Jim Collins- Great Insight, I even took notes. All of his words are backed up by many years of data. It is hard to argue against things that really happened. What is the one characteristic that makes a company consistently great, A Humble Leader. Jim goes on to share some information from his book "How the Mighty Fall." He says a company goes from great to gone in five stages. The good news is it is a staged approach and you can recover from most of them and each stage of the fall is self inflicted. So here are the stages and what they mean:
Stages of the Fall
- Hubris born of success -- Be humble, no one knows it all
- Undisciplined pursuit of more -- Have discipline and a tested process
- Denial of risk and peril -- Do risk and potential problem analysis
- Grasping for salvation -- Don’t panic and constantly restructure
- Capitulation to irrelevance or death -- Avoid stages 1-4 and don’t capitulate!
Something for New Companies
- Focus on the 'Who' first and not the 'What' -- get the right people on the bus before you start it moving, don't decide on the destination and ask them to join in invite them in and let them help decide where you should go.
- Many overnight success companies were about 20 years in the making.
He had a lot more to offer but I don't want to keep you reading all night.
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