
The Diversification Decision: When Entrepreneurs Should Enter a New Industry — and When They Should Not
Diversification is the most romanticized strategic move in business and the most reliably destructive when done for the wrong reasons. After thirty years of building across wine, real estate, hospitality, water, electricity, mobility, marine, and US distribution, the most useful frame I have found for the diversification decision is not 'what industry do we want to enter' but 'do we have a right to win in this industry, and at what cost to the businesses we already own?'
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