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Pay Now and Play Later

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Submitted By vicstel
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Pages 13
PART B.

BOOK SUMMARY

ON

GOOD TO GREAT
JIM COLINS

PRESENTED

BY VICTOR TANNO

LESSONS 1: No matter how long you have been down in obscurity, with the application of Timeless and Universal Principles of Success, you can rise to Lime light. Walgreens for over forty years had bumped along as a very average company but in 1975 seemingly out of nowhere-bang-it began to climb and climb…and kept climbing until it surpassed its rivals and contemporary companies-some of the best-led organizations in the world. ---pages 3-4 PROOF OF LESSON 1 I currently own a cleaning organization which has only gotten one job since established in 2004. I decided to close down since 2011 because of lack of success in moving forward. APPLICATION OF LESSON 1 I will pick up the papers of that company, dust it and start up again putting principle of perseverance, strategic and massive marketing into play etc because if Walgreens for over forty years had bumped along as a very average company but in 1975 seemingly out of nowhere-bang-it began to climb and climb until it became a strong unrivaled brand. …………………………………………………………………………………………………………………………………………………….. LESSONS 2 Success or Greatness does not only come by focusing on what to do, rather it also comes by focusing on what not to do and on what to stop doing. ---Page 11 paragraph 1 PROOF OF LESSON 2 I have always desired to be motivational in my approach to things and when I talk, Though a passion burning in me, I have not deliberately taken steps to study voraciously and prepare myself. I was actually leaving it too chance APPLICATION OF LESSON 2 I want to be a motivational speaker, one who inspires, motivates and empowers my listeners by the things I say. This will require that I not only continue relentlessly to prepare myself by study, it also requires that I must stop giving too much time to sleep and eliminate all irrelevant vocabulary from my everyday speech. …………………………………………………………………………………………………………………………………………..

LESSON 3 When desiring partnership, you must partner with a giant and not a mediocre; someone who can be an asset to you, whose contribution to your life or project is highly valuable. This is because 2 big mediocrities joined together never make one great company. Page 11 paragraph 3

PROOF OF LESSON 3 The company which I set up in 2004 was in partnership with a friend who at that time was as poor and jobless (mediocre) like me. I think the situation would have been different if I partnered with someone who either had some business expertise or financial advantage (a giant) than myself.

APPLICATION OF LESSON 3 I discovered that fellowship is a command but partnership is a choice. From now I know that I have the right to choose whoever I partner with and must be able to add value to me. So I will choose wisely. ……………………………………………………………………………………………………………………………………………….

LESSON 4 You can blossom wherever you are planted or wherever you find yourself because” Greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice.” The good-to- great companies where not by and large in great industries, some were in fact in terrible industries but still rose to become great. Page 11 paragraph 6 PROOF OF LESSON 4 I used to think that until I move out of my present place of work which is very time demanding, I will not have the time to prepare for my life assignment of inspiring, motivating and empowering men but I now know that I can actually start small where I am presently and increase. APPLICATION OF LESSON 4 I will not wait endlessly for the right opportunity to do what I need to do, I will start small and now to blossom ……………………………………………………………………………………………………………………………………………………..

LESSON 5 Maintain a culture of discipline as a person, in thought and in action. This is very true because disciplined people don’t need hierarchy, disciplined thought don’t need bureaucracy and disciplined action don’t need excessive controls. Pages 12 & 13 paragraph 5

PROOF OF LESSON 5 Success in any endeavor requires discipline. I usually do not keep and maintain my own plans and schedules of success drawn up, I do not follow through to conclusion, I am good at starting but breaking at some point. APPLICATION OF LESSON 5 I have learnt that for anything to succeed discipline has to be applied. I will be disciplined in my thoughts and actions.

