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Zhang Ruimin (CEO/Haier Group)
Ruimin mentions Schumpeter's classic in the course of explaining Haier's philosophy on innovation. In a sentence, Ruimin says, that philosophy is: "Never follow only a single road."
Diving deeper, Ruimin refers to Schumpeter's definition of innovation in Business Cycles: "The reorganization of the factors of production." Here's what that means, from Ruimin's perspective: Generally speaking, your company and your competitors have access to the same resources. So the ongoing challenge of innovation is finding new ways to differentiate yourself, given the comparable access to those resources (talent, cash, raw materials).
"It's like poker. Everyone has the same number of cards," Ruimin tells strategy business. "It's how you play your hand that matters."
Schumpeter is without doubt one of the most influential economists of the 20th century. “Business Cycles”  is considered his great work. We reprint the first edition published in 1939 in two volumes. In "Business Cycles" Schumpeter focuses powerfully on the historical role of technological innovation in accounting for the high degree of instability in capitalists societies. He aims to analyze empirically the actual process of economic development using historical and statistical material based on the theoretical framework he developed in earlier writings. He tried to integrate theory and history primarily by means of statistics. It is because he adopted the method of filling in the statistical contours with detailed industrial history that "Business Cycles" comprises two large volumes. A Classic work.