This is conventional wisdom (and thus, usually correct).
However, it's always interesting to look at counterexamples: Beretta, for example (in business for 500 years).
https://www.albertcory.io/lets-do-have-hindsight
or the IBM PC, which cannibalized IBM's business, at least in IBM's mind. Thus, they screwed it up and let Wintel make the real billions. So it worked, until they took your advice and decided that had to stop.
This is conventional wisdom (and thus, usually correct).
However, it's always interesting to look at counterexamples: Beretta, for example (in business for 500 years).
https://www.albertcory.io/lets-do-have-hindsight
or the IBM PC, which cannibalized IBM's business, at least in IBM's mind. Thus, they screwed it up and let Wintel make the real billions. So it worked, until they took your advice and decided that had to stop.