The hedgehog and flywheel thought, with Jim Collins – InsuranceNewsNet

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In Episode 20, we featured a dialogue with Jim Collins about ideas in his ebook Nice via Selection, and his project to check and scientifically decide what makes some firms be triumphant whilst others fail.

Of their dialogue, Paul and Jim had additionally spoken concerning the ideas Jim made well-known in one in every of his best-known books, Excellent to Nice, which has change into required studying in trade faculties. For that seminal ebook, Jim and a gaggle of researchers appeared into how firms made the transition from simply a standard corporate to a standout group that perpetuated luck. They got here to grasp some not unusual characteristics that gave the impression counterintuitive. As an example, the charismatic, white knight CEO infrequently saves the day, however extra continuously sinks the corporate. As a substitute, it’s the plodding tortoise that wins those races – or as Jim and his team put it, the hedgehog that wins the battle.

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SHOW NOTES:

02:30  Jim’s hedgehog and flywheel ideas return years. However in these days’s economic system and with our ever-changing era, they’re as related as ever.

03:50  In an effort to perceive Jim’s hedgehog thought, you wish to have to grasp the 3 circles that feed into it.

05:20  How does one uncover what their hedgehog is? Jim says that, infrequently, you to find it thru empirical trying out.

08:30  Paul talks about how he’s put Jim’s flywheel analogy to make use of.

09:40  Jim explains the “cumulative” side of the flywheel thought.



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