…………………………………………………………………………………………………………………………………………………… LESSON 6 In whatever sphere of influence you belong, always look out for timeless Principles. The practice or act of that sphere could change or evolve but the principles or art never change. This is the way to sustain change. Page 15 paragraph 1 PROOF OF LESSON 6 The practice or act of that sphere could change or evolve but the principles or art never change. The Bible may look like an old story book but what makes it relevant for all ages even today are the changeless principles of God embedded in it. APPLICATION OF LESSON 6 As a minister in the making I will look out for principles that makes men of God to succeed and last long in the ministry. …………………………………………………………………………………………………………………………………………….

LESSON 7 Never stop trying to become qualified for the job. This was the secret to the success of Darwin Smith who in 1971 became chief Executive of Kimberly –Clark, a stodgy old paper company whose stock had fallen 36 percent behind the general market over the previous 20 years.---chapter 2 pages 17-20

PROOF OF LESSON 7 I have had several speaking engagements in which I delivered some speech or sermon. Most cases I did not perform up to my expectation or even the expectations of the people, and in most cases was discouraged. APPLICATION OF LESSON 7 I will keep on trying and not get discouraged any further knowing that becoming a success does not happen in one day. I will press on and continue to improve my abilities …………………………………………………………………………………………………………………………………………………

LESSON 8 You can accomplish anything in life provided you do not mind who gets the credit.-Harry S. Truman— Page17 PROOF OF LESSON 8 I was once head of Drama unit in my church, when we were planning to organize a major drama program, we needed to invite a very popular comedian. I felt we had spoken a few times in the past so I was qualified to make him come on my honors. At the end he failed to show up after the wide publicity to the disappointment of my team members and the spectators. It would have been different if I had allowed a very senior colleague who knew him closely to bring him. APPLICATION OF LESSON 8 I have learnt to know that the goal is more important than the role. So no matter who scores the goal so long as we all win it is ok. I have learnt to shun pride. …………………………………………………………………………………………………………………………………………………..

LESSON 9 Always learn to be a level 5 Leader who channel his ego needs away from yourself and into the larger goal of building a great organization or institution. It is not that you do not have ego or self interest or ambition but it should be directed to building the institution. Ambition first and foremost for the company and concern for its success rather than for your own riches and personal renown. Desire to see your organization even more successful in the next generation, comfortable with the idea that most people wont even know the roots of that success trace back to your efforts.Page 21 & 25-26 PROOF OF LESSON 9 I used to have the mentality of working for what I want out of my organization, so I do only what I’m required to do without going the extra mile and making extra sacrifices. APPLICATION OF LESSON 9 I will more than before take interest in what my organization does and give my best to achieving its objectives.

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LESSON 10 Every time we attribute national or Community problems to Leadership, we prevent ourselves from gaining deeper, more scientific understanding about what makes great Nations or societies the way they are. No matter who the cause of the problem is, personal Responsibility is the watch-word. Page 22. PROOF OF LESSON 10 I would usually blame and lash anyone responsible for any wrong done. In my House where I currently stay the fence behind my house collapsed because someone on the other side dug a gutter behind. I had to quarrel, and made up a case but to my amazement when I took a closer look after some days I found out that the blocks used for the fence were very weak in the first place and any little push would have brought it down. APPLICATION OF LESSON 10 I will no longer blame anyone for problems caused or difficulties without first carrying out an analysis of what happened and why it happened and then look for solutions together.

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LESSON 11 Do not just retire, while still on top of your game,do not just bow out when the ovation is loudest. Do not just over-stay your welcome, Also set up successors for success. This was the case of David Maxwell who became CEO of Fannie Mae in 1981 at a time when the company was losing $1 million every single business day. In the following 9 years Maxwell transformed the company into a high performance culture that rivaled the best wall street firms earning $4 million every business day. Feeling that the company would be ill served if he stayed on too long, he turned the company over to an equally capable successor, Jim Johnson. He did not like other predecessors set his successor up for failure or choose a weak successor. Page 25 & 26 PROOF OF LESSON 11 When in school I was head of my school Fellowship, when I graduated I had to hand over to someone who obviously needed some help and wisdom in gathering his team of executives together. He had several clashes with them over and over again until I stepped in almost at the last hour. I discovered that this ordeal could have been avoided had I provided that wisdom earlier on. APPLICATION OF LESSON 11 I have learnt not to wait until I leave a position whether in church, office or anywhere without looking for suitable successors who I will coach so when I am gone, they can run effectively beyond what I have achieved. I am currently doing that for my church in the positions I occupy. ……………………………………………………………………………………………………………………………………………..

