{"id":5936,"date":"2026-01-26T12:37:55","date_gmt":"2026-01-26T16:37:55","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=5936"},"modified":"2026-01-27T14:39:37","modified_gmt":"2026-01-27T18:39:37","slug":"qualities-of-a-good-business","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/qualities-of-a-good-business\/","title":{"rendered":"6 Essential Qualities of a Good Business That Turned Great"},"content":{"rendered":"\n<p>In <em><a href=\"https:\/\/www.shortform.com\/blog\/key-takeaways-from-good-to-great\/\">Good to Great<\/a><\/em>, former Stanford business professor Jim Collins offers a primer on turning the average into the exceptional. Through detailed case studies of 11 companies that went from tracking the market to exceeding it by at least 3x, Collins presents the key factors that separate merely good organizations from great ones\u2014from rare leadership to disciplined thinking to the dogged pursuit of a core mission.\u00a0<\/p>\n\n\n\n<p>Whether you\u2019re an entrepreneur, a manager, or just an individual looking to improve, the concepts in <em>Good to Great<\/em> provide food for thought\u2014and spurs to action. We&#8217;ll cover six <a href=\"https:\/\/www.shortform.com\/blog\/characteristics-of-a-good-business\/\">qualities of a good business<\/a> that evolve into great ones below<em>. <\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p><em>Originally Published: December 30, 2019<br>Last Updated: January 26, 2026<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-distinguished-the-great-companies-from-the-good-ones\"><strong>What Distinguished the Great Companies From the Good Ones?<\/strong><\/h2>\n\n\n\n<p>According to Collins, the great companies <strong>followed six essential principles <\/strong>that led to their sustained success:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. Cultivating Singular Leadership<\/strong><\/h3>\n\n\n\n<p>Collins says that the first quality of a good business becoming great is that they have \u201cLevel 5\u201d leaders. He explains that there are five levels of contributors in a company:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Level 1:<\/strong> A capable individual contributor<\/li>\n\n\n\n<li><strong>Level 2:<\/strong> A productive team member<\/li>\n\n\n\n<li><strong>Level 3:<\/strong> An effective manager<\/li>\n\n\n\n<li><strong>Level 4: <\/strong>A leader who can inspire subordinates<\/li>\n\n\n\n<li><strong>Level 5: <\/strong>An exceptional leader<\/li>\n<\/ul>\n\n\n\n<p>Collins describes Level 5 leaders as humble, almost shy, but highly driven professionally. They avoid the limelight and tend to credit external forces or colleagues for their companies\u2019 successes. Although they\u2019re often likable and inspiring, they\u2019re not usually \u201ccharismatic.\u201d Their lack of ego enables them to <strong>concentrate on the company\u2019s success, not their own<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-to-achieve-it\">How to Achieve It<\/h4>\n\n\n\n<p>Collins acknowledges that Level 5 characteristics are likely a product of both nature and nurture, and so are difficult to create out of whole cloth; he also doesn\u2019t have hard data to back up any suggestions he might make. His best advice for aspiring Level 5 leaders is to follow the other<em> <\/em>principles he outlines. That way, even if you <em>aren\u2019t <\/em>a <a href=\"https:\/\/www.shortform.com\/blog\/jim-collins-level-5-leadership\/\">Level 5 leader<\/a>, you\u2019ll at least be acting like one.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Assembling the Right Team<\/strong><\/h3>\n\n\n\n<p>The second principle behind good-to-great companies is they recruit and retain the <a href=\"https:\/\/www.shortform.com\/blog\/hiring-the-right-people\/\">right people<\/a> <em>before <\/em>embarking on any specific program. Collins argues that when good people come on board before a new direction is unveiled, they\u2019re signing on because of <em>who else<\/em> is on board. This means that if the company has to change direction down the road, these team members will stick with you\u2014because it was never about the direction in the first place.<\/p>\n\n\n\n<p>Collins adds that a good-to-great team is composed of people who care deeply about the company and will argue passionately for the decisions they believe are right (but will come together to support whatever decision is eventually reached). At all costs, avoid the \u201cgenius with a thousand helpers\u201d model; <strong>management teams should be composed of independent and critical thinkers, not \u201cyes people.