- Hardcover: 320 pages
- Publisher: HarperBusiness; 1st Edition edition (Oct. 11 2011)
- Language: English
- ISBN-10: 0062120999
- ISBN-13: 978-0062120991
- Product Dimensions: 15.2 x 2.7 x 22.9 cm
- Shipping Weight: 544 g
- Average Customer Review: 10 customer reviews
- Amazon Bestsellers Rank: #2,162 in Books (See Top 100 in Books)
Great by Choice: Uncertainty, Chaos, and Luck--Why Some Thrive Despite Them All Hardcover – Oct 11 2011
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“A sensible, well-timed and precisely targeted message for companies shaken by macroeconomic crises” (Financial Times)
“Collins and Hansen draw some interesting and counterintuitive conclusions from their research….far from a dry work of social science. Mr. Collins has a way with words, not least with metaphor.” (Wall Street Journal)
Entrepreneurs and business leaders may find the concepts in this book useful for making choices to increase their odds of building a great company. (Booklist)
From the Back Cover
The new study
Great by Choice distinguishes itself from Collins’s prior work by its focus not just on performance, but also on the type of unstable environments faced by leaders today.
With a team of more than twenty researchers, Collins and Hansen studied companies that rose to greatness—beating their industry indexes by a minimum of ten times over fifteen years—in environments characterized by big forces and rapid shifts that leaders could not predict or control. The research team then contrasted these “10X companies” to a carefully selected set of comparison companies that failed to achieve greatness in similarly extreme environments.
The new findings
The study results were full of provocative surprises. Such as:
- The best leaders were not more risk taking, more visionary, and more creative than the comparisons; they were more disciplined, more empirical, and more paranoid.
- Innovation by itself turns out not to be the trump card in a chaotic and uncertain world; more important is the ability to scale innovation, to blend creativity with discipline.
- Following the belief that leading in a “fast world” always requires “fast decisions” and “fast action” is a good way to get killed.
- The great companies changed less in reaction to a radically changing world than the comparison companies.
The authors challenge conventional wisdom with thought-provoking, sticky, and supremely practical concepts. They include: 10Xers; the 20 Mile March; Fire Bullets, Then Cannonballs; Leading above the Death Line; Zoom Out, Then Zoom In; and the SMaC Recipe.
Finally, in the last chapter, Collins and Hansen present their most provocative and original analysis: defining, quantifying, and studying the role of luck. The great companies and the leaders who built them were not luckier than the comparisons, but they did get a higher Return on Luck.
This book is classic Collins: contrarian, data-driven, and uplifting. He and Hansen show convincingly that, even in a chaotic and uncertain world, greatness happens by choice, not chance.See all Product description
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The book was delivered in good condition and on time.
Collins, Hansen, and their colleagues conducted a nine-year study (2002-2011) and share what they learned. Here are the findings that caught my eye:
1. For reasons best revealed within the book's narrative, in context, some companies and leaders thrive in chaos. Those on whom the book focuses have out-performed their industry's index by at least 10 times and (key point) under the same extreme conditions with which others in the same industry must also contend.
2. Characterized as "10X" companies, those selected were paired in a "near-perfect match" -- for purposes of both comparison and contrast - with companies during "eras of dynastic performance that ended in 2002, not the companies as they are today. It's entirely possible that by the time you read these words, one or two of the companies on the list [i.e. Amgen, Biomet, Intel, Microsoft, Progressive Insurance, Southwest Airlines, and Stryker] has stumbled, falling from greatness."
3. The research invalidates well-entrenched myths (see Pages 9-10) with regard to the 10X companies and their leaders. For example, "the evidence does not support the premise that 10X companies will necessarily be more innovative than their less successful comparisons [during the same timeframe]; and in some cases, the 10X cases were [begin italics] less [end italics] innovative."
4. Leaders of 10X companies display three core behaviors that, in combination, distinguish them from the leaders of less successful comparison companies. They also call to mind the behaviors of Level 5 leadership, examined in detail in Good to Great. Specifically, 10Xers exemplify fanatic discipline ("utterly relentless, monomaniacal, unbending in their focus on their quests"), empirical creativity (reliance on "direct observation, practical experimentation, and direct engagement with tangible evidence"), and productive paranoia (channeling their fear and worry into action, preparing, developing contingency plans, building buffers, and maintaining large margins of safety").
5. In the Epilogue, Collins and his associates acknowledge their sense that "a dangerous disease" is infecting today's culture, one that incorrectly suggests that greatness "owes more to circumstance, even luck, than to action and discipline." Yes, they agree, good or bad luck plays a role for everyone, including 10Xers and Level Fivers. However, they offer an eloquent reassurance that many of us need to hear: "The greatest leaders we've studied throughout all our research cared as much about values as victory, as much about purpose as profit. As much about being useful as being successful. Their drive and stamina are ultimately internal, rising from where deep inside."
Organizations do not make choices, their leaders do, and the fate of each of those organizations depends on the quality of the choices its leaders make, especially amidst uncertainty, chaos, and luck...three realities that even the best leaders can only manage rather than control. That is the challenge but also the opportunity to which the book's title refers. The single most important difference between the 10X companies that Collins and Hansen discuss and those with which they are compared/contrasted is that those who lead them make better choices as they build and then sustain a culture within which everyone else does.
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