great by choice

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