This is a bookie I made about the book Great by Choice by Jim Collins and Morten T. Hansen. It's a (no-pun-intended) great book! Hopefully its lessons inspire you the same way they inspired me.

1. GREAT BY
CHOICE

2. Why do some companies thrive in uncertainty, even chaos,
and others do not?

3. It's all about understanding the principles that distinguish
great organizations from good ones

4. The Principles

Having 10x Leadership

Executing 20 Mile Marches

Firing Bullets, then Cannonballs

Leading Above the Death Line

Having a SMaC Recipe

Maximizing Return on Luck (ROL)

5. Beware of Myths
g visionaries
e bold, risk seekin
essful leaders ar
Myth 1: Succ
s 10x companies
tion distinguishe
Myth 2: Innova
and fast action
es fast decisions
fast world requir
Myth 3: A
hange in your
c
requires radical
ge in the world
4: A radical chan
Myth
business
ore good luck
erprises have m
yth 5: Great ent
M

6. 10X Leadership
10X Leaders have purpose, long-term goals, severe
performance standards and... the Fanatic Discipline to adhere
to them

7. What 10X Leaders are NOT
They're not more creative
They're not more visionary
They're not more charismatic
They're not more ambitious
They're not more blessed by luck
They're not more risk seeking
They're not more heroic
They're not more prone to making big, bold moves

8. 10X Leaders have three CORE
behaviors

9. 1. Fanatic DISCIPLINE
•
Extreme consistency of action, values and goals. Mental
independence and an ability to remain consistent in the face of herd
instinct and social pressures
2. Empirical CREATIVITY
•
Relying on direct observation, conducting practical experiments
and/or engaging directly with evidence. Making bold, creative moves
from a sound empirical base
3. Productive PARANOIA
•
Maintaining hyper vigilance in good times as well as in bad.
Channeling fear into action, developing contingency plans, building
buffers and maintaining large margins of safety

10. Underlying the three core 10Xer behaviors is a
motivating force called
LEVEL 5 Ambition

11. 10X Leaders define themselves by
impact and contribution and purpose

12. LEVEL 5 Ambition
•
10X Leaders channel their ego and intensity into
something larger than themselves
•
They're passionately driven for a cause beyond
themselves
•
•
Such as: Building a great company, changing the world or
achieving a great objective that's not about themselves
They reject the idea that luck, chaos or any other
external factor determines their success or failure

13. 20 Mile March
Having concrete, clear, intelligent and rigorously pursued
performance mechanisms

14. 20 Mile Marching helps to
•
Build confidence in your ability to perform well in adverse circumstances
•
Reduces the likelihood of catastrophe when you're hit by turbulent
disruption
•
Helps you exert self-control in an out-of-control environment
Keep to the march! Failure to stay on course can be catastrophic

15. Elements of a 20 Mile March

Clear performance markers for minimum performance that create productive
discomfort

Self-imposed constraints for maximum performance

Tailored to your specific enterprise

Within the company's control to achieve. You shouldn't need luck

A Goldilocks Timeframe - not too long, not too short but just right to be
effective

Designed by your company for your company

Must be achieved with great consistency. Good intentions don't count

16. Fire Bullets, Then
Cannonballs
Only 9% of innovators ever dominate market share

17. What is a Bullet?
A bullet is an empirical test or experiment aimed at learning what works and
that meets three criteria
1. Low cost
2. Low risk
3. Low distraction

18. The Process
1. Fire bullets to figure out what will work
2. Obtain empirical confidence in your bullet
3. Concentrate your resources. Build a cannonball
4. Fire a cannonball. After the cannonball hits...
5. Keep 20 Mile Marching to make the most of your
big success

19. Creativity + Discipline = Scale
The combination of creativity and discipline translate into the
ability to scale innovation with great consistency

20. Leading
Above the Death Line
Practicing Productive Paranoia

21. Practice Productive Paranoia
•
Build cash reserves and buffers. Prepare for unexpected
events and bad luck before they happen
•
Actively bound and manage risk
•
Zoom Out, then Zoom In

22. Zoom Out, then Zoom In
zoom out
1. Sense a change in conditions
2. Assess the time frame
3. How long before the risk profile changes?
4. Assess with rigor
5. Decide! Do we disrupt our plans? If so, how?
ZOOM IN
•
Focus on supreme execution of plans and
objective

23. SMaC Recipe
Specific, Methodical and Consistent Recipe

24. What is a SMaC Recipe?
•
A written document. Your Manifesto
•
A durable set of operating practices
•
A consistent success formula that's replicable
•
If absolutely needed, only change one item at a time

25. Return on Luck
When luck happens, what do you do?

26. Return on Luck is not the same
as Luck

27. Getting Great RoL
•
Keep pushing, driving for your overall goal or cause. Luck, good and
bad will happen
•
Build a culture that can achieve results with or without luck
•
Firing bullets can present you with new opportunities. Don't wait for
luck
•
Manage risk to combat bad luck
•
Practice Zoom Out/Zoom In to recognize luck and see if it merits
disrupting your plans
•
Have a SMaC Recipe that guides you during a luck event

28. CHOOSE
GREATNESS

29. “Read the book”
GREAT BY CHOICE -- Jim Collins and Morten T. Hansen