1. 1-Sentence-Summary:
1.1. Built To Last examines what lies behind the extraordinary success of 18 visionary companies and which principles and ideas they’ve used to thrive for a century.
2. Favorite quote from the author:
2.1. "Visionary companies pursue a cluster of objectives, of which making money is only one - and not necessarily the primary one." - Jim Collins
3. 3 lessons:
3.1. You don’t need a great idea to start a great company. Or any idea, for that matter.
3.1.1. Truly great and visionary companies constantly turn out great ideas, just because they generate so many in the first place.
3.1.1.1. Examples:
3.1.2. These companies succeeds because instead of focusing on one idea or one great leader, they focuses on the process of coming up with ideas, and producing leaders, either good, or bad.
3.1.3. Being restless and persistent matters much more than having that one in a million idea.
3.2. Without a core ideology, your company can’t be visionary.
3.2.1. A core ideology consists of two things: a higher purpose and a set of core values.
3.2.1.1. For example, Walmart’s core ideology is to bring people retail products at the lowest prices, with the greatest customer service.
3.2.1.2. Another example:
3.2.2. Doing something different and making all products look beautiful are universal principles, which can always be applied.
3.2.3. Your core ideology has to live through all products, employees and times.
3.2.3.1. It doesn’t matter what it contains, but rather that it exists.
3.2.4. If you have no purpose and no principles to hold up high, you’ll never create a vision great enough to attract fellow great minds to help you build it.
3.2.5. So much more than an idea you need a purpose and a set of values.
3.3. Visionary companies are like a cult – you’re in or you’re out!
3.3.1. Since their core ideology doesn’t leave much room for compromises, visionary companies will settle only for the best employees, with the same mindset.
3.3.2. The core ideology is something that you either share, or you don’t.
3.3.2.1. There’s nothing in between, which is why new employees either thrive or leave very quickly.
3.3.2.2. For example you couldn’t say the f-word, damn, or shit around Walt Disney. If he heard you use a four-letter word other than love, you were fired. No exceptions.
3.3.2.3. Another example:
3.3.3. Only once you’re sure employees follow your core ideology can you trust them enough to give them room to experiment and generate those ideas your company relies on.