In creatively destructive industries, entrepreneurs enter with new firms; challenge established firms on the basis on new ideas; disrupt the old ways of production, organization, and distribution; and replace the old firms.

Question

Quizplus · Accepted Answer

Creative destruction refers to the process where new innovations lead to the demise of outdated industries or practices, allowing new firms to emerge and challenge established ones with innovative ideas and methods.

In Creatively Destructive Industries, Entrepreneurs Enter with New Firms; Challenge