LESSON 12 Develop an unwavering resolve to do what must be done to produce the best long term result, no matter how difficult. Be ferocious and very determined to do whatever needs to be done to make the organization great. Level 5 leaders are fanatically driven, infected with an incurable need to produce results. They will sell the mills or fire their brother if that’s what it takes to get the job done. George Cain, CEO of Abbot Laboratories did not have an inspiring personality or charisma to galvanize the company to greatness but had an inspired standard that was intolerant of mediocrity and intolerant of anyone who accepts that fact that good is good enough. Pages 30,31 & 36 PROOF OF LESSON 12 It took me a long time to realize that my purpose in life is not the work I presently do and that doing all to fulfill purpose is even more important than anything else for me.

APPLICATION OF LESSON 12 I no longer sleep through out the night rather I wake up for some hours to study at night and also to pray for what lies ahead of me especially since I do not have much time in the day. I also use every opportunity available during the day to at least peep into my books at least to sustain any new thought pattern I may have acquired. …………………………………………………………………………………………………………………………………………….. LESSON 13 You can learn to become a level 5 leader though you may not be there presently. This usually is the state of the larger group of people, they have the capability within them perhaps buried or ignored but under the right circumstances of : self-reflection, conscious personal development, a mentor, a great teacher, loving parents, a significant life experience, they begin to develop. Page 37 4th paragraph.

PROOF OF LESSON 13 Although I have occupied various leadership positions in the past, I still do not know how to influence my followers without having to quarrel with them or cajole. APPLICATION OF LESSON 13 Through conscious personal development and having a mentor, I am seriously growing to become a level 5 leader. ……………………………………………………………………………………………………………………………………………..

LESSON 14 Great Vision without Great People will hit the rock. First who then what. If you have the right people on the bus and at the right seats then you can more easily adapt to a changing world, the problem of how to motivate the people vanishes because they don’t need to be tightly managed or fired up, they will be self motivated to produce the best results. This was the case of Wells Fargo, they hired outstanding people whenever and wherever they found them, often without any specific job in mind. Pages 42 -43 PROOF OF LESSON 14 The cleaning company I and my partner set up had 2 employees that serve as markers and admin staff at the same time. We hired them not because of their knowledge or skills but because they were cheap. They proved to obviously be the wrong set of people despite the great vision we had.

APPLICATION OF LESSON 14 I will always look out for experts in my areas of interest; people who are talented and are qualified for places in my assignment, they may be expensive but it is the best.

…………………………………………………………………………………………………………………………………………….. LESSON 15 When you know you need to make a people change, act. The best people do not need to be managed, the moment you feel the need to tightly manage someone then a hiring mistake has been done. Therefore waiting too long before acting is equally unfair to the people who need to get off the bus. For every minute you allow a person to continue holding a seat when you know that person will not make ir at the end, you are stealing a portion of his life, time that he could spend finding a better place elsewhere where he could flourish. Page 56 PROOF OF LESSON 15 Several times I felt the need to fire both of those employees of the company but because one of them was directly related and the other is a friend, I kept them. It turns out that they never performed and the company never grew. APPLICATION OF LESSON 15 I have seen the adverse effect of not taking action when it needs to be taken. I will not hesitate to make a people change

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LESSON 16 Put your best people on your biggest opportunity not your biggest problems. When you decide to sell of your problems, don’t sell off your best people. This is because managing your problems can only make you good and building your opportunities is the way to become great. Pages 58 to 59

PROOF OF LESSON 16 Of the two employees in my cleaning company one was actually good in administrative duties but never had time to sit and put structures together because of the continuous pressure to sell and market the company’s products and make some commission for himself. I sold off my best hands into something he was not wired for.

