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♥️Written Book Review♥️n💎 💎 Built to last 💎 💎nSuccessful Habits of Visionary Companies by Jim Collins & Jerry I PorrasnnIntroductionnWe are in an ever changing world and same goes for companies. If your company doesn’t change to fit with the changing times it risks going into extinction. The changes we’re talking about are to accommodate new ideas & solutions. This is because invention and discovery move humankind forward. Whilst striving for change, visionary companies preserve their CORE VALUES & PURPOSE but change their CULTURAL AND OPERATING PRINCIPLES and set specific goals and strategies. Visionary companies must understand the crucial distinction between core and noncore, between what should never change and what should be open for change, between what is truly sacred and what is not.nnOne “secret” to an enduring great company, is it’s ability to manage continuity and change—a discipline that must be consciously practiced, even by the most visionary of companies.Visionary companies pay attention to the fundamentals, shunning the limelight, creating jobs, generating wealth, and making a contribution to society. nnChapter 1nThe Best of the BestnnThis is a book about visionary companies. They are institutions that endure time and seasons. Individual leaders, no matter how charismatic or visionary, eventually die; and all visionary products and services—all “great ideas”—eventually become obsolete. Indeed, entire markets can become obsolete and disappear. Yet visionary companies prosper over long periods of time, through multiple product life cycles and multiple generations of active leaders. nKEY TO SURVIVAL-multiple product (or service) life cyclesnVisionary companies are not just successful but are icons-role models-for the practice of management around the worldnMost of these companies have taken serious tumble at least once in their history or multiple times nWalt Disney faced a serious cash flow crisis in 1939 which forced it to go public; later, in the early 1980s, the company nearly ceased to exist as an independent entity as corporate raiders eyed its depressed stock price. Boeing had serious difficulties in the mid-1930s, the late 1940s, and again in the early 1970s when it laid off over sixty thousand employees. 3M began life as a failed mine and almost went out of business in the early 1900s. Hewlett- Packard faced severe cutbacks in 1945; in 1990, it watched its stock drop to a price below book value. Sony had repeated product failures during its first five years of life (1945–1950) Visionary companies display a remarkable resiliency, an ability to bounce back from adversity. nnTWELVE SHATTERED MYTHSnMyth 1: It takes a great idea to start a great company.nReality: Starting a company with a “great idea” might be a bad idea. Few of the visionary companies began life with a great idea. In fact, some began life without any specific idea and a few even began with outright failures. Furthermore, regardless of the founding concept, the visionary companies were significantly less likely to have early entrepreneurial success than the comparison companies in our study. Like the parable of the tortoise and the hare, visionary companies often get off to a slow start, but win the long race. nnMyth 2: Visionary companies require great and charismatic visionary leaders. nReality: A charismatic visionary leader is absolutely not required for a visionary company and, in fact, can be detrimental to a company’s long-term prospects. Some of the most significant CEOs in the history of visionary companies did not follow the model of the high-prole, charismatic leader— indeed, some explicitly shied away from that model. nMyth 3: The most successful companies exist first and foremost to maximize profits. nReality: Contrary to business school doctrine, “maximizing shareholder wealth” or “profit maximization” has not been the dominant driving force or primary objective through the history of the visionary companies. Visionary companies pursue a cluster of objectives, of which making money is only one—and not necessarily the primary one. Yes, they seek profits, but they’re equally guided by a core ideology—core values and sense of purpose beyond just making money. Yet, paradoxically, the visionary companies make more money than the more purely profit- driven comparison companies. PROFIT IS A RESIDUAL BENEFIT OF PURSUING THEIR CORE VALUEnnMyth 4: Visionary companies share a common subset of “correct” core values. nReality: There is no “right” set of core values for being a visionary company. Indeed, two companies can have radically different ideologies, yet both be visionary. Core values in a visionary company don’t even have to be “enlightened” or “humanistic,” although they often are. The crucial variable is not the content of a company’s ideology, but how deeply it believes its ideology and how consistently it lives, breathes, and expresses it in all that it does. Visionary companies do not ask, “What should we value?” They ask, “What do we actually value deep down to our toes? nMyth 5: The only constant is change.nReality: A visionary company almost religiously preserves its core ideology—changing it seldom, if ever. Core values in a visionary company form a rock-solid foundation and do not drift with the trends and fashions of the day; in some cases, the core values have remained intact for well over one hundred years. And the basic purpose of a visionary company—its reason for being—can serve as a guiding beacon for centuries, like an enduring star on the horizon. Yet, while keeping their core ideologies tightly xed, visionary companies display a powerful drive for progress that enables them to change and adapt without compromising their cherished core ideals. nMyth 6: Blue-chip companies play it safe.nReality: They actually use “Big Hairy