10. What's Our Big, Hairy, Audacious Goal?

Collins defined a big, hairy, audacious goal (BHAG) as something so daunting that it will force you to be better, and he urged all organizations to have one.

"The best climbers want to do the hardest climbs," Collins said. "BHAGs stimulate progress."

The most ambitious BHAGs often require years of trial and error and some assistance from others, according to Collins.

"If you know for certain you'll do it, it's not a BHAG," Collins said.