Great by Choice
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Transcript of Great by Choice
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Great by Choice
Jim Collins and Morten Hansen
Summary by Pete Modigliani
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Great By Choice
• Deciphering how 10Xers outperform their industries
• 20 Mile March – Bullets and Cannonballs – Death line
• Top 10 Highlights from Amazon Kindle readers
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10X Companies
Beat their industry by at least 10 times over 15 years
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10Xers Followed the 20 Mile March Principle
• Keep a steady pace – 20 miles per day, every day
• Focus on consistent, long term performance
• Concrete, clear, intelligent, rigorously pursued performance mechanisms
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Fire Bullets, Then Cannonballs
• Fire a small bullet first (low cost, risk, distraction)• Continue to make adjustments from learning• Fire calibrated, calculated cannonballs (big bet)
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Leading Above the Death Line
Build cash reserves and remain hyper-vigilant zooming in and out (detail vs. big picture)
This focus reduces surprises and the impact of unhelpful developments (productive paranoia)
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Myth: Successful Leaders Are Bold, Risk-Seeking Visionaries
Reality: Leaders observed what worked, figured out why it worked,
and built upon proven foundations. They were disciplined, empirical, and paranoid.
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Myth: Innovation Distinguishes 10X Companies
Reality: While 10X cases innovated a lot, more
important is the ability to scale innovation, to blend creativity with
discipline.
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Myth: You’re Either Quick Or Dead
Reality: 10X leaders figure out when to go fast, and when not to
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The critical question is not whether you’ll have luck, but
what you do with the luck that you get
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10Xers understand they cannot control or predict the world around them
They accept full responsibility for their own fate
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10Xers Live By A Triad of Core Behaviors
10X Leadership
FantasticDISCIPLINE
ProductivePARANOIA
EmpiricalCREATIVITY
Level 5Ambition
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Discipline is Consistency of Action
• Consistency with values• Consistency with long-term goals• Consistency with performance standards• Consistency of method• Consistency over time
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True Discipline
Reject pressures to conform in ways incompatible with values, performance standards, and long-term aspirations
For a 10Xer, discipline is self-discipline
Having the inner will to do whatever it takes to create a great outcome, no matter how difficult
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During Times of Uncertainty
Most people look to authority
figures, peers, or group norms
for their primary cues about how to proceed10Xers look to empirical evidence
• Relying upon direct observation• Conducting practical experiments• Engaging directly with evidence
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10xers Don’t Favor Analysis Over Action
they favor empiricism as the foundation for decisive action
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Want to be a 10Xer?
Buy a copy at Amazon.com