In an era of disruption and rapid change, where businesses rise and fall with dizzying speed, a select few companies have managed to endure and thrive for generations. What secrets do these venerable organizations hold that have allowed them to weather storms, adapt to shifting landscapes, and maintain their vitality decade after decade?"Built to Last" goes behind the scenes to study 18 truly exceptional companies that have stood the test of time versus their "comparison companies”, which are companies in...
Craft Companies that Build Systems & Continuously Innovate
When we look at today's visionary, enduring companies like Apple, Amazon, or Google, it's easy to assume their success was predicated on having a brilliant founding vision or a supremely charismatic leader at the helm. After all, conventional wisdom dictates that truly great companies start with a great idea brought to life by a great leader. We romanticize stories of visionary founders seemingly able to see the future and pursue their ambitious dreams through sheer force of will and personality....
Chase Values, Not Profits
In the cutthroat world of business, it's easy to assume that the relentless pursuit of profit is the primary driver for successful companies. But, visionary companies are a special breed of organizations that buck this trend. These firms have a higher purpose for their existence that goes beyond money!Take the case of Merck & Company, the renowned pharmaceutical giant. Rather than viewing their purpose as simply generating financial returns, Merck has long been guided by a set of core ideals...
Master the Art of Constant Progress
You win some, you lose some. Heard that before? Well, our visionary companies do not believe in this. They want the best of both worlds - they don't just pick one between two seemingly incompatible options. They fight for both!The restrictive mindset of "this OR that" is what Collins calls "Tyranny of the OR." But, instead of getting trapped in it, embrace the "Genius of the AND". Like investment for the long-term AND demands for short-term performance. Sound impossible? Let...
Set CRAZY Goals!
When John F. Kennedy declared that America would land a man on the moon by the end of the 1960s, many thought he was out of his mind. The technical challenges were immense, and the Soviets were dominating the space race. Yet, Kennedy's audacious goal ignited a firestorm of innovation and exploration that culminated in the historic Apollo 11 mission.Kennedy's moonshot is just one example of how big, hairy, audacious goals or BHAGs (pronounced bee-hags) can transform industries and inspire...
Their Culture is Very Much like a Cult
You ever notice these visionary companies just seem to have this crazy, die-hard company culture? Their corporate culture is next level – a level so intense it borders on cult-like devotion. They indoctrinate their employees into their core ideology so deeply that it becomes almost impossible to tell where the company ends and the employee begins. You'd think this cult-like commitment breeds mindless drones. Quite the opposite, actually. See, when your employees are confident in the company's ideals and you...
Lessons from Legendary CEOs
Like with all other factors, the stories of the leaders of Comparison companies and Visionary companies stand in stark contrast, too. For one, comparison company CEOs were frequently described as near-tyrannical, exerting an iron grip on their organizations and engaging in no succession planning. This "my way or the highway" mentality left gaping holes in leadership when these troublesome CEOs finally departed. The case of Zenith Founder Eugene F. McDonald, Jr. serves as a prime example.McDonald, a charismatic but volatile...
Try a Lot of Stuff and Keep What Works
Visionary companies don't just dream big – they buckle up and get to work. These innovators know that progress isn't a straight shot; it's a winding path paved with both hits and misses. But they're not afraid of a few stumbles, because they understand that failure is the price of progress.Unlike their more cautious counterparts, visionary companies actively encourage their employees to experiment with novel ideas, products, and practices. This cultivates an atmosphere of innovation, where some daring ventures blossom...
How Visionary Companies Truly Live Their Values: Actual Action
Talk is cheap, but visionary companies put their money where their mouth is. These savvy businesses go beyond just stating values - they incorporate those values into the fabric of their operations through concrete mechanisms that shape how employees live and breathe the company ethos every single day.One key characteristic of visionary companies is their willingness to invest heavily in creating new technologies, business practices, training human capital, and supporting research and development. Merck modeled this by structuring their labs...
Chapter 11
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Summary
“Built to Last” by Jim Collins provides a structural framework for understanding what makes some companies more successful than others, in the sense of longevity and offers practical advice for business leaders who aspire to build enduring organizations. To quote our author, “Ultimately this is not a business book, but a book about building enduring, great human institutions of any type.” What makes a visionary company? Bold goals, loyalty to ideology (values and purpose), and translating these into the lowest...
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About the Author
Jim Collins is a student and teacher of what makes great companies tick, and a Socratic advisor to leaders in the business and social sectors. Having invested more than a quarter century in rigorous research, he has authored or coauthored a series of books that have sold in total more than 10 million copies worldwide. They include Good to Great, the #1 bestseller, which examines why some companies make the leap and others don’t; the enduring classic Built to Last, which discovers why some companies remain visionary for generations; How the Mighty Fall, which delves into how once-great companies can self-destruct; and Great by Choice, which uncovers the leadership behaviors for thriving in chaos and uncertainty. Jim has also published two monographs that extend the ideas in his primary books: Good to Great and the Social Sectors and Turning the Flywheel.
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