Good to Great?
One of the recent books I read was Jim Collins’ best-selling management book, “Good to Great: Why Some Companies Make the Leap, and Others Don’t.” It came out seven years ago and still it reportedly sells over 300,000 copies a year. The phenomenal hardcover featured 11 companies which, simply put, transformed from simply average to super amazing, making lots of money along the way. Collins and his team sought to pinpoint the principles that led them to that leap of greatness. When I looked at the “good-to-great” list, I immediately noticed the mortgage company Federal National Mortgage Association or, popularly known as, Fannie Mae. This year, it went belly up and the US government had to bail it out. Another “good-to-great” company, the giant electronics dealer and retailer Circuit City, filed for bankruptcy last month. A business columnist wisely pointed out, “‘Good to Great’ companies can fail, too.” The remaining nine in the list reportedly lost 45 percent of their value in the last five years. One possible reason why some of these companies became below average is that they failed to continue in the principles that made them “good-to-great.”