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Table of Contents
About the Author……………………………………….3
Thesis…………………………………………………...3
Chapter 1. Good is the Enemy of Great……………...4
Chapter 2.Level 5 Leadership………………………..5
Chapter 3. First Who….Then what…………………..6
Chapter 4. Confront the brutal facts…………………7
Chapter 5. Hedgehog Concept………………………9
Chapter 6. Cultural Discipline……………………….10
Chapter 7. Technological Accelerators…………….11
Chapter 8. The Flywheel And the Doom Loop…….12
Chapter 9. From Good To great To built to Last…..14
Learnings from Good to great……………………….15
Critique…………………………………………………16
About the Author :
Jim Collins is a student and teacher of enduring great companies -- how they grow, how they attain superior performance, and how good companies can become great companies. Having invested over a decade of research into the topic, Jim has co-authored three books, including the classic Built to Last, a fixture on the Business Week bestseller list for s eliminated wasteful luxuries, like executive dining rooms, corporate jets, lavish vacation spots, etc., for the good of the co mpany - to other people, external factors, and good luck. All 11 of the featured companies had this type of leadership, charactmulti-year research projects and works with executives from the private, public, and social sectors. Jim has served as a teacher to senior executives and CEOs at corporations that include: Starbucks Coffee, Merck, Patagonia, American General, W.L. Gore, and hundreds more. He has also worked with the non-corporate sector such as the Leadership Network of Churches, Johns Hopkins Medical School, the Boys & Girls Clubs of America and The Peter F. Drucker Foundation for Non-Profit Management. Jim invests a significant portion of his energy in large-scale research projects -- often five or more years in duration -- to develop fundamental insights and then translate those findings into books, articles and lectures. He uses his management laboratory to work directly with executives and to develop practical tools for applying the concepts that flow from his research. In addition, Jim is an avid rock climber and has made free ascents of the West Face of El Capitan and the East Face of Washington Column in Yosemite Valley.
Thesis :
Collins and his team identified 11 companies that followed a pattern of "fifteen-year cumulative stock returns at or below the general stock market, punctuated by a transition point, then cumulative returns at least three times the market over the next fifteen years." Public companies were selected because of the availability of comparable data. Fifteen-year segments were selected to weed out the one-hit wonders and luck breaks. While these selection criteria exclude "new economy" companies, Collins contends that there is nothing new about the new economy, citing earlier technology innovations of electricity, the telephone, and the transistor. Having identified the companies that made the leap from Good To Great, Collins and his team set out to examine the transition point. What characteristics did the Good To Great companies have that their industry counterparts did not? What didn't the Good To Great companies have? Collins maps out three stages, each with two key concepts. These six concepts are the heart of Good To Great and he devotes a chapter to explaining each of them.
• Level 5 Leadership
• First Who... Then What
• Confront the Brutal Facts
• The Hedgehog Concept
• A Culture of Discipline
• Technology Accelerators
Collins characterizes the Level 5 leader, as "a paradoxical blend of personal humility and professional will." The Level 5 leader is not the "corporate savior" or "turnaround expert". Most of the CEOs of the Good To Great companies as they made the transition were company insiders. They were more concerned about what they could "build, create and contribute" than what they could "get - fame, fortune, adulation, power, whatever". No Ken Lay of Enron or Al Dunlap of Scott Paper, the larger-than-life CEO, led a Good To Great company. This kind of executive is "concerned more with their own reputation for personal greatness" than they are with "setting the company up for success in the next generation". In this book, Jim Collins also challenges the notion that "people are your most important asset" and postulates instead that "the right people are." I don't know that I yet completely agree with his philosophy that it's more important to get the right people on the bus and then see where it goes than it is to figure out where to go and get the right people on the bus who can get you there. However, he makes his point clearly and you can decide if you agree with him. This nearly 300-page book is packed with leading edge thinking, clear examples, and data to support the conclusions. It is a challenge to all business leaders to exhibit the discipline required to move their companies from Good To Great.
Good-to-great leaders understand three simple truths:
If you begin with the “who,” rather than the “what,” you can more easily adapt to a changing world.
If you have the right people on the bus, the problem of how to motivate and manage people largely goes away.
If you have the wrong people, it doesn’t matter whether you discover the right direction—you still won’t have a great company. Great vision without great people is irrelevant.
Action Steps
To create a culture of discipline, you must:
Build a culture around the idea of freedom and responsibility, within a framework.
Good-to-great companies built a consistent system with clear constraints, but they also gave people freedom and responsibility within the framework of that system. They hired self-disciplined people who didn’t need to be managed, and then managed the system, not the people. They also had the discipline of thought, to confront the brutal facts of reality and still maintain faith that they were on the track to greatness. Finally, they took disciplined actions that kept them on that track.
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Fill your culture with self-disciplined people who are willing to go to extreme lengths to fulfill their responsibilities.
People in good-to-great companies tend to be almost fanatical in the pursuit of greatness; they possess the discipline to do whatever it takes to become the best within carefully selected arenas, and then seek continual improvement from there. While everyone would like to be the best, most organizations lack the discipline to figure out with ego less clarity what they can be the best at, and the will to do whatever it takes to turn that potential into reality.
Don’t confuse a culture of discipline with a tyrannical disciplinarian.
Many companies that could not sustain their success had leaders who personally disciplined the organization through sheer force. Good-to-great companies had Level 5 leaders who built an enduring culture of discipline, powered by self-disciplined people who acted in the company’s best interests without strict dictums from leadership. These disciplined companies could and did thrive even after their leaders had departed the organization; those companies that practiced discipline only by tyrannical rule could not sustain themselves once their leaders departed.
Adhere with great consistency to the Hedgehog Concept, exercising an almost religious focus on the intersection of the three circles.
The good-to-great companies at their best followed a simple mantra — “Anything that does not fit with our Hedgehog Concept, we will not do.” They did not launch unrelated businesses or joint ventures in an effort to diversify. They did not panic if the competitive landscape shifted. If a course of action did not fit into their disciplined approach, they did not perform that action. It takes discipline to say “No” to such opportunities.
Collins claims magic occurs when you blend a culture of discipline with an ethic of entrepreneurship. Collin’s discussion about discipline is no different than my discussion about responsibility or Marshall Thurber’s discussion about integrity. Collins points out the interesting paradox that political scientists have known all along. In order to have freedom, there must be rules. To the extent that people are willing to voluntarily abide by those rules, there will an increase in the levels of available freedom. This discipline, responsibility or integrity cannot come through control. There must be disciplined people who engage in disciplined thought and then take disciplined action. The most important discipline is staying loyal to the hedgehog concept.