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 Review: Good to Great Nov 15, 2009
RECAP
Good to Great, by Jim Collins, is based on 5 years of research that tries to explain "why some companies make the leap...and others don't." The research involved selecting over 1400 companies that made the Fortune 500 from 1965 to 1995. Through a series of 5 cuts, the research team whittled the field down to 11 companies that were categorized as good to great along with a group of direct comparison companies. The book presents 5 key findings, including:
* The presence of what Collins termed "Level 5 Leaders"
* A deep understanding of purpose and simplicity termed the "Hedgehog Concept"
* A culture of discipline
* The role of technology as an accelerator
* Consistent effort to produce results as opposed to big breakthroughs or radical change
Lastly, Collins related the findings from the book to findings in his book, Built to Last, which was published a couple years later. Collins stated that findings from Good to Great enabled the ideas in Built to Last and pointed to a connection between BHAGs (Big Hairy Audacious Goals) and the Hedgehog Concept. He stated that a BHAG is a key way to stimulate progress while preserving the core, which provides a unifying focal point of effort and framed by specific understandings. Essentially, a BHAG lies at the core of the 3 elements of the Hedgehog Concept.
PROFESSIONAL VALUE
In terms of the value I would place on the findings from this book, I would say that there are definitely useful points. However, most of those key findings seem most applicable to CEOs and to a lesser extent CMOs. There should be collaboration between chief executives to strive for greatness, but by nature of hierarchies, a CMO would not be able to establish the elements necessary to help a company achieve greatness.
WHY THIS BOOK
I was aware of this book for some time, but never took the time to read it. I had heard that some of the concepts could be applied not only to business, but to life as well, so that aspect interested me.
LESSONS LEARNED
There were many take-aways from this book, some of which I have actually applied to my life. The lessons that I found the most value in, either professionally or personally, include:
* The Stockdale Paradox
o Stoically accept the brutal facts of reality
o "You must never confuse faith that you will prevail in the end - which you can never afford to lose - with the discipline to confront the most brutal facts of your current reality, whatever they might be." - Admiral Stockdale
* The Hedgehog Concept
o Business
* What you are deeply passionate about
* What you can be the best in the world at
* What drives the economic engine
o Personal
* What are you passionate about?
* What can you be the best in the world at?
* Do you get paid well to do it?
IMPLEMENTATION
Implementing the key findings in a business setting would require high-level authority. From a marketer's standpoint, I would take these ideas to my future cohorts and seek collaboration. Some of the principles seem like they can be learned, taught, and/or gained over time, such as finding a Hedgehog Concept. However, there are others, such as Level 5 Leadership, which may not occur due simply to character, personality, or desire. From experience in both entrepreneurial settings and Fortune 500 settings, it's my opinion that establishing some of the principles in a company culture from the beginning make the chances of success, for any specific principle, higher.
 Worth the Hype Nov 13, 2009
It's impossible to overstate how many lessons there are in this work. For organizational leaders this is a must read. Multiple insights here with practical application for those who want to build sustainable and transformational agencies. Thank you, Jim!
The Discipline Framework - Small or Big - Business or Personal - a platform for excellence Nov 02, 2009
Required reading if you want to at least appear to know how a company should be built. Can you guess the first step. Disiplined people followed by disiplined thinking. Geeh, I bet the two go together like milk and cookies. Ahhh, disipline is so rare indeed."
The Best Busines Book I have Read Oct 29, 2009
If I had to recommend just one business book to someone it would be this one. There are so many concepts here that I use on a daily basis e.g. " good is the enemy of great". I do not want to be "good" anymore and react strongly when anyone in my team aspires to being good.
My wife Lola is a mother who "washes her cottage cheese". To me that says is all. She is a great mother. The Hedgehog concept, the Stockdale paradox it goes on and on.
The real message here, which is not new but which is eloquently understated here, is that success in business is about who you are not what you do or how you do it. That was a pretty big breakthrough for me.
It was underlined when a former business partner scoffed at my suggestion that they read the book and learn from its principals and they personify the "how not to do it" part of the book i.e. good companies not great ones.
So..... fascinating stuff with real world applications and a wider, almost spiritual, message.
A book all entrepreneurs should read Oct 16, 2009
I received this book promptly and in excellent condition. It has a lot of data and studies of companies which can be dry at times but the principles that this book teaches are critical for anyone looking to start a business or take their business from good to great. I definitely recommend it.
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