Good to Great by Jim Collins
An amazing business book w/ numerous lessons for investing/life
9 Key Takeaways:
1) Good is the enemy of great. Good = complacency. Greatness takes hard, thoughtful work.
2) Greatness is a CHOICE
An amazing business book w/ numerous lessons for investing/life
9 Key Takeaways:
1) Good is the enemy of great. Good = complacency. Greatness takes hard, thoughtful work.
2) Greatness is a CHOICE
3) Level 5 leadership necessary
Highly capable/effective leader who is also humble/introspective
NOT a celebrity CEO, who is often a "genius w/ 1,000 helpers"
Level 5 leaders are rare
Highly capable/effective leader who is also humble/introspective
NOT a celebrity CEO, who is often a "genius w/ 1,000 helpers"
Level 5 leaders are rare
4) First WHO, then WHAT
Focus your effort on attracting & retaining the right people
If you made a mistake, fix it right away
Applies to business & life! Choose your friends carefully!
Focus your effort on attracting & retaining the right people
If you made a mistake, fix it right away
Applies to business & life! Choose your friends carefully!
5) Confront the brutal facts
High physicological safety is critical. Team can't fear being fired for speaking up. Otherwise, the brutal facts are never heard.
$GOOG showed that high physicological safety was #1 factor to produce a great team
nytimes.com/2016/02/28/mag…
High physicological safety is critical. Team can't fear being fired for speaking up. Otherwise, the brutal facts are never heard.
$GOOG showed that high physicological safety was #1 factor to produce a great team
nytimes.com/2016/02/28/mag…
6) Develop/focus on hedgehog concept
Where the 3 circles overlap
Where the 3 circles overlap
7) A culture of discipline
"fanatical devotion to the hedgehog concept"
"individuals functions as an entrepreneur, with a deeply rooted personal investment in both their own work and the company’s success."
"fanatical devotion to the hedgehog concept"
"individuals functions as an entrepreneur, with a deeply rooted personal investment in both their own work and the company’s success."
8) Technology accelerators
Accelerator is keyword
Technology IS NOT an edge
Technology ACCELERATES hedgehog strategy execution
Ideal tech adoption cycle: Pause -- Think -- Crawl -- Walk -- Run
Accelerator is keyword
Technology IS NOT an edge
Technology ACCELERATES hedgehog strategy execution
Ideal tech adoption cycle: Pause -- Think -- Crawl -- Walk -- Run
9) These actions combine to get the flywheel spinning
Disciplined people + Disciplined thought + Disciplined Action + Time = Business Momentum = Greatness
Investing takeaways:
Culture/leadership matter: A LOT. Glassdoor/Indeed/Inhersight are great resources
Execution matters: Companies w/ "beat and raise" mentality are usually great executors.
Business momentum exists: Bet on companies that have a history of winning
Culture/leadership matter: A LOT. Glassdoor/Indeed/Inhersight are great resources
Execution matters: Companies w/ "beat and raise" mentality are usually great executors.
Business momentum exists: Bet on companies that have a history of winning
Resources:
expertprogrammanagement.com/2018/05/good-t…
slideshare.net/vantan/good-to…
jimcollins.com
shortform.com/summary/good-t…
tim.blog/2019/02/18/jim…
expertprogrammanagement.com/2018/05/good-t…
slideshare.net/vantan/good-to…
jimcollins.com
shortform.com/summary/good-t…
tim.blog/2019/02/18/jim…
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