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An important part of improving is self reflection. You should look at what you are doing, and try to analyze what you are doing well, and what could use improvement. Analyzing as objectively as possible is important for improvement. “There is nothing wrong with pursuing a vision for greatness… But, unlike the comparison companies, the good-to-great companies continually refined the path to greatness with the brutal facts of reality.”  By believing that what you are doing is enough, you are hindering improvement and stunting the growth of the company.

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Good to great uses empirical data seamlessly blended with analysis and explanation to help drive its point. Jim collins backs his points with extensive research and uses examples from real life to help the reader connect the strategies to real world situations. The book focuses on how leadership, mindset, and determination push a company to the next level.

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Level 5 leaders have a mix of personal humility, will, ambition, and are motivated by making the company succeed instead of themselves. Level 5 leaders care about how the company ends up, even after they are gone. They set up the company for success before leaving. The opposite of this is a level 4 leader, someone who only cares about their own personal image, they want the glory for themselves, and believe that if the company collapses in their absence, it is because they were great.

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The flywheel represents your business, and at the start it is stationary (meaning that your business is stagnant, and not improving). You start pushing it, and it slowly starts to move. After a large amount of effort and lots of pushing it accelerates a bit faster. Eventually the flywheel is spinning incredibly fast and is almost unstoppable. The lesson this teaches is that no ONE thing causes it to go fast, it is all of the small pushes that combine to build the large amount of speed. The good-to-great transitions of companies are not one time changes, they are a conglomerate of all past changes and improvements that create the good environment of the company.

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“The essential strategic difference between the good-to-great and comparison companies lay in two fundamental distinctions. First, the good-to-great companies founded their strategies on deep understanding along three key dimensions-what we came to call the three circles. Second, the good-to-great companies translated that understanding into a simple, crystalline concept that guided all their efforts-hence the term hedgehog concept.” “A hedgehog concept is not a goal to be the best, a strategy to be the best, an intention to be the best, a plan to be the best. It is an understanding of what you can be the best at. The distinction is absolutely crucial.”