What happened: Mr Greenberg found it difficult to dedicate enough attentionto both priorities. The core business continued to deteriorate and in 2001McDonald’s announced its first quarterly loss and the resignation of MrGreenberg.
Jim Cantalupo, a retired McDonald’s executive, was asked to return as CEO.His first announcement was that McDonald’s had been trying to do too manythings. He shut down many of the organic initiatives and housed all the newbusinesses into a structure called McDonald’s Ventures.
Mr Cantalupo instructed Mr Lederhausen to identify those businesses thatcould become significant for McDonald’s without distracting management from itscore business and to sell or close the rest. The result was that over the courseof the next few years, almost all of them were either sold or closed.
The lessons: First, this story is common. A company forecasts reduced growthin 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 whereit started, having sold or closed its new ventures.
Second, the textbook advice – set a growth ambition, try a portfolio ofrelated ventures and invest heavily in the few successes at the same time asattending to the core – does not always work, in spite of its continuingpopularity.
So, what is the alternative? When the core business starts to mature, leadersshould be patient rather than energetic. The main risk is that attention isdistracted 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 businessdivision or venturing unit.
Do scan opportunities, but with a tough screening process and the expectationthat none will be suitable. Expect to use spare cash to buy back shares, until areally good opportunity comes along.
Above all, look for people rather than projects – successful new growthoutside the core nearly always comes from individuals or teams who happen tohave a rare combination of both grassroots knowledge of a particular area and anunderstanding of how your company’s strengths can be used to succeed.
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 isgrowing again, partly because of the fast growth of emerging markets such asChina.
McDonald’s is still looking for other opportunities – but in a patientway.
Oral topic:
Which is more important to a company’s success?tradition or reform?
Learning to learn:
文章最后一段点题，写出了德国面临的挑战也存在机遇 。这种内涵，作者是通过两层转折成功实现的，学习这种写作手法，为以后高阶写作打好基础 。
Language Points:
1. initiative 新计划，新措施 2. acquisition 收购
Exam Focus:
1 Which one is not one of Jack Greenberg’s concerns in 1997 when he becameMcDonald’s fourth executive?
A Profit was on a drop because of fierce competition
B Fatty foods and beef became less popular among people
C How to improve core business.
D Foreign markets offered less revenue
2 what is the author’s suggestion for a company whose core business starts tomature?
A do what the textbook suggests
B start a portfolio of new initiatives
C look for opportunities in a patient way and build up its strength byhiring
D seek growth through acquisitions

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