Good to Great

One of my colleagues told me about a great book he read, it's called, "Good to Great" by Jim Collins. He took five key learning points from it:

1.     Stick to what you’re good at – The Hedgehog Concept. Good-to-great companies are those that consistently stick to doing what they do best and avoid getting distracted into new fields of business that are away from their core competencies.

2.     Good is the enemy of great. This is one of the reasons why so little becomes great, but ultimately good companies can become great companies if they push themselves and don’t settle for great.

3.     Pursue the big 3 traits. Good-to-great companies move ahead of their competitors by pursuing only those projects that have three traits;

        a.     What they can be ‘best in the world’ at

        b.    What drives profitability for their business model

        c.     What their people are deeply passionate about

4.     Do not get side-tracked on non-core ideas. Instead, good-to-great companies set their goals and strategies based on understanding what lies within their Hedgehog Concept and ignoring everything that does not.

5.     Creating a good-to-great company takes time and is an iterative process rather than a blinding flash of inspiration. To guide this process, many use a ‘Business Council’ approach to gain the depth of understanding required to come up with a unique differentiating Hedgehog Concept.

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