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Mr Cantalupo instructed Mr Lederhausen to identify those businesses that could become significant for McDonald’s without distracting management from its core business and to sell or close the rest. The result was that over the course of the next few years, almost all of them were either sold or closed.
坎塔卢波指示利德豪森，从这些业务中挑选出一些未来可能变得较为重要、但 不至于让管理层分心的业务，并将其余业务转手出售或关闭。结果，短短几年内，几 乎所有这些业务不是被卖掉,就是雜大吉。
The lessons: First, this story is common. A company forecasts reduced growth in its core business, looks for new sources of revenue, launches initiatives, and makes acquisitions only to find a few years later, that it is back where it started, having sold or closed its new ventures.
教训：首先，这个案例具有普遍性。一家公司预计其核心业务增长将会放缓,于 是着手寻找新的收人来源，推出各项举措，并进行收购——而数年后却只能回到起 点，把所有新业务卖掉或关停。
Second, the textbook advice set a growth ambition, try a portfolio of related ventures and invest heavily in the few successes at the same timeas attending to the core does not always work, in spite of its continuing popularity.
其次，教科书上建议制定远大发展蓝图，尝试开展一系列相关业务，在 致力于核心业务的同时，遇有好时机就大举投资一尽管一直备受推崇,却并非总 是行之有效。
So, what is the alternative? When the core business starts to mature, leaders should be patient rather than energetic. The main risk is that attention is distracted from the core. Therefore, avoid launching a portfolio of initiatives; don’t set targets for growth outside the core; and don’t set up a new business division or venturing
那么又该怎么做呢？当核心业务开始成熟时，领导人应当保持耐心，不可“勇猛 直前”。这样做最大的风险是可能分散对核心业务的注意力。所以，这时要避免采取 —系列行动，不要制定核心业务以外的增长目标，也不要设立新业务部门或者开拓 新业务。
Do scan opportunities, but with a tough screening process and the expectation that none will be suitable. Expect to use spare cash to buy back shares, until a really good opportunity comes along.
要留心机会，但一定要细加筛查，抱着不会有什么合适的机会的心态。想着有富余资金就回购股票,除非出现真正的良机。
Above all, look for people rather than projects successful new growth outside the core nearly always comes from individuals or teams who happen to have a rare combination of both grassroots knowledge of a particular area and an understanding of how your company’s strengths can be used to succeed.
最重要的是,应该物色的是人而非项目-----般来说，能够从非核心业务获得,新的增长，往往是因为负责新业务的个人或团队难得地兼具以下两大优点；既切实 了解某个特定领域，也明白如何利用公司的有利条件获取成功。
What happened next: The company’s leaders have stuck to and revived the core. In fact, as is often the case with a strong core, the hamburger business is growing again, partly because of the fast growth of emerging markets such as China.
后续:麦当劳的管理层全心投人,终于重振核心业务。部分得益于中国等新兴 市场的迅速增长，该公司汉堡业务重新恢复增长。就核心业务极其强大的案例来 说,这其实是十分寻常的。
McDonald's is still looking for other opportunities but in a patient way.
麦当劳依然在寻找其他机会,但很有耐心。
