Drucker was struck by how often companies stray into new markets that they know little about. He emphasised the need to focus on the core business.
Example: in 2016 Australian DIY giant Wesfarmers bought the UK’s Homebase for £340 million. Money was poured into Homebase to improve it, but after making heavy losses Wesfarmers pulled out in 2018, selling Homebase for £1.
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