APPLICATION OF LESSON 16 I be more strategic, putting my best people in my biggest opportuninty and not my biggest problems. …………………………………………………………………………………………………………………………………………….. LESSON 17 Lead with questions, not answers. Leading from good to great does not mean coming up with the answers and then motivating everyone to follow your Messianic vision. Rather it means having the humility to grasp the fact that you do not yet understand enough to have the answers and then to ask the questions that will lead to the best possible insight. Pages 74-75. PROOF OF LESSON 17 In my company usually when I meet with them I provide them with my so-called- strategy for effective marketing which they tried severally and failed. I presume I could have one day asked them what their challenges were and would have gotten a better way forward. APPLICATION OF LESSON 17 I will be opened to suggestions and solutions for ways forward as a leader. I will not be the know-all

…………………………………………………………………………………………………………………………………………….. LESSON 18 Conduct autopsies without blame. The case of Philip Morris is evident where the executives instead of hiding their big, ugly mistake, feel a compelling need to talk about it and yet no one pointed fingers to single out blame. Pages 77 PROOF OF LESSON 18 In the year in which my company got her first and only job worth N400,000 in 2009, we made a great loss of N520,000 later that year because we wanted to bid for a cleaning job with the Government and had to settle some people in advance. While analyzing the cause of this mishap, I had to blame seriously my business partner to the extent that we had to quarrel profusely. APPLICATION OF LESSON 18 I will no longer look into problems with a view to blaming whoever is wrong or the cause of it rather I will have a view of correcting what was wrong and providing solutions. ……………………………………………………………………………………………………………………………………………..

LESSON 19 Build red flag mechanisms. Bethlehem steel executives had known for years about the treat of mini-mill companies like Nucor, They paid little attention until one day they woke up to discover large chunks of market had been taken away. Turn information into information that cannot be ignored. pages 78-79 PROOF OF LESSON 19 When we were giving out such amount of money that we had not made by profit, even though we knew that we were stepping out of our boundary, we ignored the signs because we were expecting to reap the wind. APPLICATION OF LESSON 19 I will set deadlines for achieving my goals and doing my projects and I will no longer ignore the red flag mechanisms I have built ……………………………………………………………………………………………………………………………………………..

LESSON 20 Identify what you can be the best in the world at, and what you cannot be the best in the world at despite having a core competence in it. Take that simple concept you have found out and do it with excellence and imagination. pages 95,96 & 97. PROOF OF LESSON 20 I currently have some core competences in football and I used to spend most of my time after work to train. But I realized that I cannot be the best at it. APPLICATION OF LESSON 20 However I can be the best at speaking and motivating people to higher achievements because I have a strong passion for it. So I will deploy all my streght and attention towards achieving it. …………………………………………………………………………………………………………………………………………..

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...not always have to be in the span of one year Real GDP Real GDP is a way calculate the GDP without the inflation included so that it can be easily compared to previous years, and nominal GDP would be with the inflation included. Nominal GDP Nominal GDP is the GDP for any given year that has not been modified to reflect the inflation of the US dollar. Unemployment rate Unemployment rate is the amount of people who do not have a job but are looking for one. Inflation rate This is the speed of which prices increase or decrease over time. Generally it is calculated annually or monthly. Interest rate This is the percentage of a certain amount of money that is charged to a borrower of money. When someone borrows money, they have to pay it back plus the interest. PART 2 Whenever goods or services are purchased or sold, the economy is impacted. Obviously if one person comes into a coffee shop and buys a cup of coffee, the US economy will not change, but what if one million people purchase a cup of coffee every day? Or what if those people who usually purchase coffee every day decide that they do not want coffee anymore? These types of events have a noticeable impact on the economy because there are so many people and businesses involved. In this essay we review the impact that certain day to day activities have on the US economy. Just about every household in the United States purchases groceries on a regular basis. Some families buy storable food...

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