In conversations with entrepreneurs and managers in technology, I often hear that they find it difficult to make the right choices. What should we invest in or not invest in? Which markets are we going to serve or not? Which partners should we or should we not work with?
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| Eelco Themans
ISA Training & Coaching |
I think it will be easier to choose if you know what your so-called hedgehog concept is. The hedgehog concept is described in the book “Good to great” by Jim Collins. This book is based on long-term scientific research at Fortune 500 companies and provides insight into what distinguishes “good companies” from “great companies”. All “great companies” have a hedgehog concept and they use this concept as a guideline for all their choices. Collins consciously chooses the metaphor of the hedgehog, because the hedgehog uses a simple and effective defense technique (rolling up) and this symbolizes “always doing what you are really good at”. According to Collins, every company should ask itself three questions:
What can you be best at?
What are you passionate about?
How do you earn your money?
Your hedgehog concept is at the intersection of these three answers:
Collins found that successful companies use this concept as a test for everything they do and what they don't do. Only activities that fall into all three circles are done. These companies are more likely to work with “stop doing lists” and less with “to do lists”. They limit themselves to what they are really good at and only use their resources if it contributes to their hedgehog concept.
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