Corporate Culture - The Ultimate Strategic Asset

From the best-selling author of When Bad Things Happen to Good People, an illuminating book about fear—and what we can do to overcome it.

An inescapable component of our lives, fear comes in many guises. In uncertain times, coping with these fears can be especially challenging, but in this indispensable book, Harold S. Kushner teaches us to confront, master, and even embrace fear for a more fulfilling life. Drawing on the teachings of religious and secular literature and on the true stories of people who have faced their fears, we are again inspired by Kushner’s wisdom, at once deeply spiritual and eminently practical.

Bestselling author Wayne W. Dyer has crafted a powerful collection of writings, poems, and sayings by some of the greatest thinkers of the past twentyfive centuries. In succinct original essays, Dyer sets out to explain the meaning and context of each piece of wisdom, and, most important, how we can actively apply these teachings to our modern lives.

A beautiful and thoughtful gift, this book shows us a window to wisdom and a door to greatness.

Decline can be avoided.

Decline can be detected.

Decline can be reversed.

Amidst the desolate landscape of fallen great companies, Jim Collins began to wonder: How do the mighty fall? Can decline be detected early and avoided? How far can a company fall before the path toward doom becomes inevitable and unshakable? How can companies reverse course?

In How the Mighty Fall, Collins confronts these questions, offering leaders the well-founded hope that they can learn how to stave off decline and, if they find themselves falling, reverse their course. Collins' research project-more than four years in duration-uncovered five step-wise stages of decline:

Stage 1: Hubris Born of Success

Stage 2: Undisciplined Pursuit of More

Stage 3: Denial of Risk and Peril

Stage 4: Grasping for Salvation

Stage 5: Capitulation to Irrelevance or Death

By understanding these stages of decline, leaders can substantially reduce their chances of falling all the way to the bottom.

Great companies can stumble, badly, and recover.

Every institution, no matter how great, is vulnerable to decline. There is no law of nature that the most powerful will inevitably remain at the top. Anyone can fall and most eventually do. But, as Collins' research emphasizes, some companies do indeed recover-in some cases, coming back even stronger-even after having crashed into the depths of Stage 4.

Decline, it turns out, is largely self-inflicted, and the path to recovery lies largely within our own hands. We are not imprisoned by our circumstances, our history, or even our staggering defeats along the way. As long as we never get entirely knocked out of the game, hope always remains. The mighty can fall, but they can often rise again.

A tale of obsession so fierce that a man kills the thing he loves most: the only giant golden spruce on earth.

The new question
Ten years after the worldwide bestseller Good to Great, Jim Collins returns with another groundbreaking work, this time to ask: Why do some companies thrive in uncertainty, even chaos, and others do not? Based on nine years of research, buttressed by rigorous analysis and infused with engaging stories, Collins and his colleague, Morten Hansen, enumerate the principles for building a truly great enterprise in unpredictable, tumultuous, and fast-moving times.

The new study
Great by Choice distinguishes itself from Collinss prior work by its focus not just on performance, but also on the type of unstable environments faced by leaders today.

With a team of more than twenty researchers, Collins and Hansen studied companies that rose to greatness-beating their industry indexes by a minimum of ten times over fifteen years-in environments characterized by big forces and rapid shifts that leaders could not predict or control. The research team then contrasted these 10X companies to a carefully selected set of comparison companies that failed to achieve greatness in similarly extreme environments.

The new findings
The study results were full of provocative surprises. Such as:

• The best leaders were not more risk taking, more visionary, and more creative than the comparisons; they were more disciplined, more empirical, and more paranoid.
• Innovation by itself turns out not to be the trump card in a chaotic and uncertain world; more important is the ability to scale innovation, to blend creativity with discipline.
• Following the belief that leading in a fast world always requires fast decisions and fast action is a good way to get killed.
• The great companies changed less in reaction to a radically changing world than the comparison companies.

The authors challenge conventional wisdom with thought-provoking, sticky, and supremely practical concepts. They include: 10Xers; the 20 Mile March; Fire Bullets, Then Cannonballs; Leading above the Death Line; Zoom Out, Then Zoom In; and the SMaC Recipe.

Finally, in the last chapter, Collins and Hansen present their most provocative and original analysis: defining, quantifying, and studying the role of luck. The great companies and the leaders who built them were not luckier than the comparisons, but they did get a higher Return on Luck.

This book is classic Collins: contrarian, data-driven, and uplifting. He and Hansen show convincingly that, even in a chaotic and uncertain world, greatness happens by choice, not chance.

The Challenge
Built to Last, the defining management study of the nineties, showed how great companies triumph over time and how long-term sustained performance can be engineered into the DNA of an enterprise from the verybeginning.

But what about the company that is not born with great DNA? How can good companies, mediocre companies, even bad companies achieve enduring greatness?

The Study
For years, this question preyed on the mind of Jim Collins. Are there companies that defy gravity and convert long-term mediocrity or worse into long-term superiority? And if so, what are the universal distinguishing characteristics that cause a company to go from good to great?

The Standards
Using tough benchmarks, Collins and his research team identified a set of elite companies that made the leap to great results and sustained those results for at least fifteen years. How great? After the leap, the good-to-great companies generated cumulative stock returns that beat the general stock market by an average of seven times in fifteen years, better than twice the results delivered by a composite index of the world's greatest companies, including Coca-Cola, Intel, General Electric, and Merck.

The Comparisons
The research team contrasted the good-to-great companies with a carefully selected set of comparison companies that failed to make the leap from good to great. What was different? Why did one set of companies become truly great performers while the other set remained only good?

Over five years, the team analyzed the histories of all twenty-eight companies in the study. After sifting through mountains of data and thousands of pages of interviews, Collins and his crew discovered the key determinants of greatness -- why some companies make the leap and others don't.

The Findings
The findings of the Good to Great study will surprise many readers and shed light on virtually every area of management strategy and practice. The findings include:

• Level 5 Leaders: The research team was shocked to discover the type of leadership required to achieve greatness.
• The Hedgehog Concept (Simplicity within the Three Circles): To go from good to great requires transcending the curse of competence.
• A Culture of Discipline: When you combine a culture of discipline with an ethic of entrepreneurship, you get the magical alchemy of great results. Technology Accelerators: Good-to-great companies think differently about the role of technology.
• The Flywheel and the Doom Loop: Those who launch radical change programs and wrenching restructurings will almost certainly fail to make the leap.

Some of the key concepts discerned in the study, comments Jim Collins, "fly in the face of our modern business culture and will, quite frankly, upset some people.

Perhaps, but who can afford to ignore these findings?