{"id":36220,"date":"2021-05-24T07:30:58","date_gmt":"2021-05-24T11:30:58","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=36220"},"modified":"2021-06-02T15:51:58","modified_gmt":"2021-06-02T19:51:58","slug":"great-by-choice-quotes","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/great-by-choice-quotes\/","title":{"rendered":"Great by Choice: Quotes From the Authors"},"content":{"rendered":"\n

Looking for Great by Choice<\/em> quotes? What are some of the most noteworthy passages that highlight the author\u2019s key ideas about running a business in times of crisis? <\/p>\n\n\n\n

In Great by Choice<\/em>, authors Jim Collins and Morten T. Hansen shed light on how some companies can weather great adversity better than others. The following Great by Choice<\/em> quotes highlight some of the key ideas discussed in the book.<\/p>\n\n\n\n

Here are some quotes and passages from Great by Choice: Uncertainty, Chaos and Luck – Why Some Thrive Despite Them All.<\/em><\/p>\n\n\n\n\n\n\n\n

Great by Choice<\/em>: Quotes to Think About<\/h2>\n\n\n\n

In business, as in life, the only thing certain is uncertainty. How, then, can companies survive\u2014even thrive\u2014when the future is unpredictable? In Great by Choice<\/em>, authors Jim Collins and Morten T. Hansen attempt to answer this very question.<\/p>\n\n\n\n

Using nine years of research and offering plenty of real-world examples, the authors debunk long-held myths when it comes to highly successful companies and present the tools that these enterprises use to help them weather tumultuous times. The book\u2019s overarching message: Luck doesn\u2019t determine your fate\u2014you do. And you can make the choice to become something great, whatever the circumstance. <\/p>\n\n\n\n

Below are some quotes that discuss some of the key findings of this research.<\/p>\n\n\n\n

\u201cInnovation without discipline leads to disaster.\u201d<\/strong><\/p><\/blockquote>\n\n\n\n

Here, the authors are referring to their so-called “bullets before cannonballs” approach to innovation. To fire bullets before cannonballs<\/a> means to test the ideas before executing on them. <\/p>\n\n\n\n

This is how 10X companies<\/a> approach innovation. They first fire off \u201cbullets,\u201d testing and experimenting to see what they hit. Once they\u2019d gathered convincing data, they bring out the big guns. They concentrate all their firepower into \u201ccannonballs\u201d that are calibrated for success, aiming in the direction that bullets have shown to have the greatest potential. <\/p>\n\n\n\n

\u201cIf you want to achieve consistent performance, you need both parts of a 20 Mile March<\/a>: a lower bound and an upper bound, a hurdle that you jump over and a ceiling that you will not rise above, the ambition to achieve and the self-control to hold back.  \u201d<\/strong><\/p><\/blockquote>\n\n\n\n

To 20 Mile March means to hit specified targets year after year with a long-term view in mind. A good 20 Mile March has these five characteristics:<\/p>\n\n\n\n

1. It specifies both lower and upper bounds. <\/strong>10X companies did everything they could to meet targets year after year\u2014no excuses\u2014and these targets had both a minimum and a maximum. The minimum target, or the lower bound, was realistic enough so that a company could achieve it even during hard times, albeit with tremendous effort. The maximum, or the upper bound, was the farthest a company allowed itself to go, even when conditions were favorable. <\/p>\n\n\n\n

Having upper bounds requires immense self-control. You have to hold back even when you can push a little harder, even when competitors are growing faster, even when Wall Street is putting on the pressure. This keeps you from overextending yourself or becoming too weak to face unexpected challenges. It\u2019s just like Amundsen sticking to his 15-to-20-mile range.<\/p>\n\n\n\n

2. It\u2019s consistent. <\/strong>Research shows that 10X companies didn\u2019t meet their target 100 percent of the time. But on the rare occasion when they did miss the mark, they immediately did what needed to be done to get back on course.<\/p>\n\n\n\n

3. It\u2019s customized to the enterprise. <\/strong>The 20 Mile March isn\u2019t one-size-fits-all. While a 20 percent lower bound for net income may make sense for a company like Stryker, it might not apply to your company. Don\u2019t rely on outside factors to dictate your metrics and instead come up with performance markers that make sense for your organization. They might even be non-financial\u2014for a church, it could be congregation size; for a school, it might be student performance.<\/p>\n\n\n\n

4. It\u2019s achievable through your own actions, not reliant on outside factors. <\/strong>10Xers don\u2019t sit around waiting for conditions to change in their favor. They know that there are many things they can\u2019t control, like government regulations, technological advancements, and global competition, so they take action by controlling what they can<\/em> control<\/p>\n\n\n\n

5. It falls within a reasonable time frame. <\/strong>A too-short 20 Mile March exposes you to greater risk, while a too-long one won\u2019t make enough of an impact.<\/p>\n\n\n\n

\u201cThe idea that leading in a \u201cfast world\u201d always requires \u201cfast decisions\u201d and \u201cfast action\u201d\u2014and that we should embrace an overall ethos of \u201cFast! Fast! Fast!\u201d\u2014is a good way to get killed. 10X leaders figure out when to go fast, and when not to.\u201d<\/strong><\/p><\/blockquote>\n\n\n\n

It is a common misconception that successful leaders are bold, visionary risk-takers. In reality, 10X leaders tend to hedge their risks and instead of focusing on speed, 10X leaders focus more on timing. They don\u2019t respond to threats right away<\/em>; they respond to threats the right way<\/em>. They constantly ask, \u201cWhat if?\u201d and mitigate nightmare scenarios by:<\/p>\n\n\n\n

1. Setting up buffers<\/strong>\u201410X cases had huge cash reserves to see them through the inevitable disruptive event.<\/p>\n\n\n\n

2. Limiting and managing risk<\/strong>\u2014they took fewer risks than the comparison companies. When it came to time-based risks, they didn\u2019t panic and instead assessed the situation and made decisive moves based on the time they had.<\/p>\n\n\n\n

3. Taking a macro and micro view of the landscape<\/strong>\u2014they didn\u2019t just pay attention to the work at hand but also kept an eye on their surroundings for oncoming threats. They addressed perceived threats accordingly.<\/p>\n\n\n\n