I agree that when it comes to the economic market, there is no sense in telling what the next move is going to look like. There have been a very select few who have been able to figure out the direction of the market and no doubt that luck played a big factor in the process. Now like you said, there are ways to give yourself a better position when it comes to producing in the uncertainty. The main thing that will help your coming become more successful is
absorb these influences, like social development, technology advancement, cultural shift, economic growth, and turn these factors into strength that increase their company’s outcome.
Being able to adopt to the changes that occur in the world is the best way to stay relevant and not fall behind this fast paces economy. Adapting new technology and new trends makes sure your company is up-to-date and shows customers you are trying. It is weird to think that entrepreneurs are not the main factor of the economy at the end of the day. We, the consumers are the main factor. We dictate what has value and what does not, not the producers. All they can do is produce products and pray the population gives it a high enough value. That why as an entrepreneur, being up-to-date and being able to adapt to new changes is vital. As a producer, your main goal is to gain as much revenue as possible. This means going as cheap as possible, while still having good quality, and selling it as high as possible, while still making it seem like a reasonable purchase. This means sacrificing resources for your beneficial gain, which likely hurts the manufacture of where you got your resources from. As, you stated, the creative destruction is when new products overthrow old ones. It is interesting, being in the year 2023, what else could we want. How are there still new products coming out left and right? Our desires and wants are full filled, but for producers, their goal is to meet our wants while finding a cheaper way to produce. The entrepreneurs created creative destruction on their own. Like you said, it is either eat or be eaten. You either adapt and change, or stay stagnate and become part of the past.