one comes from an Austrian named Joseph Schumpeter and is called Creative Destruction.

In essence it states that as economies evolve older and staid technologies and companies will be destroyed in favor of the newer ones that are more able to respond to the current circumstances. Think of it as "natural selection" but seen through the lens of business school. The theory also reminds me of the great CS Lewis story that everyone loves to tell at church....the one that talks about how God turns our little comfortable cottage into a mansion.

The theory is painful for those getting pushed out but no one can argue that the newer results aren't better then the originals. Some examples:

• Polaroid cameras were cool but today's digital cameras can do so much more. Polaroid was late in seeing this and as a result suffered.
• I can imagine that manufacturers of the early horse carriages must have been pretty ticked off when Henry Ford and others gave us those darn automobiles. They died but life became better.
• Newspapers have diminished in importance and have given way to blogs, cable TV, and the internet. People get their news in different ways and the print media has to evolve or die.

I have seen this trend in the realm of marketing. Companies can't afford to keep large marketing teams but they still need specific marketing work. As a result they turn to trusted partners that are experts in their specific realm. This trend will only increase with time and I am trying to ensure that I am in front of the trend.

The moral of the story? Change is good if you are willing to adjust. While there are a few things that remain as solid as stone, think values, remember that most everything else is in a constant state of flux. Adapt to the change or become a doodoo. (Quite literally)