Book Recap – Great by Choice by Jim Collins and M.T. Hansen

“Great by Choice” is a book written by Jim Collins and Morten T. Hansen. It is a follow-up to Collins’ highly influential business book “Good to Great,” and explores the concept of “10X” performance, or achieving results that are ten times better than the average in your field. In the book, Collins and Hansen use a variety of case studies to examine what sets successful companies apart from their peers, and identify key principles that can help organizations achieve exceptional results. Through their research, they conclude that a combination of discipline, creativity, and a strong focus on execution are essential for achieving 10X performance. “Great by Choice” offers practical insights and actionable recommendations for leaders looking to take their organizations to the next level of excellence.

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The main points of the book are:

1. Great by choice is a book about companies that achieved exceptional results in uncertain and volatile environments.
2. The authors, Jim Collins and Morten Hansen, conducted a research study to identify the factors that contributed to the success of these companies.
3. The authors identified two key factors that distinguished the successful companies from the others: a “20 Mile March” mindset and a “Hedgehog Concept.”
4. The “20 Mile March” mindset refers to a consistent, disciplined approach to achieving a specific set of performance targets, no matter the circumstances.
5. The “Hedgehog Concept” is a focus on a specific area of expertise, or “passion,” that aligns with a company’s unique capabilities and the needs of its customers.
6. The authors also identified several other factors that contributed to the success of the companies in their study, including:
   1. A culture of discipline and accountability
   2. A focus on innovation and experimentation
   3. A willingness to take calculated risks
   4. A commitment to continuous improvement and learning
   5. Strong leadership and team-building skills
   6. A clear and compelling vision for the future
7. The book also discusses the importance of facing and overcoming “fatal flaws,” or fundamental weaknesses that could derail a company’s success.
8. The authors argue that success is not solely determined by external factors, but rather by the choices and actions taken by the company and its leaders.
9. Great by choice is a practical and inspiring guide for leaders looking to achieve exceptional results in any industry or environment.
10. The book is based on a decade-long research study conducted by the authors, including interviews with over 50 top-performing companies.
11. The study identified 10X companies, or companies that achieved at least 10 times the industry median performance over a 15-year period.
12. The authors found that the 10X companies had a “20 Mile March” mindset, a “Hedgehog Concept,” and a culture of discipline and accountability.
13. The “20 Mile March” mindset involves setting specific, measurable performance targets and consistently working towards them, no matter the circumstances.
14. The “Hedgehog Concept” is a focus on a specific area of expertise that aligns with a company’s unique capabilities and the needs of its customers.
15. The authors also found that the 10X companies were willing to take calculated risks, had a commitment to continuous improvement and learning, and strong leadership and team-building skills.
16. The book emphasizes the importance of facing and overcoming “fatal flaws,” or fundamental weaknesses that could derail a company’s success.
17. The authors argue that success is not solely determined by external factors, but rather by the choices and actions taken by the company and its leaders.
18. The book provides practical advice for leaders looking to achieve exceptional results, including the importance of setting clear goals, embracing change, and staying focused on what matters most.
19. Great by choice is a valuable resource for leaders in any industry, offering a roadmap for achieving long-term success in a rapidly changing world.
20. The book is written in a clear, engaging style that is accessible to readers of all levels of experience.
21. The authors draw on real-world examples and case studies to illustrate their points, making the concepts easy to understand and apply.
22. Great by choice is an inspiring and thought-provoking read that will help leaders create their own path to success.
23. The book is divided into three main sections: the “20 Mile March,” the “Hedgehog Concept,” and the “Flywheel.”
24. The “Flywheel” section of the book discusses the importance of creating a virtuous cycle of progress, where small wins build momentum and lead to even greater success over time.
25. The authors argue that companies should focus on building a “Flywheel” of progress, rather than seeking quick fixes or silver bullets.
26. Great by choice also discusses the role of leadership in achieving exceptional results.
    The authors argue that strong leaders are able to inspire their teams, create a culture of discipline and accountability, and make tough decisions when necessary.
27. The book emphasizes the importance of developing a clear vision for the future, and how this can help a company navigate uncertainty and change.
28. Great by choice also touches on the role of innovation and experimentation in achieving exceptional results.
29. The authors argue that companies should be willing to take calculated risks, and embrace new ideas and technologies as they emerge.
30. They also emphasize the importance of continuous learning and improvement, in order to stay ahead of the competition.

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