Great by Choice: Uncertainty, Chaos, and Luck - Why Some Thrive Despite Them All
by Jim Collins
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Author appears live on CBS to discuss key ideas from book
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Spoiler:
Jim Collins emphasizes that the book's lessons for how a company can use crisis to thrive can be applied to individuals as well, remembering that when he and his co-author started this project in 2002, many people felt that the world was spinning out of control due to the events of September 11th, 2001. He says the race to the South Pole between Amundsen and Scott in 1911 encapsulates what makes a great leader (Amundsen): “fanatic discipline, empirical creativity, and productive paranoia.”
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Spoiler:
The author begins by saying there are ways that leaders can exert control in a world that seems out of hand. One mistake that businesses make is expanding their budgets too quickly and hiring too many new people during times of plenty, then finding themselves overstretched when tough times return. He refers to the “20 mile march,” a concept based on the race to the South Pole between expedition leaders Amundsen, who showed extreme discipline in his methods, and Scott, who did not.
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Key ideas from the book, explained in animated format
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Spoiler:
The book focuses on “10x” companies like Southwest Airlines; that is, companies that thrive even in times of uncertainty, performing at least ten times better than the industry average in the stock market. These companies succeed while others facing the same economic conditions sink. The book espouses three 10x behaviors: one is “fanatical discipline,” which refers not to hierarchical discipline but to self-discipline on the part of leaders: being consistent with methods and goals, for example, and not being tempted away from them even and especially in times of plenty.
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James C. Collins is an American researcher, author, and consultant specializing in business management and company growth. He holds a bachelor's degree in mathematical sciences and an MBA from Stanford University, along with honorary doctorates from the University of Colorado and the Peter F. Drucker Graduate School of Management. In 2017, Forbes named him one of the 100 Greatest Living Business Minds.
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