The story below was initially written and published on Monday 28th September, 2020 under the title "Identifying Greatness" (and sent out on that day as Weekly Insights email).

September 1, 2020, 2:17 pm, Content Marketing Guide for Small Businesses, Data Vis Provides Unique Insight Into Personal Credit Card Debt, Businesses You Can Start With $10,000 or Less, Businesses You Can Start With $1,000 or Less, Businesses You Can Start With $100 or Less, Public Speaking Advice for the Business World, Business, Finance, and Economics for Kids. Using technology the right way? 4. Leaders of paradoxical mix of personal humility and professional will… They are fanatically driven, infected with an incurable need to produce sustainable results. Collins asks an interesting question. For example: I am regularly informed by investors “I did relatively well” or “I achieved a satisfactory return” from, say, a stock like QBE Insurance. The main reason is that when people join you for the strategy or the direction of the company then there is no guarantee that they will stick around or be equally motivated when the company changes its path.

FNArena Book Review: Good To Great. "[4], Publishers Weekly called it "worthwhile", although "many of Collins' perspectives on running a business are amazingly simple and commonsense". BP Editors What I mean is that Collins and his team never said "are there any companies that have all of our good-to-great qualities that weren't good-to-great?". Another example: Examine the strange story of two drugstores, Walgreens and Eckerd. An image of a chain link. That is an important part of the process of making good decisions.

Why some companies make the leap … and others don’t by Jim Collins, Random House Business Books, 300 pages, ISBN 9780712676090. One of the important recipes towards becoming a great company is to make a series of good decisions and good decisions cannot be made unless you confront with brutal facts first.

And while you are at it, download the chapters written by Lisa and by Marc.

Only he knows that. “For over 40 years, Walgreens had bumped along as a very average company, more or less tracking the general market.

I've read all the notes in the book about how the research was done, and I think Collins and his team made a huge mistake.

Now that you have a Level 5 leader, the right people on the bus, confronted brutal facts about you and business and gained deep understanding of your hedgehog concept, it is now time to create a culture that is self-disciplined to take actions within the desired framework of your hedgehog.

Confront the brutal facts (Process Stage: Buildup; Phase: Disciplined Thought).

It’s time for a book report. Welcome back to Weekend Inspiration, my Friday book/movie review segment, after a two-week hiatus.

But to become the most convenient drugstore, they’d need to position themselves in prime real estate: corner stores in city centers and busy intersections. The only way to deliver to the people who are achieving is not to burden them with people who are not achieving. But there is plenty of knowledge embedded in those 300 pages for everyday investors watching and researching opportunities among listed companies worldwide.

So we read this book and we feel good, like it describes our leadership style (more Barnum effect too). With that, I decided to revisit my notes from Good to Great to compile an overview. Therefore, making no claims as to their future success. This is how the author sets off a riveting journey explaining the findings from his and his team’s half a decade of research in the conquest of how to make good companies great. That, and the fact that the sales seem to be driven as much by churches as by businesspeople, is what finally made me write this post.

Great companies have a deep understanding across three major dimensions (as shown in the 3 circles below) and they use this understanding to create a clear and concise concept called ‘The Hedgehog Concept’ which they imparted in every aspect of their decision making.

", Seven characteristics of "Good to Great" companies, Built to Last: Successful Habits of Visionary Companies, "GOOD TO GREAT: Why Some Companies Make the Leap... And Others Don't (Review)", http://www.audiobooks.com/audiobook/good-to-great-why-some-companies-make-the-leap-and-others-dont/83046, http://blog.asmartbear.com/business-advice-plagued-by-survivor-bias.html, Good To Great Best Business & Economics Audiobook, https://en.wikipedia.org/w/index.php?title=Good_to_Great&oldid=975597941, Creative Commons Attribution-ShareAlike License, This page was last edited on 29 August 2020, at 12:04.

September 1, 2020, 2:23 pm, by In other words, Upjohn had faith it would prevail without a brutal assessment of the facts.

In his research, Jim Collins (the author), has found out systematic phases through which any great company goes through and lays out a framework as shown below: The framework has got three main components: 2.

He was tortured more than 20 times over the span of his 8-year imprisonment, during which he endured no release date and no certainty that he’d ever see his family again. AMP shares were once priced above $20 ($1.35 today). Perpetual shares have halved over the past five years.

But Collins would have no way of uncovering that, and even if he did, who would write a book that encourages would-be business leaders to study up on the economics of their industry and better analyze cash flow statements? Quality, however, is what shines beyond the immediate. Their numbers might look a little different, but their conclusions are not: when it comes to investing in listed equities, investors better be extremely cautious, as very few companies that are successful today are able to remain successful over the next three, five, seven, ten years, or longer. Organisations that strive to become great need to have a Level 5 leader. Admittedly, I haven’t been exactly quick in catching up on the author’s global best-seller research. BHP Group shares peaked near $50, twice, in late 2007 and in 2011. An alternate explanation Those companies are: In an overview Collins asks the readers to think of the transformation of good to great as a process of buildup followed by breakthrough. And being the winner does not always mean you have some skill. Isn't Collins supposed to be the expert on Level5 leadership? Throwback! This leads to great insight about the economics of the organisation and hence better decisions. In conclusion, the research showed that all the Good to Great transformation happened with the consistent application of all the mentioned phases. It is important to assemble a team of great people first and then decide on the strategy or vision for the company to make it great. In fact, the 11 good-to-great companies that we found averaged returns 6.9 times greater than the market’s—more than twice the performance rate of General Electric under the legendary Jack Welch. There are 3 practical ways: When you know you need to make a people change, act ! The Tom Peters Criticism Great companies are like hedgehogs, Collins found: they discover what they can do best, and they stick to it.

Or if you have read it, hopefully you will share some of your key learnings for myself and others to learn from as well.

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