Posted: 25/07/2014 By: Paul Minors. On the other hand, they maintained an unwavering faith in the endgame, and a commitment to prevail as a great company despite the brutal facts. Never Waste A Crisis| Discover My Next Big Investments & How To Survive A Major Economic Crash, Good Strategy, Bad Strategy Summary | Chapters, PDF & Review of Richard Rumlet’s Book. However, Jim points out that the Good to Great companies don’t pursue new technologies unless they fit in with their hedgehog concept. Share 18. G2GC’s set their goals and strategies based on understanding as opposed to bravado. Guidelines is my eBook that summarises the main lessons from 33 of the best-selling self-help books in one place. ”There is no defining “ah-ha” moment which illustrates their dramatic transformation. Harness appropriate technologies to your Hedgehog Concept, to accelerate momentum. And this is how Jim describes what the transformation of companies from good to great is like. You can accomplish anything in life, provided that you do not mind who gets the credit. Creative Commons Attribution-Share Alike 3.0 Unported License. “What can you be the best in the world at?”. As long as your people are ‘right’ for the job, they will be motivated to solve the problems. Jim Collins, author of Built to Last considers himself both a student and teacher of leadership. From the author of Built to Last, Good to Great outlines a model for turning a good, average or even mediocre company into a great one. A great guide to building a successful business or organisation that will prosper over a long period of time. Make major acquisitions after breakthrough (if at all) to accelerate momentum. Put your best people on your biggest opportunities, not your biggest problems. If you find that you have the wrong set of people, act fast and change this. This book is perfect for anyone running or working in a company. As a leader you must create an environment where the truth is heard and brutal facts are confronted. The classic book Good to Great, authored by Stanford Business School professor Jim Collins shows us why some companies make the leap while from Good to Great, while other companies don’t.. Key Ideas: 3 Disciplines of going from Good to Great. Remember, as a leader, engage your workers with questions instead of answers. Jim describes the process as something that progresses over time; the momentum is gradual, similar to a spinning flywheel. Execution: The Discipline of Getting Things Done by Larry Bossidy is another similar read. The key question about any technology is, Does the technology fit directly with your HC? And understand how to get there. Tweet 8. Pin 4. Key Takeaways: Great businesses are grounded in their Hedgehog concept Use debate and conversation as the first tools, never coercion. Required fields are marked *. G2GC’s avoid technology fads and bandwagons, yet they become pioneers in the application of carefully selected technologies. There was no launch event, no tag line, no programmatic feel whatsoever. If no, then you can settle for parity or ignore it. What sets the successful companies apart from those that fail. Betrrand Russell. And you have to stick to it. Allow freedom and responsibility, this will inspire a culture that is creative and hardworking. They are resolved to do whatever it takes to make the company great. Follow your passion and you'll never have to work a day in your life. The moment a leader allows himself to become the primary reality people worry about, rather than reality being the primary reality, you have a recipe for mediocrity, or worse. Ask yourself the following three questions; To figure out what your hedgehog paradox is, answer the questions and find the intercepting link. Collins explains it well with a bus metaphor; “Look, I don't really know where we should take this bus. Disciplined action without self-disciplined people is impossible to maintain, and disciplined action without disciplined thought is a recipe for disaster. You’re not going to wake up one morning with a revolutionary great company. Here are a few of Collin’s top tips for hiring; ”Good-to-great management teams consist of people who debate vigorously in search of the best answers, yet who unify behind decisions, regardless of parochial interests.”. Collins identifies the reason this way is easier, is because it’s a lot easier to motivate the right people, less management will be involved. Rather than having a vision, then getting people to work towards the said vision. They hired self-disciplined people who didn't need to be managed, and then managed the system, not the people.”. If you’re a leader and enjoyed Jim Collin’s take on leadership, it’s worth checking out Leaders Eat Last by Simon Sinek. Make sure you truly listen and engage with everyone’s opinions. Despite what you may think, Collins explains that not all leaders behind the ‘great’ companies are well-known or high-profile. ”If you focus on the who first, it's easier to change direction later because these people are on the bus because of who else is on the bus. Remember that everyone is entitled to not only having their say but also being heard. You will likely find a potential L5 leader at work. Jump right to action, without disciplined thought and without first getting the right people on the bus. Budgeting should be seen as a way of determining which business activities are working toward the goal and should be funded, and which are not and should be starved. Responsibility accounting – Where every dollar spent, earned, invested, etc. Level 1 – Highly capable individual – Makes productive contributions through talent, knowledge, skills, and good work habits. The people that do the best work, have them working where the opportunities are rather than where the problems are. LEARN HOW TO SET UP A BASIC SYSTEM FOR STAYING ORGANISED! The end goal is the hedgehog concept; a single unifying strategy or concept. Collins calls these people the “Level 5 Leaders”: ”An individual who blends extreme personal humility with intense professional will.”. Collins explains that great companies base their strategies on what Collins considers to be a deep understanding of the three key dimensions. Four ways to do this: Your email address will not be published.
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