Monday, October 1, 2007

Good to Great

Good to Great

I recently borrowed this book off of one of the executives at work. I am hoping this is the one of the few reads I will do unrelated to my Thesis until it is done. I would like to summarize some of the important points to help reinforce what I read.

Basically, Jim Collins studied numerous companies and tried to distill what 11 companies out of thousands did right which lead to their exceptional growth and value creation.

Level 5 Leaders - Builds enduring greatness through a paradoxical blen of personal humility and professional will.
I liked the comment about the window and the mirror. Look through the window when there is credit to be given and the mirror when blame is to be assigned.

The HedgeHog Concept - Do the simple things and do them well. Take the three circles (What you are deeply passionate about, What you can be the best in the world at, and What drives your economic engine) and your strategy should be within the intersection of these circles.

The Flywheel - Things do not happen in one fell swoop or some rah -rah session. It is a sustainable drive, like pushing on a giant, heavy flywheel, it takes a lot of effort to get the thing moving at all, but with persistent pushing in a consistent direction over a long period of time. (Sam Walton took 7 years before he opened his second store! from which came over 3000 stores and over $150 billion in revenues in 2000).

Read the book for more in depth, but I saw a documentary on it and its application to the public sector as well.

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