Everybody has great ideas, but it is only a few that can actually act on a good idea and turn it into a viable business. The execution of an idea is often much more important than the idea itself. To succeed as an entrepreneur, it is vital that you and your team have the ability to execute.
Advice from Masters: Quotes & Tips on Execution
An Idea’s Execution, Not Its Uniqueness, Yields Success: Ideas are easy. It’s the execution of ideas that really separates the sheep from the goats. A gap the size of the Grand Canyon separates idea and execution.Kevin Johnson – Entrepreneur, Author – The Entrepreneur Mind
The discipline of getting things done was what differentiated companies that succeeded from those that just muddled through or failed.
What execution requires?
Execution requires a comprehensive understanding of a business, its people, and its environment.
Organizations don’t execute unless the right people, individually and collectively, focus on the right details at the right time
The heart of execution lies in the three core processes: the people process, the strategy process, and the operations process.
Execution is a systematic process of rigorously discussing hows and whats, questioning, tenaciously following through, and ensuring accountability.
People think of execution as the tactical side of business, something leaders delegate while they focus on the perceived “bigger” issues. This idea is completely wrong. Execution is not just tactics—it is a discipline and a system. It has to be built into a company’s strategy, its goals, and its culture. And the leader of the organization must be deeply engaged in it.
Goals & Rewards: Identify clear goals and priorities. To execute well there must be accountability, clear goals, accurate methods to measure performance, and the right rewards for people who perform.
Reviews:Follow-through is a constant and sequential part of execution. It ensures that you have established closure in the dialogue about who will be responsible for what and the specific milestones for measurement.Larry Bossidy,Ram Charan – Authors – Execution: The Discipline of Getting Things Done
Top Books on Execution
Other concepts on Entrepreneurship
Often there can be significant differences between our perceptions of what our customers want, and what our customers truly want. Gut and Instinct are often poor predictors of actual consumer demand, as are the encouraging words of our close friends and family. Before you invest significant time, energy and money into developing a product, it is essential that you actually test if people will buy what you are creating.
People who truly succeed big, never try to compete – they choose instead to dominate their particular niche and become known as the ‘go-to’ person or company for those specific requirements. Domination allows you to never have to compete on price, not get involved in feature wars and bring along free marketing.
‘1000 true fans’ is a concept that explains why it is not essential to be famous and have a huge following to earn a successful living working on your passion. In fact, all you need are a much smaller set of passionate fans (1000 for example), who become your marketing evangelists and core customers.
Your business is only going to be as good as the people who run it. All successful entrepreneurs know that putting together the right team of professionals is one of the most critical steps for any businesses success, while newbie entrepreneurs often try to do it largely alone. Learn to surround yourself with superstars, and you are sure to succeed in any endeavor.