In The BHAG

One of the most intriguing results of the Collins and Porras BHAG study was the finding that in order to be effective, companies have to put BHAGs in place while they are infant enterprises. Only one of the 18 firms the authors studied set up a BHAG after reaching a mature size. "It turns out," Collins says, "that the real key is to give your company good parenting."

What if you don't have a BHAG now? Not to worry, says Collins. Not every company, nor even every great company, has a BHAG. Big, hairy, audacious goals focus companies on specific objectives. As long as a company is doing what it takes to be better, it doesn't really matter why it's doing it, says Collins. "The key is to stimulate progress," he says. "A BHAG helps you do that."

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This article was originally published in the August 1999 print edition of Entrepreneur with the headline: In The BHAG.