Today, Walmart is one of the biggest, most successful companies in the world. As a growing disruptor, they innovated many older competitors right out of business. But now, for example, they are in turn under pressure from online disruptors like Amazon. So to stay in the game, Walmart has had to go to Silicon Valley to figure out that culture and find ways to stay relevant tomorrow. As big as they are, they could be put out of business if they don’t keep up.
Creative destruction actually gives small businesses an edge, because small businesses have an easier time adapting and changing. In a big business, with thousands of employees and millions of dollars all directed in doing things a particular way, it is very hard to suddenly change course and reinvent. There are people resisting change, fighting to defend their own turf, and standing in the way of improving. We in the small business world can make those changes more quickly. But whether you’re expanding product lines, looking for new platforms, or whatever else you might be doing, you have to look for ways to reinvent yourself every day.