THE NEW QUESTION Ten years after the worldwide bestseller Good to
Great, Jim Collins returns with another groundbreaking work, this
time to ask: Why do some companies thrive in uncertainty, even
chaos, and others do not? Based on nine years of research,
buttressed by rigorous analysis and infused with engaging stories,
Collins and his colleague, Morten Hansen, enumerate the principles
for building a truly great enterprise in unpredictable, tumultuous,
and fast-moving times. THE NEW STUDY Great by Choice distinguishes
itself from Collins's prior work by its focus not just on
performance, but also on the type of unstable environments faced by
leaders today. With a team of more than twenty researchers, Collins
and Hansen studied companies that rose to greatness - beating their
industry indexes by a minimum of ten times over fifteen years - in
environments characterized by big forces and rapid shifts that
leaders could not predict or control. The research team then
contrasted these "10X companies" to a carefully selected set of
comparison companies that failed to achieve greatness in similarly
extreme environments. THE NEW FINDINGS The study results were full
of provocative surprises. Such as: * The best leaders were not more
risk taking, more visionary, and more creative than the
comparisons; they were more disciplined, more empirical, and more
paranoid. * Innovation by itself turns out not to be the trump card
in a chaotic and uncertain world; more important is the ability to
scale innovation, to blend creativity with discipline. * Following
the belief that leading in a "fast world" always requires "fast
decisions" and "fast action" is a good way to get killed. * The
great companies changed less in reaction to a radically changing
world than the comparison companies. The authors challenge
conventional wisdom with thought-provoking, sticky, and supremely
practical concepts. They include 10Xers; the 20 Mile March; Fire
Bullets then Cannonballs; Leading above the Death Line; Zoom Out,
Then Zoom In; and the SMaC Recipe. Finally, in the last chapter,
Collins and Hansen present their most provocative and original
analysis: defining, quantifying, and studying the role of luck. The
great companies and the leaders who built them were not luckier
than the comparisons, but they did get a higher Return on Luck.
This book is classic Collins: contrarian, data driven, and
uplifting. He and Hansen show convincingly that, even in a chaotic
and uncertain world, greatness happens by choice, not by chance.
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