I'm currently going over all my favorite books and thought I'd share some of their wisdom here. 1st on the list is Good to Great by Jim Collins. Let's break it down:
Based on a 5 year-long research of public US companies, Collins and his research team were able to provide some insight on what some companies do differently to go from Good to Great, while other companies remain mediocre or make a short trip to greatness, only to fall back down.
First & foremost, all companies must find their ‘Hedgehog Concept’
The wild hedgehog ALWAYS curls himself up into a ball of spikes when threatened by the cunning fox that's out to hunt it down. But this simple strategy is always efficient & saves the hedgehog’s life every time!
The wild hedgehog ALWAYS curls himself up into a ball of spikes when threatened by the cunning fox that's out to hunt it down. But this simple strategy is always efficient & saves the hedgehog’s life every time!
The Hedgehog Concept is a strategy that allows companies to establish their core value proposition.
It prevents their main focus from getting scattered across multiple interests & instead holds on to one focus that's tried & tested to be competent & efficient every single time.
It prevents their main focus from getting scattered across multiple interests & instead holds on to one focus that's tried & tested to be competent & efficient every single time.
All great companies answer 3 key questions to identify their Hedgehog concept:
1. One thing they can do better than anyone else
2. Their biggest passion
3. The key economic indicators to focus on
This helps them discover their key strategy and lays out a clear path to follow.
1. One thing they can do better than anyone else
2. Their biggest passion
3. The key economic indicators to focus on
This helps them discover their key strategy and lays out a clear path to follow.
Tiny incremental pushes in the right direction eventually lead to success.
The Good to Great companies did not transform overnight. They simply stuck to their Hedgehog Concept that made small progressive pushes in the direction of their simple strategy.
The Good to Great companies did not transform overnight. They simply stuck to their Hedgehog Concept that made small progressive pushes in the direction of their simple strategy.
Adopting new technologies simply because they're available should never be your goal.
Instead of being pressured by the fear of missing out, look into how that piece of technology can help you accelerate towards your goal. New tech is essentially just a means to an end.
Instead of being pressured by the fear of missing out, look into how that piece of technology can help you accelerate towards your goal. New tech is essentially just a means to an end.
Successful ‘Good to Great’ transformations need Level 5 leaders who possess humility & willpower with the sole ambition of serving their organization's cause.
They are not driven by ego & are willing to share the credit of their achievements while downplaying their role in it.
They are not driven by ego & are willing to share the credit of their achievements while downplaying their role in it.
Great companies are built with the right people in the right places.
Focus on finding the people with the right character attributes rather than looking into their training & education. When the right people are in place in the right environment, only hard workers can thrive.
Focus on finding the people with the right character attributes rather than looking into their training & education. When the right people are in place in the right environment, only hard workers can thrive.
Confront the hard truth while holding on to faith.
In line with the ‘Stockdale Paradox’, Good to Great companies maintained their ability to face brutal facts head-on.
They were realistic but still held onto the unwavering faith that they would somehow make it to their goal.
In line with the ‘Stockdale Paradox’, Good to Great companies maintained their ability to face brutal facts head-on.
They were realistic but still held onto the unwavering faith that they would somehow make it to their goal.
The leaders of Good to Great companies nurture the environment for everyone to voice their honest opinions without assigning blame.
They cultivate a space for mistakes to be analyzed to understand what went wrong & encourage healthy debates.
They cultivate a space for mistakes to be analyzed to understand what went wrong & encourage healthy debates.
Enlist a culture of rigorous self-discipline that can power through with diligence as you work towards the simple strategy your company is following.
And that’s a wrap!
The key takeaway of Good to Great: for a company to become great, what they need is the right leader & the right people working with rigorous discipline, pursuing one simple strategic concept “Hedgehog Concept” chosen as the core strategy of the organization.
The key takeaway of Good to Great: for a company to become great, what they need is the right leader & the right people working with rigorous discipline, pursuing one simple strategic concept “Hedgehog Concept” chosen as the core strategy of the organization.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
