Have you ever daydreamed of running a successful business? What if you knew the secrets of how to run the said business before you even launched it? Luckily for us, Jim Collin and his team did the research and put in the work for us. Good to Great is a fifteen-year case study of eleven companies that will take you to level five. Jim’s passion for the project shows itself multiple times throughout the book. First, let’s clear up what a level 5 leader is; an intelligent yet humble individual. That lives by the Stockdale paradigms which are unwavering belief and faith in the company. Some level 5’s that I have recently read about are Howard Shultz, Elon Musk, and Jeff Bezos.
Here are some essential facts that you should think about when starting your hatchling company. You must hire the right people, make sure that they are fanatic about your company’s mission. Then those people must be in the right place like a game of chess. For example, the first Apple team would show interviewees a MAC, to study their reaction to it. If people were no ecstatic about seeing a computer they were not hired. Furthermore, if someone does not turn out to be the right fit for the company, the cancer must be cut out immediately. Making sure that the company is fit enough to survive the market.
Next, find your core competencies, what can the company be the best at. Hands tied loaded barrel to the head do not lie to yourself, otherwise, you will end up wasting resources. When you find that one thing put all of your resources towards it. Find your key economic drivers and their metrics. Finding KPIs should be taken seriously and everyone in the company should have a say in what the company tracks. Lastly have a counsel, that respects each other, and honors the facts and nothing but the facts. These were just my favorite tips Good to Great is a treasure trove, with much more knowledge.