Note: This article is courtesy of Iris.xyz
By Jon Sabes
As CEO of an entrepreneurial finance company, I spend much of my time working to grow our business by capitalizing on opportunity. The rest of the time, when I am not with my family, you can find me outdoors, pushing my mental and physical limits as an ultra-distance athlete. And while many claim to work hard and play hard, my quest goes deeper.
My quest is to merge the two sides of myself to find the “ultra” in business and in life – and redefine what’s possible through “creative destruction.”
Even if the term is new to you, the concept likely isn’t. Coined by economist Joseph Schumpeter half a century ago, creative destruction is a theory and process of innovation – and most often associated with economic and business cycle innovation. The theory is rooted in a persistent approach to challenging, destroying, and recreating existing structures. Sound exciting? It is. Sound daunting? It’s that, too. Yet it’s what I strive for every day. It’s what drives me to create new ways of looking at old ideas…to turn old concepts on their heads, apply resources to support new approaches, and, ultimately, discover refreshing ways of thinking about the world, and my place in it.
As challenging as that may sound, making it happen requires following a simple, step-by-step process to transform even the smallest spark into reality:
- Begin with an idea;
- Define a goal;
- Explore your beliefs;
- Create a definite plan; and
- Take action in furtherance of your plan.
At our company, GWG, the process of creative destruction has helped us apply disruptive financial approaches to the long-established and deeply-entrenched life insurance industry. We developed a new type of cooperative that offers consumers market value for life insurance by offering investors the opportunity to have financial participation in the policies – a new version of an old concept – a true mutual life insurance company concept. And that was just one idea. One small spark that led to the complete rethinking of an outdated approach to “business as usual.” The possibilities are endless.