Great by Choice: 8 key ideas
The core ideas of Great by Choice, each in under a minute, written in our own words. Want the full depth? Get the book.
- IDEA 1 OF 8
Some companies thrive in chaos
Collins and Hansen studied companies that achieved outstanding results in uncertain, fast-changing industries, outperforming their industries by at least ten times.
They call the leaders of these companies 10Xers and ask what set them apart from comparison companies facing similar conditions.
- IDEA 2 OF 8
Discipline beats bold leaps
The authors found that 10Xers showed fanatic discipline, sticking to their values and methods consistently.
They did not chase every trend. The authors say that these leaders stayed steady in their approach and held to their own plans, rather than being swayed by what was fashionable.
- IDEA 3 OF 8
March steadily
The authors describe the 20 Mile March: committing to steady progress every year, in good times and bad.
Consistency builds strength and confidence. The authors say that this meant not rushing ahead in good years or giving up in bad ones, so the company grew at a steady pace.
- IDEA 4 OF 8
Test before betting big
The authors describe firing bullets, then cannonballs: testing ideas with small, cheap experiments before committing big resources.
This reduces risk. The authors say that after a small test shows what works, the company can then put all its strength behind the idea with more confidence.
- IDEA 5 OF 8
Use evidence to be creative
The authors describe empirical creativity, basing innovation on evidence rather than guesswork. 10Xers tested ideas carefully.
The authors say that these companies relied on testing, observation and results, so their new ideas were less likely to be a wasted gamble.
- IDEA 6 OF 8
Prepare for the worst
The authors describe productive paranoia, preparing for bad events by building cash reserves and safety margins.
This helps companies survive shocks. In this view, a company that expects trouble and plans for it is better able to stay strong when sudden shocks arrive.
- IDEA 7 OF 8
Have a consistent recipe
The authors describe a SMaC recipe: specific, methodical and consistent practices.
Successful companies changed their recipe rarely. The authors say that the recipe gave people clear rules to follow while still allowing the company to adjust when real change was needed.
- IDEA 8 OF 8
Make the most of luck
The authors found that 10Xers did not have more luck, but got a higher return on luck.
They made the most of good and bad luck alike. The point is that outcomes depended less on how much luck they had and more on how well they used it.
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