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Introduced in 2001, “Good to Great: Why Some Companies Make the Leap … And Others Do not” by Jim Collins, an American business consultant is a study on how to build up the company and make the leap.
Taking five years on conducting the surveys and analysis with twenty-eight corporations and through 6000 articles as well as thousands of pages of interviews, the author and his research team discover seven key determinants of greatness.
Seven key elements of Good to Great Company:
- Level 5 Leadership: Humble leaders intend to do what’s best for the company.
- First Who… then What: Find the right path for different goals/ Find the right people for different position.
- Confront the Brutal Facts: Face the brutal truth but never lose the hope.
- The Hedgehog Concept
- Culture of Discipline
- Technology Accelerators
- The Flywheel and The Doom Loop
Like his previous book, “Built to Last”, “Good to Great: Why Some Companies Make the Leap … And Others Do not” is a nice read for anyone interested in business, from the CEO, the managers to normal people.
Built to Last, the defining management study of the ’90s, showed how great companies triumph over time and how long-term sustained performance can be engineered into the DNA of an enterprise from the very beginning.
But what about companies that are not born with great DNA? How can good companies, mediocre companies, even bad companies achieve enduring greatness? Are there those that convert long-term mediocrity or worse into long-term superiority? If so, what are the distinguishing characteristics that cause a company to go from good to great?
Over five years, Jim Collins and his research team have analyzed the histories of 28 companies, discovering why some companies make the leap and others don’t. The findings include:
Level 5 Leadership: A surprising style, required for greatness
The Hedgehog Concept: Finding your three circles, to transcend the curse of competence
A Culture of Discipline: The alchemy of great results
Technology Accelerators: How good-to-great companies think differently about technology
The Flywheel and the Doom Loop: Why those who do frequent restructuring fail to make the leap