Creative Destruction, Entrepreneurship, & Discovery

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Creative Destruction, Entrepreneurship, & Discovery

Presentation transcript:

Creative Destruction, Entrepreneurship, & Discovery Russell S. Sobel, Ph.D. Professor of Economics and Entrepreneurship Baker School of Business The Citadel

What is Entrepreneurship? Harder than you might think…. An inventor in an existing company? A Subway franchise owner? What about non-business cases like..

Military Entrepreneurship? To This: From This:

Social Entrepreneurship?

Political or Legal Entrepreneurship? Gerrymandering – Gov. Elbridge Gerry (1812) Illinois NC

Possible Definitions? Traditional (narrow) definition: An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. Broader definition: An entrepreneur is an agent of change.

Academic Ideas on the Subject Israel Kirzner An entrepreneur is someone who discovers previously overlooked or unknown profit opportunities Discovery is incentivized by profit

Invention vs. Innovation

Joseph Schumpeter’s Entrepreneur Two Aspects He Stressed: ‘Creative Destruction’ New Combinations of Resources

Joseph Schumpeter’s Creative Destruction Capitalism...is by nature a method of economic change... the new goods, the new methods of production or transportation ... that revolutionize the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism. From Capitalism, Socialism and Democracy (1942)

Our Phones

Our Entertainment

Our Science

Our Computers MacBook Air Least expensive-13-inch, 128GB, $850.00 Most expensive- 13-inch, 256GB, $1,299.00

Our Video Games

Our Video Games

Our Medicine

Creative Destruction An economy undergoes continuous change – some industries fail, others are born According to Shumpeter entrepreneurs search for new combinations of resources Capitalism critically relies on the profit and loss system to direct this process

Creative Destruction’s Opponents

Thank You / Q&A Russell S. Sobel, Ph.D. Professor of Economics and Entrepreneurship Baker School of Business The Citadel