Don't Let Your New Venture Wither on the Vine
New ventures rarely coexist peacefully with the core businesses that launched them. Why? Organizations often fail to nurture their nascent divisions -- and the ventures stumble badly. For example, toy and gaming giant Hasbro had to unload its new software division at rock-bottom price just five years after launching it.
One way to ensure that your new ventures thrive is to recognize they have unique answers to the questions "Who's our customer?" "What value do we offer?" and "How do we deliver that value?" Listen to those answers. Then use them to provide the skills and business processes the venture needs to serve its customers from its own business model.
September 30, 2008; 8:29 AM ET
Management Tip of the Day
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