Great by Choice audiobook cover - Uncertainty, Chaos, and Luck – Why Some Thrive Despite Them All

Great by Choice

Uncertainty, Chaos, and Luck – Why Some Thrive Despite Them All

Jim Collins and Morten T. Hansen

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EntrepreneurshipManagement & Leadership

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Great by Choice
Preparation Over Chance+
The 10X Company Framework+
The Twenty-Mile March+
Bullets, Then Cannonballs+
Innovation Meets Discipline+
Productive Paranoia+
SMaC Operating Procedures+
Return on Luck (ROL)+

Quiz — Test Your Understanding

Question 1 of 8
What key lesson is drawn from the comparison of Roald Amundsen and Robert Falcon Scott's South Pole expeditions?
  • A. Success in unpredictable environments relies on adopting untested, cutting-edge technologies.
  • B. Obsessive preparation and building in buffers for the unexpected are crucial for prevailing in uncertain conditions.
  • C. Moving as fast as possible is the best way to outpace competitors in turbulent environments.
  • D. Having a larger team guarantees survival and success when facing extreme challenges.
Question 2 of 8
According to the text, what does 'fanatic discipline' mean in the context of 10X companies?
  • A. Enforcing strict hierarchical obedience across all levels of the organization.
  • B. Punishing employees who fail to meet their quarterly innovation quotas.
  • C. Maintaining unwavering consistency in action and sticking doggedly to identified goals.
  • D. Forcing the company to grow at the absolute maximum rate possible every year.
Question 3 of 8
What is the primary purpose of the 'Twenty-Mile Marching' strategy?
  • A. To hit specific performance targets consistently year after year, restraining growth in good times and pushing hard in bad times.
  • B. To aggressively capture market share by launching a new product every twenty days.
  • C. To encourage employees to work longer hours during periods of economic downturn.
  • D. To outpace competitors by constantly shifting the company's long-term goals based on market trends.
Question 4 of 8
What does the policy of 'firing bullets, then cannonballs' illustrate about how 10X companies innovate?
  • A. They attack their competitors directly with massive marketing campaigns before launching a product.
  • B. They release highly innovative, high-risk products immediately to establish market dominance.
  • C. They use low-cost, low-risk tests to gather empirical evidence before committing full force to an opportunity.
  • D. They innovate primarily by acquiring smaller companies that have already proven successful.
Question 5 of 8
How do 10X companies view the role of innovation compared to their competitors?
  • A. They believe that being the absolute best innovator in their industry is the single guarantee of success.
  • B. They focus entirely on discipline and cost-cutting, ignoring innovation altogether.
  • C. They rely on out-innovating competitors only during times of economic crisis.
  • D. They meet their industry's innovation threshold but ensure it is balanced with intense discipline in other business areas.
Question 6 of 8
Which of the following is a key practice of 'productive paranoia' among 10X leaders?
  • A. Hoarding massive cash reserves, often three to ten times higher than competitors.
  • B. Frequently firing underperforming executives to keep the management team on edge.
  • C. Keeping all research and development projects completely secret from lower-level employees.
  • D. Rapidly pivoting the company's core mission at the first sign of an economic downturn.
Question 7 of 8
What characterizes the 'SMaC' operating procedures used by 10X companies like Southwest Airlines?
  • A. They are broad, philosophical guidelines that change frequently to adapt to market volatility.
  • B. They are Specific, Methodical, and Consistent rules that are rarely changed once established.
  • C. They are temporary measures implemented only during times of severe industry deregulation.
  • D. They are Secret, Measured, and Calculated tactics designed to confuse competitors.
Question 8 of 8
According to the authors, what role does luck play in the success of 10X companies?
  • A. 10X companies experience significantly more good luck and less bad luck than their competitors.
  • B. Luck is the primary determining factor for long-term success in unpredictable business environments.
  • C. 10X companies receive the same amount of luck as others, but achieve a higher 'return on luck' through hard work and ambition.
  • D. 10X leaders completely ignore luck and attribute all business outcomes strictly to financial planning.

Great by Choice — Full Chapter Overview

Great by Choice Summary & Overview

The world is an uncertain place, constantly changing and often chaotic. While many companies are unable to survive in this chaos, some companies are not only able to survive in these shifting conditions but even thrive in them. Great by Choice analyses why these companies succeed while most others fail. 

Great By Choice is the result of exhaustive, in-depth research into the business environment. It argues that success is not the result of a company being more innovative, bold or open to taking risks, nor is it a result of mere luck or chance. Success in fact comes from a mixture of discipline, evidence-based innovation and a fear of failure that borders on paranoia. It is this recipe, rather than luck, which enables certain companies to become great.

Who Should Listen to Great by Choice?

  • Anyone looking for the secrets of long-term success in business
  • Anyone wanting to know the role that luck or chance plays in achieving success
  • Anyone wanting to know how great companies thrive even in turbulent environments 

About the Author: Jim Collins and Morten T. Hansen

Jim Collins is a business consultant and author of many bestsellers including Good to Great and Built to Last. His books have sold over ten millions copies worldwide. He now operates a management laboratory where he conducts research and teaches.

Morten T. Hansen is a management professor at the University of California. He is the author of Collaboration: How Leaders Avoid the Traps, Build Common Ground and Reap Big Results.  He consults and gives talks for companies across the globe.

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