Good to Great: Why Some Companies Make the Leap... And Others Don't by Jim Collins - Book Summary - Readtrepreneur
(Disclaimer: This is NOT the original book, but an unofficial summary.)
What are the variables that distinguish a good company from a great one? Can your company become great? Knowing how to do it is the most important step and Good to Great will be essential on covering that gap. Good to Great does its absolute best on providing the knowledge you need to know to make your company distinguish itself from its competition. There is no need to settle on "good" when it can be great and having the best guide at your disposal is the best way to aim for the top.
(Note: This summary is wholly written and published by Readtrepreneur. It is not affiliated with the original author in any way)
"Great vision without great people is irrelevant" - James C. Collins
Being the #1 bestselling book with more than 2 million copies sold, Good to Great is the best way to learn how the best companies triumph over others and how your company can be the successful one. This book is not meant for settlers, it teaches you how to improve your position even if you are not in a bad one. Do you want to always strive to the highest mountain? Then this book is for you. Jim Collins stresses the importance of knowing that your company doesn't have to be "born with great DNA" to be one of the greats because what's necessary is knowing when to act and when not to.
P.S. Good to Great is an extremely useful book that will help your company excel among others. In order to succeed, you need to be competitive, you need to be vicious, and you need to be ambitious.
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Chapter 1. Optimal Stopping – When to Stop Looking
One thing that makes life difficult is not knowing when to stop – this has been labeled as the Optimal Stopping Problem. There is a danger of quitting too early and missing out on something good, or quitting too late and exhausting the little energy and time that we have.
Thankfully, there is an algorithm that will make decisions much easier. It’s not entirely foolproof, but it will produce better outcomes than doing things randomly.
The Optimal Stopping Problem deals not with what option to select but how many choices to consider. Based on statistical data, the ideal percentage is 37%.
The Secretary Problem explores the idea of Optimal Stopping. Someone tasked to hire a secretary has to choose among applicants, but he must know when to stop so that he will not miss someone who is good for the job.
In looking for the secretary, stopping late means prolonging the choice unnecessarily, while stopping too early lets the best applicant go unhired. The strategy is to find a reasonable balance between the two conditions.
