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
All business and professions are about one thing – creating value for someone else. When you are able to create value for someone, you can expect to be paid for it. The more value you can create, the more you will earn. Focus on creating value and you will have a valuable enterprise.
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.
While the vast majority of people chase money, the ‘new rich’ have learnt the value of finding an optimal balance of TIM (Time, Income & Mobility) instead. There are 2 major advantages of focusing on TIM – (1) Having time and location flexibility, can lead to your money being worth a lot more (2) Time and Location independence can lead to happiness and content, which money simply can’t buy.
A niche denotes products, services or interests that have a high appeal to a select smaller group of people, as compared to the general populace. By laser focusing your services and communication to the needs of this smaller group, you can gain much higher relevance than trying to target everybody.