GREAT BY CHOICE

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This is a bookie I made about the book Great by Choice by Jim Collins and Morten T. Hansen. It's a (no-pun-intended) great book! Hopefully its lessons inspire you the same way they inspired me.

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GREAT BY CHOICE

  1. 1. GREAT BY CHOICE
  2. 2. Why do some companies thrive in uncertainty, even chaos, and others do not?
  3. 3. It's all about understanding the principles that distinguish great organizations from good ones
  4. 4. The Principles  Having 10x Leadership  Executing 20 Mile Marches  Firing Bullets, then Cannonballs  Leading Above the Death Line  Having a SMaC Recipe  Maximizing Return on Luck (ROL)
  5. 5. Beware of Myths g visionaries e bold, risk seekin essful leaders ar Myth 1: Succ s 10x companies tion distinguishe Myth 2: Innova and fast action es fast decisions fast world requir Myth 3: A hange in your c requires radical ge in the world 4: A radical chan Myth business ore good luck erprises have m yth 5: Great ent M
  6. 6. 10X Leadership 10X Leaders have purpose, long-term goals, severe performance standards and... the Fanatic Discipline to adhere to them
  7. 7. What 10X Leaders are NOT They're not more creative They're not more visionary They're not more charismatic They're not more ambitious They're not more blessed by luck They're not more risk seeking They're not more heroic They're not more prone to making big, bold moves
  8. 8. 10X Leaders have three CORE behaviors
  9. 9. 1. Fanatic DISCIPLINE • Extreme consistency of action, values and goals. Mental independence and an ability to remain consistent in the face of herd instinct and social pressures 2. Empirical CREATIVITY • Relying on direct observation, conducting practical experiments and/or engaging directly with evidence. Making bold, creative moves from a sound empirical base 3. Productive PARANOIA • Maintaining hyper vigilance in good times as well as in bad. Channeling fear into action, developing contingency plans, building buffers and maintaining large margins of safety
  10. 10. Underlying the three core 10Xer behaviors is a motivating force called LEVEL 5 Ambition
  11. 11. 10X Leaders define themselves by impact and contribution and purpose
  12. 12. LEVEL 5 Ambition • 10X Leaders channel their ego and intensity into something larger than themselves • They're passionately driven for a cause beyond themselves • • Such as: Building a great company, changing the world or achieving a great objective that's not about themselves They reject the idea that luck, chaos or any other external factor determines their success or failure
  13. 13. 20 Mile March Having concrete, clear, intelligent and rigorously pursued performance mechanisms
  14. 14. 20 Mile Marching helps to • Build confidence in your ability to perform well in adverse circumstances • Reduces the likelihood of catastrophe when you're hit by turbulent disruption • Helps you exert self-control in an out-of-control environment Keep to the march! Failure to stay on course can be catastrophic
  15. 15. Elements of a 20 Mile March  Clear performance markers for minimum performance that create productive discomfort  Self-imposed constraints for maximum performance  Tailored to your specific enterprise  Within the company's control to achieve. You shouldn't need luck  A Goldilocks Timeframe - not too long, not too short but just right to be effective  Designed by your company for your company  Must be achieved with great consistency. Good intentions don't count
  16. 16. Fire Bullets, Then Cannonballs Only 9% of innovators ever dominate market share
  17. 17. What is a Bullet? A bullet is an empirical test or experiment aimed at learning what works and that meets three criteria 1. Low cost 2. Low risk 3. Low distraction
  18. 18. The Process 1. Fire bullets to figure out what will work 2. Obtain empirical confidence in your bullet 3. Concentrate your resources. Build a cannonball 4. Fire a cannonball. After the cannonball hits... 5. Keep 20 Mile Marching to make the most of your big success
  19. 19. Creativity + Discipline = Scale The combination of creativity and discipline translate into the ability to scale innovation with great consistency
  20. 20. Leading Above the Death Line Practicing Productive Paranoia
  21. 21. Practice Productive Paranoia • Build cash reserves and buffers. Prepare for unexpected events and bad luck before they happen • Actively bound and manage risk • Zoom Out, then Zoom In
  22. 22. Zoom Out, then Zoom In zoom out 1. Sense a change in conditions 2. Assess the time frame 3. How long before the risk profile changes? 4. Assess with rigor 5. Decide! Do we disrupt our plans? If so, how? ZOOM IN • Focus on supreme execution of plans and objective
  23. 23. SMaC Recipe Specific, Methodical and Consistent Recipe
  24. 24. What is a SMaC Recipe? • A written document. Your Manifesto • A durable set of operating practices • A consistent success formula that's replicable • If absolutely needed, only change one item at a time
  25. 25. Return on Luck When luck happens, what do you do?
  26. 26. Return on Luck is not the same as Luck
  27. 27. Getting Great RoL • Keep pushing, driving for your overall goal or cause. Luck, good and bad will happen • Build a culture that can achieve results with or without luck • Firing bullets can present you with new opportunities. Don't wait for luck • Manage risk to combat bad luck • Practice Zoom Out/Zoom In to recognize luck and see if it merits disrupting your plans • Have a SMaC Recipe that guides you during a luck event
  28. 28. CHOOSE GREATNESS
  29. 29. “Read the book” GREAT BY CHOICE -- Jim Collins and Morten T. Hansen
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