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The theory of patient nurturing can be applied to the development of new ventures in a business context by investing time and resources into new ventures while the core business is still growing. This approach allows for the gradual development and maturation of the new venture, rather than rushing its growth and potentially leading to failure. It's about understanding that new ventures require time to become profitable and should not be expected to deliver immediate results. This approach requires foresight and strategic planning, as well as the willingness to allocate resources to new ventures even when the core business is still successful.
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Management theories not only can be applied to our careers, but also personal lives. Think of them as a resource allocation problem. You have limited...
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The best time to build an alternative growth engine is when the core business is growing. Unfortunately, large companies allocate almost all capital and executive resources to the growing business. When the core business begins to slow, there is no new growth engine ready. It rapidly invests in new ventures and expects them to become huge very fast. Inevitably, as the theory predicts, this ends in a disaster. If a company has ignored investing in new businesses until the time it needs new sources of revenue and profits, it's already too late. It takes years of patient nurturing for a new venture to become a growth engine.
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