Business Archives

Crawl-Walk-Run Approach to Tech: In Business, Slow Is Better

What is the “crawl-walk-run” approach to business? Why is it especially important to take this approach when it comes to technology? Good-to-great companies engage with groundbreaking technologies in a very specific way: Rather than bet the house on the technology itself, they think deeply about how the technology can serve the company’s Hedgehog Concept. A good rule of thumb is to follow the “crawl, walk, run” approach—slow down and think about how a technology can help you realize your Hedgehog Concept, then move carefully toward a strategy. Once the strategy is in place and chugging along, however, don’t be afraid

9 Key Takeaways From Good to Great: In-Depth Guide

What are the key takeaways from Good to Great by Jim Collins? How does Collins believe good companies can become great ones? We’ll cover the most important key takeaways from Good to Great. Whether you’re an entrepreneur, a manager, or just an individual looking to improve, the concepts in Good to Great provide food for thought—and spurs to action. You’ll learn what it takes to be a “Level 5” leader, why assembling the right team first is more important than having the right idea, and why you should be more like a hedgehog than a fox.

Stockdale Paradox: In Business, Face the Brutal Facts

What is the Stockdale Paradox? The “Stockdale Paradox” is the stoic acceptance of business realities coupled with an unwavering faith in eventual triumph. This concept was coined by Jim Collins in his book Good to Great. We’ll cover the Stockdale Paradox and why it’s so important to face the brutal realities of the market in order for your business to succeed. Additionally, we’ll look at how you can be a truth-telling leader that uses the facts to your advantage.

Flywheel Effect in Business: Unstoppable Momentum (Jim Collins)

What is Jim Collins’s “flywheel effect”? Why is the flywheel analogy so important to understand in business? The “flywheel effect” is an analogy between a business and a flywheel. A heavy flywheel takes an enormous amount of energy to get going—but once it’s spinning, it only takes a small amount of energy to keep it turning or to increase its speed. Good-to-great companies achieve their key strengths steadily and doggedly; they stay patient in the confidence that, with the right cogs in place, the breakthrough will come. Jim Collins’s flywheel effect came from the desire to head off the notion

Big Hairy Audacious Goal (BHAG): Definition + Examples

What is a BHAG, or Big Hairy Audacious Goal? Why do you need one if you want your business to be successful? A BHAG (Big Hairy Audacious Goal) is a huge, seemingly impossible objective that can inspire outsiders and stakeholders alike. The concept of the BHAG (pronounced bee-hag) is explored in Jim Collins’s Built to Last. We’ll cover what a good BHAG or Big Hairy Audacious Goal looks like and how it ties in with your hedgehog concept, another necessity for a successful business.

Good Is the Enemy of Great: Jim Collins on Business Success

In his book Good to Great, Jim Collins argues that good is the enemy of great. Why? And must we all strive for greatness? What separates the good companies from the truly great ones? We’ll cover why good is the enemy of great and Jim Collins’s strategies for turning a good company into a great one.

Flywheel and Doom Loop: Why Businesses Take Off or Fail

What are the flywheel and doom loop from Jim Collins’s book Good to Great? Why do you want to emulate the flywheel, and how do you avoid the doom loop? The flywheel and doom loop are concepts from Jim Collins’s book Good to Great. Collins likens the process of going from good to great to the turning of a heavy flywheel. To get the flywheel moving takes continuous effort and dedication, but once it’s spinning, its momentum keeps it going. The opposite of the flywheel is the doom loop, a painful cycle of decline. We’ll cover the flywheel and doom

The “Stop Doing” List: Better for Business Than a To-Do List?

What is a “stop doing” list? Why is it an essential tool for business? A “stop doing” list is a list of things you or your company are not going to do. It’s a counter-intuitive technique for maintaining an organization’s discipline from Jim Collins’s book Good to Great. We’ll cover the benefits of the “stop doing” list and why it can be more effective than a “to-do” list, from Jim Collins’s Good to Great.

Boeing Checklist: How It Saves Lives, What It Can Teach You

In 1935, before the use of the “Boeing checklist,” the Army Air Corps asked airplane manufacturers for a new long-range bomber. Boeing’s Model 299, which exceeded specifications, was favored over models by Martin and Douglas. However, during a flight competition held by the Army in Dayton, Ohio, the Boeing model stalled at 300 feet and crashed, killing two of five crew members. We’ll cover how the Boeing checklist was developed, how it has saved the lives of crew and passengers, and how you can make your own effective checklist.

Complex Problems: How to Solve Them, the Simple Way

Brenda Zimmerman and Sholom Glouberman, who study complexity, defined three kinds of problems: simple, complicated, and complex. What’s the difference? Particularly, what’s the difference between complicated problems and complex problems? A complex problem is a problem that has many variables and for which the outcome is uncertain. An example of a complex problem is raising a child. You learn from raising one child, but the next child may require a different approach. We’ll look at the nature of complex problems, how they differ from complicated problems, and how to solve complex problems in the workplace.