Audacious Goals” (BHAGs) to stimulate progress and blast past the comparison companies at crucial points in history. nnMyth 7: Visionary companies are great places to work, for everyone. nReality: Only those who “t” extremely well with the core ideology and demanding standards of a visionary company will nd it a great place to work. If you go to work at a visionary company, you will either t and ourish— probably couldn’t be happier—or you will likely be expunged like a virus. It’s binary. There’s no middle ground. It’s almost cult-like. nMyth 8: Highly successful companies make their best moves by brilliant and complex strategic planning. nReality: Visionary companies make some of their best moves by experimentation, trial and error, opportunism, and—quite literally—accident. What looks in retrospect like brilliant foresight and preplanning was often the result of “Let’s just try a lot of stu and keep what works.” In this sense, visionary companies mimic the biological evolution of species. We found the concepts in Charles Darwin’s Origin of Species to be more helpful for replicating the success of certain visionary companies than any textbook on corporate strategic planning. nMyth 9: Companies should hire outside CEOs to stimulate fundamental change. nReality: Time and again, they have dashed to bits the conventional wisdom that signicant change and fresh ideas cannot come from insiders. nMyth 10: The most successful companies focus primarily on beating the competition. nReality: Visionary companies focus primarily on beating themselves. Success and beating competitors comes to the visionary companies not so much as the end goal, but as a residual result of relentlessly asking the question “How can we improve ourselves to do better tomorrow than we did today?” BEATING COMPETITOR IS A RESIDUAL RESULT OF SELF IMPROVEMENT nnMyth 11: You can’t have your cake and eat it too.nReality: Visionary companies do not brutalize themselves with the “Tyranny of the OR”—the purely rational view that says you can have either A OR B, but not both. They reject having to make a choice between stability OR progress; cult-like cultures OR individual autonomy; home-grown managers OR fundamental change; conservative practices OR Big Hairy Audacious Goals; making money OR living according to values and purpose. Instead, they embrace the “Genius of the AND”—the paradoxical view that allows them to pursue both A AND B at the same time. nMyth 12: Companies become visionary primarily through “vision statements.” nReality: The visionary companies attained their stature not so much because they made visionary pronouncements (although they often did make such pronouncements). Nor did they rise to greatness because they wrote one of the vision, values, purpose, mission, or aspiration statements that have become popular in management today (although they wrote such statements more frequently than the comparison companies and decades before it became fashionable). Creating a statement can be a helpful step in building a visionary company, but it is only one of thousands of steps in a never-ending process of expressing the fundamental characteristics we identied across the visionary companies. The book embarked on two research projects:nTo identify the underlying characteristics and dynamics common to highly visionary companies (and that distinguish them from other companies) and to translate these findings into a useful conceptual framework. n2. To effectively communicate these findings and concepts so that they influence the practice of management and prove beneficial to people who want to help create, build, and maintain visionary companies. nThe book attempts to find answers to the following intriguing questions: nHow did Motorola successfully move from a humble battery repair business into car radios, television, semiconductors, integrated circuits, and cellular communications, while Zenith —started at the same time with similar resources—never became a major player in anything other than TVs? n• How did Procter & Gamble continue to thrive 150 years after its founding, while most companies are lucky to survive even 15 years? And how did P&G, which began life substantially behind rival Colgate, eventually prevail as the premier institution in its industry? n• How did Hewlett-Packard Company remain healthy and vibrant after Bill Hewlett and Dave Packard stepped aside, while Texas Instruments—once a high-ying darling of Wall Street—nearly self-destructed after Pat Haggarty stepped aside? n• Why did Walt Disney Company become an American icon, surviving and prospering through hostile takeover attempts, while Columbia Pictures slowly lost ground, never became an icon, and eventually sold out to a Japanese company? nHow did Boeing emerge from obscurity in the commercial aircraft industry and unseat McDonnell Douglas as the premier commercial aircraft company in the world; what did Boeing have in the 1950s that McDonnell Douglas lacked? The book looked for underlying, timeless, fundamental principles and patterns that might apply across eras. For example, the specific METHODS visionary companies use to “preserve the core and stimulate progress” (a key principle discussed throughout the book) will continue to evolve, but the underlying principle itself is timeless— equally valid and essential in 1850 as 1900, 1950, and 2050. Our goal has been to use the long range of corporate history to gain understanding and develop concepts and tools that will be useful in preparing organizations to be visionary in the twenty-rst century and beyond. METHODS CHANGE BUT THE UNDERLYING PRINCIPLES ARE TIMELESS
Reading makes a huge difference in people’s lives. Readers expand their horizons and travel to places in their minds and with time they see the reality in their lives. Take advantage of the power of perception by reading. Readers are leaders.