Austrian economist Joseph Schumpeter developed the theory of creative destruction to describe how something good, and even much needed, can come out of a tragedy. The theory suggests that some businesses must die and paradigms must be “swept away” in order to make room for new ones that will better survive the future.
This is a concept found in nature. For example, we know that left to their own devices, forests will burn down from time to time to clean out the forest floor and force a renewal. While it might feel heartless to apply the same principle to business, . . . [more]