Sign in with FacebookAndy's Reviews > Great by Choice: Uncertainty, Chaos, and Luck--Why Some Thrive Despite Them All
Great by Choice: Uncertainty, Chaos, and Luck--Why Some Thrive Despite Them All
by Jim Collins, Morten T. Hansen
10Xers are people who built/ran companies who beat their industry's averages by at least 10 times.
3 Core Behaviors of 10Xers:
Fanatic discipline, actions consistent with values, goals, performance standards, and methods
Empirical creativity, relying upon direct observation, practical experimentation, and direct engagement with tangible evidence.
Productive Paranoia, channeling their fear and worry into action, preparing, developing contingency plans, building buffers, and maintaining large margins of safety.
Example: Roald Amunsen vs. Robert Falcon Scott, South Pole explorers
20 Mile March companies hit metrics year after year with great consistency, delivery high performance in difficult times and holding back in good times.
If they miss the mark even once, they obsess over what they need to do to get back on track.
WE are ultimately responsible for improving performance. We never blame circumstance or environment.
Need self-imposed constraints.
Markers not necessarily financial, could be creative, or process.
10X winners leave growth on the table, always assuming something bad is lurking around the corner. There's an inverse correlation between pursuit of maximum growth and 10X success.
"Fire bullets, then cannonballs" = fail early, fail often
A bullet is a low cost, low risk, and low distraction test or experiment. 10Xers fire a significant number of bullets that don't hit anything.
10Xers are not always more innovative than their comparison cases.
The combination of creativity and discipline, the ability to scale innovation with great consistency, explains the great success stories.
10Xers maintain "irrationally" large margins of safety, which translates to 3-10 times the ratio of cash to assets as compared to the average company.
SMaC stands for specific, measurable, and consistent. SMaC practices endure for decades. Amendments should be treated like amendments to the constitution.
the signature of mediocrity is inconsistency
the critical question is not "are we lucky" but "do we get a high return on luck?"
"who luck" is one of the most important types of luck. The best way to find a strong current of good luck is to swim with great people.
by Jim Collins, Morten T. Hansen
10Xers are people who built/ran companies who beat their industry's averages by at least 10 times.
3 Core Behaviors of 10Xers:
Fanatic discipline, actions consistent with values, goals, performance standards, and methods
Empirical creativity, relying upon direct observation, practical experimentation, and direct engagement with tangible evidence.
Productive Paranoia, channeling their fear and worry into action, preparing, developing contingency plans, building buffers, and maintaining large margins of safety.
Example: Roald Amunsen vs. Robert Falcon Scott, South Pole explorers
20 Mile March companies hit metrics year after year with great consistency, delivery high performance in difficult times and holding back in good times.
If they miss the mark even once, they obsess over what they need to do to get back on track.
WE are ultimately responsible for improving performance. We never blame circumstance or environment.
Need self-imposed constraints.
Markers not necessarily financial, could be creative, or process.
10X winners leave growth on the table, always assuming something bad is lurking around the corner. There's an inverse correlation between pursuit of maximum growth and 10X success.
"Fire bullets, then cannonballs" = fail early, fail often
A bullet is a low cost, low risk, and low distraction test or experiment. 10Xers fire a significant number of bullets that don't hit anything.
10Xers are not always more innovative than their comparison cases.
The combination of creativity and discipline, the ability to scale innovation with great consistency, explains the great success stories.
10Xers maintain "irrationally" large margins of safety, which translates to 3-10 times the ratio of cash to assets as compared to the average company.
SMaC stands for specific, measurable, and consistent. SMaC practices endure for decades. Amendments should be treated like amendments to the constitution.
the signature of mediocrity is inconsistency
the critical question is not "are we lucky" but "do we get a high return on luck?"
"who luck" is one of the most important types of luck. The best way to find a strong current of good luck is to swim with great people.
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