Keep an eye out for the idea of creative destruction. That’s the idea that a new way of doing business will replace the old way and consumers reap huge benefits.
Many people bemoan Wal-Mart destroying lots of small shops. I understand the damage since that phenomenon affected friends of mine.
Before Wal-Mart, the large chain grocery stores wiped out lots of small neighborhood markets.
Don’t forget what happened in the music industry.
John Bredehoft, writing at tymshft, reminds us What goes around comes around – the record industry.
Remember those local record stores all around? (Perhaps I should ask who remembers records?)
John reminds us they were wiped out by huge record stores like Tower and Wherehouse.
Those chains were in turn wiped out by downloadable MP3 files available from iTunes and then Amazon.
- local record stores to
- chain record stores to
- iTunes & Amazon.
- vinyl LP records to
- cassettes to
- CDs to
It’s called creative destruction, not creative comfortable-change. The disruption hurts. Lots of businesses get replaced.
Tremendous, astounding, huge benefits flow to consumers.
So don’t complain too loud about missing that neighborhood record store you liked in days gone by as you listen where ever you may be to your favorite songs that you want this instant pulled from a tiny device you bought on-line that holds a few thousand of your favs.