In discussions concerning the role of entrepreneurship in the economy, an often recurring key concept emerges, namely Schumpeter’s ‘creative destruction’ – a concept encompassing two words that seem to be opposite to each other – to create and to destroy.

Unpack the concept and relate it to the forces of renewal and change in the economy.

Have you seen or encountered the efects of this phenomena in a sector or branch of the economy? Elaborate and give examples. Discuss the efects and pros and cons with this line of thinking with the entrepreneur as the ‘prime change agent’ in an eternal change and growth spiral.