Good to great

Level 5 leaders

Their ambition is first and foremost for the institution, not themselves

Model and willful, humble and fearless

Don't talk about themselves

Need to produce results

They say they are lucky

Credit to factors outside themselves when things go well, and take responsibility if things don't go well

Set up their sucessors for even greater sucess in the next generation

Who then what

It's not how you compensate your executives, it's which executives you have to compensate in the first place.

To have the right people, put greater weight on character attributes than on specific educational background

Growth for any company: ability to get and keep enough of the right people

The best people don't need to be managed

Unfair to wait too long before acting: wasting the other person's time and also dangereous for the good people in the team

Put your best people on your best opportunities

You need people ready to debate but who are fully behind a decision that has been taken

Love what you do because you love who you are doing this with

Confront the brutal truth

Leadership is vision, but also creating a climate where the truth is heard and the brutal facts confronted

Lead with questions, not answers

reg flag mechanism to see the treats. Don't ignore them!

Stockdale Paradox: retain faith that you will prevail in the end, regardless of the difficulties AND AT THE SAME TIME confront the most brutal facts of your current reality, whatever they might be

Hedgehog idee: SIMPLE concept flowing from the intersection between what are you deeply passionate about, what you can be the best in the world at and what drives your economic engine

foxes see the world in all its complexity, hedgehogs simply it to a single organizing idea

What can you be the best at, but also, what cannot you be the best at?

Be good at it is not equal to be the best at it

Avoid bureaucracy and hierarchy annd instead create a culture of discipline

Bureaucracy is to manage the small % of wrong people in the bus #

10/11 GtG CEO came from inside the company

Not only focus on what to do, but also what not to do, and what stop doing

Combining culture of discipline with ethic of entrepreneurship

Build a culture full of people who take disciplined action within the three circles (hedgehog concept)

People want to be part of a winning team, they want to feel the excitment

Be coherent, consistent

Not interested in Leading! with a capital L. but by Results! with a capital R.

Great to Last

Not important what your core values are, but that you built on them and that you preserve them

Identify a BHAG (Big Hairy Audacious Goal) by understanding