What is the key distinction the book makes between a 'core competence' and being 'the best in the world at' something?
Explanation
This question tests the understanding of a subtle but crucial point: the Hedgehog Concept demands a more rigorous standard than simply leveraging existing core competencies. It's about finding what you can be truly best at.
Other questions
According to Isaiah Berlin's essay referenced in the book, what is the fundamental difference between the fox and the hedgehog?
What are the three intersecting circles that form the basis of a Hedgehog Concept?
How did Walgreens' Hedgehog Concept differ from the approach of its comparison company, Eckerd?
What was the single economic denominator that Walgreens identified to drive its economic engine?
How did Abbott Laboratories define its Hedgehog Concept after realizing it could not beat Merck in the big-stakes pharmaceutical game?
What is the purpose of the 'economic denominator' question: 'If you could pick one and only one ratio—profit per x—what x would have the greatest and most sustainable impact on your economic engine?'
What role does passion play in the Hedgehog Concept framework?
According to the book, what was the transition date for Fannie Mae's explosion upward, which occurred one year after it clarified its Hedgehog Concept?
What is the purpose of 'The Council' as described in the chapter?
Hasbro was the one comparison company that understood the three circles. What was its Hedgehog Concept?
What does the book mean by the phrase 'the curse of competence'?
In the case of Wells Fargo, what was the Hedgehog Concept that turned it from a mediocre Citicorp wanna-be into a great company?
What does the author say is the vital lesson from the Hasbro case?
What was the 'simple, crystalline concept' that guided Circuit City, as mentioned in the table on page 112?
Which of the following is NOT a characteristic of 'The Council'?
In the personal analogy for the Hedgehog Concept, what do the three circles represent for an individual's work life?
What happened to the good-to-great companies in the 'posthedgehog state'?
What was the economic denominator for Nucor?
How did Fannie Mae's people describe their passion, which formed the third circle of their Hedgehog Concept?
What was the key insight for Gillette that allowed it to define what it could be the best in the world at?
What is the relationship between the Hedgehog Concept and company strategy?
On average, how many years did it take for the good-to-great companies to clarify their Hedgehog Concepts?
What was the 'essential point' about 'Growth' that the Hedgehog Concept revealed?
How did Philip Morris demonstrate the 'passion' circle of its Hedgehog Concept?
What was the economic denominator for Kroger?
What did Walgreens do when a great corner location opened up just half a block away from a profitable existing store?
Which of the following best describes the good-to-great companies' approach to their Hedgehog Concept once it was discovered?
What was the economic denominator for Gillette?
What does the author conclude about the need to be in a great industry to produce great results?
What was the key insight for Kimberly-Clark regarding what it could be best in the world at?
Over two thirds of the comparison companies displayed what characteristic that the good-to-great companies did not?
What does the author identify as the 'triumph of understanding over bravado'?
What was the economic denominator insight for Pitney Bowes?
What does the author suggest is the likely outcome if a person pursues work for which they have passion and can get paid, but can never be the best in the world at?
What did Walgreens cluster nine of in a one-mile radius in downtown San Francisco?
What did Great Western's CEO tell analysts in 1985 that illustrated the company's lack of a Hedgehog Concept?
How is the process of getting a Hedgehog Concept described in the book?
What was the economic denominator for Abbott Laboratories?
What did the author's wife, Joanne, understand about her goal of winning the Ironman that exemplified a Hedgehog Concept?
What was the economic denominator for Fannie Mae?
Why did the good-to-great companies have a Hedgehog Concept while the comparison companies were more like foxes?
What was Kimberly-Clark's economic denominator insight?
When Eckerd acquired American Home Video Corporation in the early 1980s, it resulted in what financial outcome before the division was sold?
What does the book argue is the consequence of having a Hedgehog Concept for an organization's view on growth?
What was the economic denominator for Wells Fargo?
How did Gillette's choice to build sophisticated shaving systems instead of cheap disposables relate to the 'passion' circle?
What was the key insight regarding what Philip Morris could be best in the world at?
What is the danger of a company having a core competence but not a Hedgehog Concept?
How long did it take Sam Walton to grow from his first single dime store in 1945 to a chain of 38 Wal-Marts in 1970?