by Laurent Belsie

About the author: Laurent Belsie is a staff writer and columnist for the Christian Science Monitor newspaper.

When Juan Ponce de Leon arrived in the New World, he found what is now the Bahamas and Florida. But he was disappointed; he was searching for the Fountain of Youth.

In the 1540s, Francisco Coronado established Spain’s claim to a stretch of land from California to Kansas. But it was almost an afterthought. He wanted El Dorado: The Seven Cities of Gold.

That’s the problem with conquistador-explorers. They often chase the wrong things. When today’s corporate chieftains describe cyberspace, history seems to be repeating itself.

In mid-1994, Bell Atlantic and Nynex announced their desire to combine cellular telephone operations, creating a $13 billion behemoth. Columbia Broadcasting System (CBS) and home-shopping channel QVC...