How can the theory of patient nurturing be applied to the development of new ventures in a business context?

The potential consequences of a company not investing in new ventures until it's too late can be severe. The company may face a significant decline in revenue and profits as its core business slows down. Without a new growth engine ready, the company may resort to rapid investment in new ventures, expecting them to become huge very fast. However, this approach often ends in disaster as it takes years of patient nurturing for a new venture to become a growth engine. The company may also face a loss of market share, competitive disadvantage, and even risk of bankruptcy.

A company can effectively build an alternative growth engine while the core business is still growing by investing in new ventures and patiently nurturing them over time. This should be done when the core business is still in its growth phase. Large companies often make the mistake of allocating all resources to the growing business and only start investing in new ventures when the core business begins to slow. This approach often ends in disaster as it takes years for a new venture to become a growth engine. Therefore, it's crucial to start investing in new businesses while the core business is still growing.