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In an effort to be semi-thoughtful in this blog post, I’m not going to simply copy my Jim Collins notes that I had to write fast and furiously and therefore missed them in my Inc. 500 twitter stream.  I’m going to reflect on some of the stand-out items from his speech and after reading in 2 days his book, “How the Mighty Fall, And Why Some Companies Never Give In.”

Being at the right place at the right time is IRRELEVANT.  Jim’s urging to the entrepreneurial crowd got his message across loud and clear – that the tough economic storm can NOT be an excuse for everything that ails you. We, as entrepreneurs, have control of our own destinies and our own company’s destiny.  It’s up to us to dig deep and build great, enduring companies over the next 15+ years.

I learned a lot from reading his book, but one story that cemented in my brain was what Collins called the Jim Stockdale Paradox. Admiral Stockdale was a Vietnam prisoner of war. When Collins asked him about how he made it through years of isolation and torture, Stockdale responded that he had unwavering faith that he’d get out but was still keenly aware of the brutal journey and circumstances in front of him.  Collins then asked who didn’t make it. Stockdale responded “the optimists.” Stockdale proceeded to explain that the optimists died of a broken heart because they always put a time-table on when they’d be released – by Christmas, by Easter, by end of July and so on.  The lesson is to believe in your path for the long haul and don’t let short-term setbacks deter you from your cause.

Last thing that really stuck with me was the leadership success factor of humility and making your mission all about the company in every way, not about yourself. Many of the most successful leaders like Anne Mulcahy of Xerox repeatedly turned down interviews and coverage of most of the top publications as she focused internally to clean up a nearly disastrous cash situation at Xerox and attributed the success to everyone else but herself.  Collins showed example after example of leaders of great companies who did this AND similar great companies with new leaders who didn’t instill that “it’s all about the company cause” mentality and those companies started their decline and ultimately fell from greatness.