\u201d<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-to-achieve-it-0\">How to Achieve It<\/h4>\n\n\n\n<p>To <a href=\"https:\/\/www.shortform.com\/blog\/building-a-successful-team\/\">assemble the right team<\/a>, Collins offers the following tips:<\/p>\n\n\n\n<p>1) Don\u2019t hire until you\u2019re sure you have the right person.<\/p>\n\n\n\n<p>2) Recognize when you need to make a change (whether by shifting a role or letting someone go) and act swiftly.<\/p>\n\n\n\n<p>3) Assign your best people to your biggest opportunities rather than your biggest problems. That might mean taking a top performer away from a thriving division and transferring them to one you\u2019re aiming to grow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. Unearthing and Facing Facts<\/strong><\/h3>\n\n\n\n<p>Collins says the third principle that makes good-to-great companies successful is that leaders are unflinching in the face of facts, no matter how dire\u2014leaders remain stoic yet hopeful, and realistic without turning cynical. Collins adds that in order to respond to facts in this way, leaders cultivate a culture in which facts can be discovered and expressed without fear of reprisal or blame.&nbsp;<\/p>\n\n\n\n<p>For example, in the 1970s, Kroger and A&amp;P were well-established grocery companies that were similarly positioned to take advantage of a new customer demand for a one-stop shopping experience. But whereas Kroger saw the demand for \u201csuperstores\u201d\u2014establishments that sold conventional groceries as well as prepared foods and nutritional supplements\u2014and overhauled all their stores, A&amp;P stayed the course. Over the 15-year period that Collins and his team evaluated, Kroger generated 80 times the returns of A&amp;P. Collins says A&amp;P had the facts: It rolled out an experimental superstore that was a success, but management chose to stick to what worked for the company in the past rather than adjust to a changing marketplace.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How to Achieve It&nbsp;<\/h4>\n\n\n\n<p>With the right management team\u2014one comprising sharp, critical thinkers\u2014the facts should never be in short supply. Collins says leaders can encourage truth-telling by:&nbsp;<\/p>\n\n\n\n<p><strong>1) Beginning meetings with <em>questions<\/em>, not <em>answers<\/em>.<\/strong> Leaders should ask their team tough questions to unearth information and insight.<\/p>\n\n\n\n<p><strong>2) Cultivating, rather than stifling, debate among the team.<\/strong> Collins says that some executives solicit input from their team just to give them a sense of being heard, even though they\u2019re determined to pursue the direction they already had in mind. He says leaders should instead encourage dissent that has real implications on company strategy.&nbsp;<\/p>\n\n\n\n<p><strong>3) Analyzing mistakes without <a href=\"https:\/\/www.shortform.com\/blog\/placing-blame\/\">assigning blame<\/a>.<\/strong> Collins says evaluating failures in this way ensures that the same errors aren\u2019t made twice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Thinking Like a Hedgehog<\/strong><\/h3>\n\n\n\n<p>Collins says the fourth principle behind good-to-great companies is hedgehog thinking. He explains that people can be divided into <em>foxes<\/em> and <em>hedgehogs<\/em>: Foxes know many things and see the world in all its complexity, whereas hedgehogs know one <em>big <\/em>thing and order the world according to that thing. Leaders of good-to-great companies think like a hedgehog. <\/p>\n\n\n\n<p>Collins adds that good-to-great leaders develop a <strong>\u201cHedgehog Concept\u201d\u2014an elegant, easy-to understand guiding philosophy based on facts<\/strong>\u2014that the company adheres to fanatically.<\/p>\n\n\n\n<p>For example, Walgreens\u2019 concept was to build the most convenient drugstores with the highest profit per customer visit in the industry. Once that was established, they built stores on corners rather than midblock, clustered stores in high-traffic areas, provided drive-through pharmacy services, and added highly profitable services like one-hour photo development. In contrast, its competitor Eckerd had no unifying concept for growth and even tried getting into the home-video industry, eventually leading to its collapse.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How to Achieve It<em>&nbsp;<\/em><\/h4>\n\n\n\n<p>Collins says you can derive your company\u2019s <a href=\"https:\/\/www.shortform.com\/blog\/hedgehog-concept\/\">Hedgehog Concept<\/a> from the answer(s) to three questions:&nbsp;<\/p>\n\n\n\n<p><strong>Question 1: What can you do better than anyone else in the world?<\/strong> Collins says that if you can\u2019t be the best in the world in a particular area, even if it\u2019s your core business, then it can\u2019t be part of your Hedgehog Concept.&nbsp;<\/p>\n\n\n\n<p><strong>Question 2: What\u2019s your economic engine?