8 Findings That Will Transform Your Entrepreneurship Journey!

Most people settle for a comfortable life instead of striving for greatness. The same goes for companies, as the majority of them become functional but then stagnate without progressing.

Collins says “Good is the enemy of great.” Intrigued by this phenomenon, posed a question: Can a good company become great, and if so, how? After five years of research, he concluded that not only can a good company become great, but any organization can follow his framework to achieve this.

Here’s how Collins and his team developed the good-to-great principles:

1. Firstly, they analyzed 1435 companies. The aim was to find companies that were good for a long time but then became great. 11 such companies were found!
2. Thereafter Collins and his team identified “comparison companies” in the same industries as the good-to-great companies but that didn’t make the leap or failed to maintain their success.
3. Afterwhile, the team collected data on each of the 11 companies and conducted interviews with executives who held positions at the time of their company’s transition. The team sought to build the good-to-great principles purely from the data without starting with any set hypothesis.
4. Eventually, the team created a cohesive framework of concepts that each of the good-to-great companies had utilized.

Here is the concept that will help you take the leap of faith!

1. Following level five leadership:

Collins says Good-to-great organizations are often led by introverted and reserved leaders rather than big-personality entrepreneurial celebrities. Level 5 leader’s behavior includes

a) Highly capable individual
b) Contributing team member
c) Competent manager
d) Share praise
e) Take blame

2. First who…then what:

Good-to-great companies prioritize getting the right people on board before working out their company’s vision. Build a wall of work with WorkWall where you can get resources syncing with your work.

3. Confront the brutal facts but don’t lose faith:

A good-to-great company must accept the harsh reality of its current state while holding onto the belief that it can and will prevail.

4. The Hedgehog Concept:

Overcoming complacency is essential to go from good to great.

5. A culture of discipline:

Disciplined workforces make hierarchies irrelevant, decrease bureaucracy, and eliminate excessive controls. Great performance is achieved when a culture of discipline combines with entrepreneurial endeavors.

6. Technology accelerators:

Good-to-great companies don’t use technology as the primary means of integrating change into their processes, but how they use and select technology sets them apart from their comparison companies.

7. The flywheel and the doom loop:

Moving a company in a single direction over a long period with focused attention leads to breakthroughs and success.

8. From good to great to built to last:

For good-to-great companies to endure, core values and purpose must align with more than just making money.

These were some of the findings from the book. To conclude, entrepreneurship is a journey, that will take you on road full of milestones. Join the waitlist at WorkWall to create one. The global platform that will connect the tech forces across the globe.

‍