The document outlines the concept of growth horizons in business, emphasizing the need for companies to manage three distinct horizons concurrently: Horizon 1 focuses on defending and extending the core business; Horizon 2 involves building emerging businesses for medium-term revenue growth; and Horizon 3 is about exploring future opportunities. It stresses that to achieve sustainable and profitable growth, firms must ensure a healthy flow of options across these horizons while addressing market uncertainties and management challenges. Ultimately, the document advocates for a balanced approach to innovation and resource allocation to navigate the evolving business landscape.