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very inspiration research piece discovering what makes great companies great. good is the enemy of great, level 5 leadership, first who... then what, confront the brutal facts but don't lose faith, hedgehog concept, culture of discipline, technology accelerators, flywheel vs. doom loop. favorite parts: get the right people on the bus, the wrong people off the bus and its almost guaranteed to go the right direction. hedgehog concept: what are we passionate about? what can we be the best in the world at? what drives our economic engine? stick to the mission at all costs. 

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A must read business book that needs to be on your shelf.

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A good book to understand what it takes to make great companies.
The other observation one can make is in essence there is no management theory that can tell something. Two of the companies
identified great in the book, Fannie Mae and Circuity City are no longer in existance. Well there may be some other explanation as to how these companies fell. 

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Great read. I was amazed to read about companies that have always been part of my life, yet never took in consideration how they got to be great companies. I agree with Collins, that the strategies, skills, and experiences that the Level 5 leaders acquired can be transfered in any situation to become great and not settle for just good.  

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One of my favorite books regarding business, and what it means to be a great leader and create a great company!

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Read in 2009

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Russell's FAVORIT book

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This business best-seller helps us to understand why some companies are able to achieve greatness while others fail to make the leap. - Recommended by Justin, Marketing Club President

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The Challenge
Built to Last, the defining management study of the nineties, showed how great companies triumph over time and how long-term sustained performance can be engineered into the DNA of an
enterprise from the very beginning.
But what about the company that is not born with great DNA? How can good companies, mediocre companies, even bad companies achieve enduring greatness?
The Study
For years, this question preyed on the mind of Jim Collins. Are there companies that defy gravity and convert long-term mediocrity or worse into long-term superiority? And if so, what are the universal distinguishing characteristics that cause a company to go from good to great?
The Standards
Using tough benchmarks, Collins and his research team identified a set of elite companies that made the leap to great results and sustained those results for at least fifteen years. How great? After the leap, the good-to-great companies generated cumulative stock returns that beat the general stock market by an average of seven times in fifteen years, better than twice the results delivered by a composite index of the world’s greatest companies, including Coca-Cola, Intel, General Electric, and Merck.
The Comparisons
The research team contrasted the good-to-great companies with a carefully selected set of comparison companies that failed to make the leap from good to great. What was different? Why did one set of companies become truly great performers while the other set remained only good?
Over five years, the team analyzed the histories of all twenty-eight companies in the study. After sifting through mountains of data and thousands of pages of interviews, Collins and his crew discovered the key determinants of greatness why some companies make the leap and others don't.
The Findings
The findings of the Good to Great study will surprise many readers and shed light on virtually every area of management strategy and practice. The findings include:
Level 5 Leaders: The research team was shocked to discover the type of leadership required to achieve greatness.
The Hedgehog Concept (Simplicity within the Three Circles): To go from good to great requires transcending the curse of competence.
A Culture of Discipline: When you combine a culture of discipline with an ethic of entrepreneurship, you get the magical alchemy of great results.
Technology Accelerators: Good-to-great companies think differently about the role of technology.
The Flywheel and the Doom Loop: Those who launch radical change programs and wrenching restructurings will almost certainly fail to make the leap.
Some of the key concepts discerned in the study, comments Jim Collins, "fly in the face of our modern business culture and will, quite frankly, upset some people. Perhaps, but who can afford to ignore these findings?
Links:
http://www.textsummaries.com/business/goodgr.htm
http://www.odportal.com/books/book-goodtogreat.htm
 

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havent completed it yet.. its really nice.. will review soon..

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