Jim Collins's strategic framework — from Good to Great — for identifying the one thing a company should focus on: the intersection of what it can be best in the world at, what drives its economic engine, and what its people are deeply passionate about.
The three-circle framework: (1) what you can be the best in the world at (not just competent); (2) what drives your economic engine (key profit/cash flow metric per X); (3) what you are deeply passionate about. Great companies found their Hedgehog Concept and stuck to it — rejecting opportunities outside the three circles. Named after Isaiah Berlin's hedgehog (who knows one big thing) vs. fox (who knows many things).
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