Change is the only Constant

Sorry, i really couldn't think of a better title. I had a talk with good friends a few days ago about closing a relatively unsuccessful segment of a business they were involved with. They made the case that their mistake was in not properly framing their business as one that is about pursuing profits versus the specifics of the business itself (a profitable segment had carried the business for quite some time until they abandoned the money-losing segment - sorry for being vague, but I'm trying to protect the innocent).

Point being that I wouldn't be so broad as to define a business as merely about the pursuit of profit versus for instance, the pursuit of value. That said, the need to constantly consider changes and transformation when your core business isn't profitable definitely isn't in doubt. I'd bet few people know Lamborghini started out as a tractor manufacturer or that Wrigley's gum started out making soap. Read on here (H/T Paul Kedrosky)