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Outliers with Daniel Scrivner: Explore the Greatest Innovators, Founders, and Investors
Friday 5: Five Lessons on Building Momentum from Jim Collins | Episode 181
Jan 19, 2024
Jim Collins, author of 'Good to Great,' discusses the concept of building and sustaining momentum. He explores the power of the flywheel effect and shares examples from Vanguard and Amazon. Key topics include de-risking big bets, maintaining discipline, and the significance of self-discipline in achieving success.
23:05
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Quick takeaways
- Define your flywheel to create value and build momentum in your business.
- Optimize the performance of each component in the flywheel to achieve its compounding effect.
Deep dives
Defining Your Flywheel and Igniting Momentum
The first key idea is to define your flywheel, a coherent framework that defines what your business is building and how it creates value. As exemplified by Vanguard's flywheel, each component in the flywheel should catalyze and build momentum upon one another. It's important to understand that building greatness is not achieved through a stroke of luck, but through consistent execution of the strategy outlined in the flywheel.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode