Good To Great by Jim Collins: The Framework to Level Up!
Have you ever contemplated how to get to the next level in your life? Well, you’re not alone in having such contemplations. Lucky for you, I know where to find the answer! I have discovered a book titled, Good To Great by Jim Collins that often comes up in conversation when aspiring for greatness. I encountered this book everywhere in articles, interview references, online blogs, and even top business book lists. Then, one fine day, I decided not to hold off any longer, and have a read of this book. This 15+ year-old book is based on the answer to the question: What common characteristics are born by companies that travel their way from good to great? Jim Collins and his team have spent a good while in research and reasoning to come up with solid, reality-based facts to answer this question.
Collins is a man who bears curiosity in his heart and cannot let a question of interest go by without providing an answer based on proper research and reasoning. Even if the solution calls for multi-year research, Collins is up for the task. At the end of the first chapter of "Good to Great," Collins proposes a challenge, for his reader to join him in his intellectual journey. The way Collins expresses his thoughts and ideas is easy to read, even though the information in this book is heavily research-based. This book is approachable and comprehensible for readers of every level and background.
At the start, Collins and his team come up with a rundown of companies that jumped from good to great in their business careers. They also provide a good focus on comparison in companies that aided in defining what did and didn't make a difference in their journey to success. Then, they review the financial documents, interviews, and articles – writing content along the way. In the end, they began with the data analysis, the debates, and the “eureka” moments. The data collected in this book is a huge asset, and through it, Jim Collins and his team were able to specifically recognize common concepts in companies that went from Good to Great (affectionately coined GTG).
Through his research, Jim Collins has made it clear as well that Good to Great isn't an easy road. He has found out systemic phases through which any company that achieves greatness would go through to reach its goal. There are many terms introduced in this book, and I will do my best to shed light on some that may not be commonly known.
The framework shown in Collins’ findings has three main parts:
Process
This process maps out the transition from getting a start toward greatness, also known as Build Up. From Build Up to finally achieving an inflection point that literally launches you toward greatness, also named as Breakthrough. This is the moment we aspire to reach!
Phases
There are three phases in the Good to Great journey.
They are:
-Disciplined People: Procuring the right leader and the right team
-Disciplined Thought: Understanding the brutal realities and building a set of core values
-Disciplined Action: Creating a robust culture, where the right people will work in the defined core values with the right freedom
Flywheel
This is the quiet and deliberate process of determining the essential tasks to achieve the best results in the future. It involves taking action and pushing the flywheel in a constant direction until it reaches a breakthrough point.
Collins’ book is an effective tool for anyone looking to go from Good to Great, and he has conducted ample research for it – 300 pages worth! All the criteria and research methodologies he adopted are laid down in detail. The concepts presented in the book start with the concept of Leadership, and it also reflects that the leader isn't the most important thing in the company's success. Humility and steel resolve are the most vital traits of GTG leaders. They bear ambition for their company, even more than they have for themselves, and have a wish to set things up to achieve success even after they are gone. Click Here to grab the Time of the Essence Bundle today and begin creating better habits to achieve the creation of a fly wheel of in your business.
The components explained in GTG are understood as:
1. Level 5 Leadership
Research has revealed that leaders who travel from GTG are not people with very charismatic personalities but are rather shy and quiet. They are people who have a combination of humility and a will of professionalism. Organizations willing to be great should have a Level 5 leader.
2. First Who…Then What
It is a proven fact that the right team is needed to achieve success. Yet, something even more important is developing the right team long before you know what and which path to take toward greatness. Hence, this is the ‘first who..then what' approach. It is of great importance to assemble a team of amazing people first and then decide on the company’s vision to make it great.
3. Confront the Brutal Facts
One of the essential ingredients in becoming a great company is, making a series of good decisions. These are decisions that cannot be made unless you come face-to-face with brutal facts. Companies need to create an atmosphere where the truth is heard. There is a difference between saying, 'saying the first thing that comes to mind' and 'being heard.' The 'being heard' culture allows companies to confront the brutal facts from their people and then use those facts to make the right decisions.
4. The Hedgehog Concept
The hedgehog concept is the strategic difference between GTG companies. Great companies have a deep knowledge across three main dimensions, and they use it to create a clear concept named The Hedgehog Concept. This is the concept imparted in each aspect of their decision making: 1) What you are deeply passionate about? 2) What can you be the best in the world at? and 3) What best drives your economic or resource engine? We use a similar format in the ROI Project Challenge to clarify what you want in life, to match an income plan to fund it!
5. Culture of Discipline
A Level 5 Leader includes inviting the right people on the journey to confront brutal facts about your business and to gain an in-depth understanding of your hedgehog concept. Now is the time to create a culture disciplined enough to take action in the desired framework of your hedgehog.
6. Technology Accelerators
Technology is mainly important in the growth of future businesses. However, it is even more important not to blindly follow the new innovations but rather to be knowledgeable about the necessary and appropriate technology that can speed up the existing momentum. Great companies do not start with what innovation to use; but instead, with what technology best fits their defined hedgehog concept. In the end, the research in Good to Great has revealed that transformations happen with consistent application of all the aforementioned phases.
If you feel you are not consistent with reading, you can join the Avid Listeners Book Club, created to read one book per month. It will help you add value to your life, business, and relationships. The Avid Listeners Book Club’s goal is for members to create an ROI of their time, energy, and resources with each title read. You are welcome to join us via audiobook or via tangible, physical books as well. Happy reading, ya'll!