Jim Collins A Successful Habits Of Visionary Companies

In Jim Collins book â€Å"Built to Last: Successful Habits of Visionary Companies,† we are given the findings of a research project seeking to discover what it takes to make a great and successful company. The project sought out to find common characteristics (i.e. â€Å"time-tested fundamentals†) that were found throughout visionary companies. The book even goes on to debunk some commonly held myths and explain reasoning behind each of these myths. Let us begin by first addressing just a few of them. The book lists twelve, but let us concentrate on only three of them. They are: 1) â€Å"it takes a great idea to start a great company,† 2) â€Å"visionary companies require great and charismatic visionary leaders,† and 3) â€Å"visionary companies share a common subset of ‘correct’ core values.† In the first case, it often thought in order to cultivate and remain successful as a company, entrepreneurs are to already have this great idea. If not, it will bound to fail, after all there is no formal planning behind it to support and foster success. However, as pointed out, it is often the case that visionary companies experience low entrepreneurial success from the start, yet in the long term they proof to be successful. This is because having or waiting for a great idea shifts away the focus of creating a company. In the second shattered myth, Collins points to the fact that a charismatic and visionary leader is not a requirement of establishing an enduring company. Rather, than focusing on beingShow MoreRelatedEssay on Built To Last1182 Words   |  5 PagesTo be successful in todays global marketplace, an organization must learn to adapt in order to stay one step ahead of the competition. Mission statements, goal setting, and planning methods alone are simply not enough any more. Management fads have given way to time-tested management principles that distinguish good companies from truly great companies. 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