One concept from economics is "Creative Destruction". A recent blog post by Dr Jeff Cornwall explains the concept and applies it to entrepreneurship directly.
A highlight...
Economists tell us that the primary role of entrepreneurs in the economy is to engage in a process they call “creative destruction.” Through their innovations, entrepreneurs help create new industries that transform or even replace old and declining industries...
While there are still many opportunities for entrepreneurs in these industries, other industries have emerged as being on the cusp of fundamental change. Here are a few that have recently caught my attention:
- Advertising: While mass media advertising worked well with the Baby Boomer Generation of consumers, the Millennials do not trust traditional advertising. They get information on what products to buy based on the opinions of their friends transmitted through social media, not from ads developed on Madison Avenue.
- Senior care: We all know that the wave of Baby Boomers, also known now as the “grey tsunami,” will create significant opportunities in senior care. However, Boomers have fundamentally different expectations than their parents, so they most likely will not accept many of the business models for senior care that are common today.
- Education: Technology and unsustainable cost increases will be the likely sources of significant disruption in the education industry over the next decade.