Success comes from understanding what you can be best at, are passionate about, and drives your economic engine.
Collins's 2001 framework. Its weakness is selection on the dependent variable — the companies were chosen for having succeeded — and several of the eleven have since done badly.
In practice
- A components firm establishes that it is best at short-run precision work, is paid best for it, and closes the volume line it had defended for a decade.
- A consultancy that is good at three things and best at none prices against all three markets and loses each on a different dimension.