Today management guru Jim Collins doesn’t need any introduction to tell the world who he is. The six books he authored stands testimony to the vast knowledge he possess regarding the business management dynamics. He has made many companies to go from being just good to great. Many young entrepreneurs are his ardent followers who heed his every principle for success to change the fate of their company. But with changing times Jim Collins shows the 21st generation entrepreneurs how to create a great company in the midst of fierce competition.
If you are a budding entrepreneur or having a flourishing business by want to make it great then follow this 5 useful and simple steps. If you consciously follow these steps then you can see the changes in your business from day one. Below are the 5 pieces of golden nuggets.
1. Get the right people early in your business: This is all self-explanatory but Jim Collins says it easy said than done. Today more businesses are closing down due to lack of right people for right position than finance or venture funding. Jim says an entrepreneur need to figure out how many keys positions are available and fill it with right people.
2. Find facts and learn from it: Most of the entrepreneurs have their quarterly business meeting. These meetings are most of time cosmetic in nature with just making couple of presentation regarding sales of product and services. But Jim says apart from sales discussion it should include the hard facts about the present state of the company in the competition. These meetings should be constructively used to figure out how to improve further the product and service and serve the customer better. Following brutal fact finding yields superior result in the long-run.
3. Long-term goal goes a long way: The visionary entrepreneurs always agree with long-term planning. Jim Collins says the existence of all corporate giants today is due to their long-term vision for their businesses. The long-term goal must be for 15 to 25 years and should fall under the objectives of the company’s mission and vision.
4. Productive paranoia work wonders: Irrational paranoia is destructive in nature and is bad for business. But productive paranoia has greatly influenced the company in the path of success. This helps businesses to be alert of the market changes and move according to that. And also it helps company to come out with innovative products in the market to sustain its competitive edge. Jim says it helps company to reserve cash for rainy days and make survival easy.
5. To-do List: This seems lot easy to read but when you see for yourself than you will have hundreds of things that may seem to be priority. But Jim Collins says if you have more than 3 priorities at any given time then that means you don’t have any priorities at all. By making a to-do list with most important three things that needs immediate attention lets you get into perspective and accomplish things faster.
