Built to Last [Book Summary]
![Built to Last [Book Summary]](/content/images/size/w2000/2016/09/images--2-.jpeg)
This is one of my favourite business books of all time. Unfortunately I didn't yet finish the book summary, and only wrote down the first section - 12 shattered myths.
BUILT TO LAST - Successful Habits of Visionary Companies, by Jim Collins and Jerry I. Porras
Twelve Shattered Myths
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Myth 1: It takes a great idea to start a great company. Many visionary companies started without a great idea.
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Myth 2: Visionary companies require great and charismatic visionary leaders. In fact, that is absolutely not required, and can be detrimental to a company's long-term prospects.
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Myth 3: The most successful companies exist first and foremost to maximise profits. In fact, visionary companies are guided by a core ideology: core values and a sense of purpose.
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Myth 4: Visionary companies share a common subset of "correct" core values. In reality, core values vary substantially - e.g. Philip Morris' core value of the right to personal freedom of choice (to smoke, or buy whatever one wants).
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Myth 5: The only constant is change. In reality, a visionary company religiously preserves its core ideology.
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Myth 6: Blue-chip companies play it safe. In fact, they often make BHAGs and bet-the-pot on big projects (e.g. Boeing).
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Myth 7: Visionary companies are great places to work, for everyone. In reality, only those who "fit" extremely well with the core ideology and demanding standards of a visionary company will find it a great place to work.
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Myth 8: Highly successful companies make their best moves by brilliant and complex strategic planning. In reality, it is more of a Darwinian process: let's just try a lot of stuff and keep what works.
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Myth 9: Companies should hire outside CEOs to stimulate fundamental change. In fact, visionary companies very rarely hire outside CEOs. They foster home-grown management.
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Myth 10: The most successful companies focus primarily on beating the competition. In reality, visionary companies focus primarily on beating themselves.
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Myth 11: You can't have your cake and eat it too. In reality you can. Visionary companies rid themselves of the "tyranny of the OR" and embrace the "genius of the AND".
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Myth 12: Companies become visionary primarily through "vision statements". Writing a vision statement is just one of thousands of steps.