3. What Are The Key Facts, And How Can We Better Confront The Stockdale Paradox?

The Stockdale Paradox – named after the highest-ranking prisoner of war in Vietnam – says leaders need the discipline to confront brutal facts without losing hope. Collins cautioned that blind optimism – be it in a military or corporate setting – will only lead to broken hearts. 

"One of the worst things you can do as a leader is to hold out false hope that will be dashed by events," Collins said.

Great leaders have a pathological need to confront ugly facts while still maintaining unwavering faith. In fact, Collins advised executives to set aside time every Monday morning to figure out what brutal facts they'll confront in the week ahead.