Creative –Destruction: The Essence of Entrepreneurial Studies

Abstract

Creative-Destruction is a mirror of entrepreneurial model meant to revolutionize actions of business people. The paper tries to look into the origin of creative-destruction which was traceable to economists of the old, in their guest to study capitalism, socialism and democracy. They wanted to know how slack resources from organizations could be utilized to create wealth to the benefits of humanity. Upon the analyses of the works of Karl Marx and Schumpeter, as well as other classical economists, it was proved beyond doubt that so many countries have built on the theories of the economists to develop ideas, new innovations, inventiveness and creative ways of prosecuting government projects and businesses. As early as the beginning of Nineteen Century, the economists had propounded theories, laws and principles, governing economic activities based on their western education, showing that for entrepreneurial studies to succeed in transforming the world, education which is the driver of economic growth must be encouraged by the nations of the world.