Principles from Jim Collins
A Blueprint for Enduring Greatness
Estimated reading time (5 minutes)
Happy Friday, everyone.
On Principles Friday, I share one principle that can help you in your life or business, one thought-provoking question, and one call to action toward that principle.
Principle of the Week
“Fire Bullets, then Cannonballs.” — Jim Collins
Jim Collins is an American author, business consultant, and lecturer known for his work on business management and organizational success. He gained widespread recognition with his book "Good to Great: Why Some Companies Make the Leap... and Others Don't," published in 2001.
In the early 2000s, the iPod was Apple's sleek, little-known secret, contributing less than 3 percent to the company's overall sales. It was a cool gadget, a bullet in Apple's arsenal, yet to become the headline act. However, empirical evidence was stacking up – users were falling in love with the iPod, iTunes was a hit on Macs, and sales were doubling yearly.
Apple recognized the potential for a bigger splash. Sensing the growing demand and the music industry grappling with piracy, Apple made its next move. They introduced an online music store and negotiated a groundbreaking deal with the industry to sell individual songs for 99 cents. The gamble paid off; people showed a preference for legal, reasonably priced downloads. The success of iTunes for Windows was another indicator, considering the vast Windows user base.
With each successful experiment, Apple gained more validation. Millions were choosing to buy instead of stealing, showing the potential for a broader market. The demand for iTunes on Windows hinted at the untapped user base waiting to be explored.
Then, armed with a wealth of empirical evidence and confidence, Apple unleashed the big cannonball. They revolutionized the music industry with a simple yet powerful formula – easy access to reasonably priced music. The iPod, once a humble bullet, became the precursor to a seismic shift in the music landscape, showcasing the wisdom of firing bullets before launching cannonballs.
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Question to Ponder
If you woke up tomorrow morning and discovered that you had inherited 10 million dollars and you also discovered you had a terminal disease and you only had five years to live—what would go on your stop-doing list?
Call to Action
Jim Collins has created timeless concepts from more than 25 years of rigorous research into what makes great companies tick. These concepts are used widely by leaders throughout the business and social sectors. One of the main concepts is Level 5 leadership, which states that all Great Companies have a Level 5 leader characterized by a potent mixture of personal humility and indomitable will. Here are a few life advices to help you become a Level 5 Leader:
Build Your Board of Wisdom: Form a personal advisory board from people you admire and who are based on character, not just professional achievements.
Adopt the Bug's Eye View: Observe yourself objectively, tracking habits and emotions to unveil patterns. “What does this bug do? What is this bug passionate about? And what is this bug encoded for? [Do so] with no judgment—don't judge and say this bug should be better at math.” These patterns are key to discovering your hedgehog concept.
Embrace Quiet Brilliance: Regularly carve out distraction-free moments for deep contemplation. “No phone. No email. I was going to say no fax, but they don't even have that anymore. No Twitter. No emails. No connections. Engage in these glorious pockets of quietude.”
Harness Curiosity as a Superpower: Foster a continuous learning mindset by asking more questions than making statements. “John Gartner, another member of my personal board, brought me into his office one day and said, ‘It occurs to me, Jim, you spend way too much of your time trying to be interesting. Why don't you channel your time around being interested?’”
Craft a Ceaseless Progress Blueprint: Envision a life with constraints, compile a stop-doing list, and liberate yourself from distractions. “If you woke up tomorrow morning and discovered that you had inherited 20 million dollars and you also discovered you had a terminal disease and you only had ten years to live—what would go on your stop-doing list?”
Master Opportunity Discernment: Align actions with passion, skills, and financial viability, sidestepping distractions that hinder meaningful success. “There will always be many once-in-a-lifetime opportunities.”
Elevate Your Leadership: Cultivate enduring greatness by finding a passion worth enduring pain for and embodying humility and determination. “Find something for which you have so much passion that you are willing to endure the pain.”
Video of the Week
Jim Collins looks ahead at our changing world and through that lens, builds upon the timeless principles of Peter Drucker.
If you want to learn more principles, I interview founders on my podcast, The First 100, where they share how they acquired their first 100 paying customers. This week:
Episode 117 - The First 100 with Kris Bennatti, the Co-founder of Hudson Labs
Episode 118 - The First 100 with Craig Unger, the Co-founder of Hyperproof
And that’s a wrap for now!
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