Book review good to great

BOOK REVIEW: GOOD TO GREAT

NARSEE MONJEE INSTITUTE OF MANAGEMENT STUDIES, HYDERABAD

By:

Nikunj Gor (80303120016)

Karteek Nandhana (80303120034)

Shubham Singhal (80303120053)

About the authorJim Collins is a student and teacher of enduring great companies—how they grow,

how they attain superior performance, and how good companies can become great companies.

He holds degrees in business administration and mathematical sciences from Stanford University, and honorary doctoral degrees from the University of Colorado and the Peter F. Drucker Graduate School of Management at Claremont Graduate University

Driven by a relentless curiosity, Jim began his research and teaching career as the faculty at the Stanford University Graduate School of Business, where he received the Distinguished Teaching Award in 1992.

Having invested nearly a quarter of a century of research into the topic, Jim has authored or coauthored six books that have sold in total more than ten million copies worldwide(Build to last, Good to Great and How the mighty fall)

In 1995, he founded a management laboratory in Boulder, Colorado, where he now conducts research and consults with executives from the corporate and social sectors.

Jim has worked with senior executives and CEOs at over a hundred corporations.

About the bookGood To Great is not a book, its

research work done by Jim Collins along with his team of 22 members on various companies for decades.

15000 man hours have been spent for this research work of differentiating great companies from other companies.

Start with 1,435 good companies. Examine their performance over 40 years. Find the companies that became great.

The whole idea behind this book is "Good is never enough".

Good is the Enemy of GreatIt is easier to do the basics for

something good than to really work for something great.

The Collins team selected two sets of comparison companies.

Direct Companies.Unsustained Companies.

Level 5 Leadership

Level 5 Leadership formula- The Right people (culture, character) + humility + strong professional will = SUCCESS

Level 5 leaders channel their ego needs away from themselves and into the larger goal of building a great company.

First Who . . . Then What

First Who . . . Then What• Its easy to adopt CHANGES of world with right people.• Not need to be tightly managed or instructed at every

step.• Self-Motivated.• First Who, Great Companies, and A Great Life.

• Gillette CEO.

• Rigorous, Not Ruthless.

Confront the Brutal Facts(Yet Never Lose Faith)

Confront the Brutal Facts(Yet Never Lose Faith)• Facts are better than Dreams.• A climate where truth is heard.

• Lead with questions, Not answers.• Conduct autopsies, without blame.• Engage in dialogue and debate, not coercion.• Red flag.

• Retained absolute faith that you can and will prevail in the end, regardless of the difficulties AND confront the most brutal facts of current reality.

The Hedgehog Concept(Simplicity within the Three Circles)

The Flywheel and not the Doom Loop

Learnings The main learning of Good to Great is that any company can become a great

company by systematically implementing key principles mentioned.

Good- to-great companies paid limited attention to managing change. Motivating people or creating alignment.

Good- to-great companies had no big name, tag line, launch event or program to signify their transformations.

Charisma can be as much as a liability as an asset.

Good- to-great companies paid attention to what to do and what to stop doing.

??????• Why only 11 companies make cut?• Why only US?• Why no TECH-giants ?• I am not CEO. What can I do with these findings?• Where and how should I begin?

11 Good to Great Companies. Abbott Laboratories(71st ) Circuit City Stores (bankrupt in 2009) Fannie Mae (8th) Gillette Company(P&G) Kimberly-Clark(137th ) Kroger(23rd) Nucor(138th ) Philip Morris(99th ) Pitney Bowes(461st ) Walgreens(32nd ) Wells Fargo(26th )