Adapting to Save an Endangered Business
"Creative destruction," the term popularized by Austrian economist Joseph Schumpeter, refers to the process by which entrepreneurs introduce innovations that force established businesses to adapt or die. What does the adaptive process look like on the ground? For small business owners across the U.S., in struggling sectors that range from independent amusement park operators to shoemakers, hobby shops, and travel agencies, survival strategies range from severe service cuts to bold expansion. For a look at stalwarts whose efforts may hold lessons you can employ in your own business, flip through this slide show.