<\/strong> Good-to-great companies have sharp insight into the fundamental economics of what aspect of their business will drive profits. The ones in Collins\u2019s research formulated a single economic denominator, such as \u201cprofit per X,\u201d and aligned their strategy around that ratio. The challenge was to define the correct X to produce the correct strategy.&nbsp;<\/p>\n\n\n\n<p>For example, while banks used to focus on <em>profit per loan<\/em>, Wells Fargo changed tack in the era of deregulation and focused on <em>profit per employee<\/em>.<\/p>\n\n\n\n<p><strong>Question 3: What are you passionate about? <\/strong>Collins says good-to-great companies certainly want to maximize profits, but they also choose opportunities that <em>inspire<\/em> their people.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>5. Maintaining Discipline<\/strong><\/h3>\n\n\n\n<p>The fifth principle behind good-to-great companies is that they create and maintain discipline, meaning they constantly refer to and consistently realize their Hedgehog Concepts. Collins contends that rigorous adherence to a Hedgehog Concept saves companies from panic acquisitions or misguided projects.<\/p>\n\n\n\n<p>Collins clarifies that discipline <em>does not <\/em>mean a tyranny presided over by the executive. Rather than having an executive who imposes and enforces discipline, good-to-great companies have a <em>culture<\/em> of discipline permeating the organization. With a solid understanding of the company\u2019s Hedgehog Concept, individuals can police themselves and make sound decisions without layers of bureaucracy.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How to Achieve It<\/h4>\n\n\n\n<p>Collins says you can maintain discipline by doing the following:<\/p>\n\n\n\n<p>1) Allow individuals freedom within a clear framework of responsibility.<\/p>\n\n\n\n<p>2) Retain self-disciplined people who are driven to produce results.<\/p>\n\n\n\n<p>3) Recognize that a <a href=\"https:\/\/www.shortform.com\/blog\/culture-of-discipline-jim-collins\/\">disciplined culture<\/a> is different from a culture led by a tyrant or disciplinarian. <\/p>\n\n\n\n<p>4) Adhere fanatically to hedgehog thinking. A key technique for staying true to your Hedgehog Concept is to create a \u201cstop doing\u201d list, meaning if an activity doesn\u2019t serve your Hedgehog Concept, you should stop doing it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>6. Using Technology Tactically<\/strong><\/h3>\n\n\n\n<p>The sixth principle behind good-to-great companies is that they engage with groundbreaking technologies in a very specific way. Rather than betting the house on the technology itself, they think deeply about how the technology can serve the company\u2019s Hedgehog Concept. In other words, good-to-great companies <strong>don\u2019t use technology to <\/strong><strong><em>create<\/em><\/strong><strong> growth but to <\/strong><strong><em>accelerate <\/em><\/strong><strong>it<\/strong>. In contrast, other companies fear being left behind, so they adopt new technology as a reflex without methodical thought.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">How to Achieve It&nbsp;<\/h4>\n\n\n\n<p>Collins says that when evaluating a new technology, the key question to ask is: Does this technology impact my Hedgehog Concept? If it doesn\u2019t, you can safely ignore it and\/or adopt it just enough to keep pace. If it does support your Hedgehog Concept, you must figure out how you can lead<em> <\/em>in the <em>application<\/em> of that technology.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Good to Great, former Stanford business professor Jim Collins offers a primer on turning the average into the exceptional. Through detailed case studies of 11 companies that went from tracking the market to exceeding it by at least 3x, Collins presents the key factors that separate merely good organizations from great ones\u2014from rare leadership to disciplined thinking to the dogged pursuit of a core mission.\u00a0 Whether you\u2019re an entrepreneur, a manager, or just an individual looking to improve, the concepts in Good to Great provide food for thought\u2014and spurs to action. We&#8217;ll cover six qualities of a good business<\/p>\n","protected":false},"author":14,"featured_media":5951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45],"tags":[67],"class_list":["post-5936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-good-to-great","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 Essential Qualities of a Good Business That Turned Great - Shortform Books<\/title>\n<meta name=\"description\" content=\"Learn the six qualities of a good business, according to Jim Collins. 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