17 Feb Ideas vs. Execution: Ideas are a dime a dozen
Because we work with entrepreneurs, we speak with a number of people whose expertise and experience range across the board as to what they have done and what they intend on doing with their limited time on this planet. There are a number of people who contact us still in the startup phase of their business who want advice, want to talk about their company and specifically want to know what we think they’ll be able to get for their company when it comes time to sell. I usually just say, “focus on the business first, the sale will come naturally and at a time when you’ve worked hard to get there. There is no such thing as get-rich-quick in this business.”
I have also seen a number of these business owners who are idea generation fiends, always talking about the “next killer app” or the “next big thing.” They talk about building the next Facebook or iPad type application without any idea of the obstacles and issues which could await them. I think it is most problematic when people think it is the ideas which will make them their millions and not the proper execution of said ideas. Ideas are cheap just like talk. You can blogsearch in Google if you want to find the latest trends and ideas. And even if
I’ve got a friend making thousands monthly from selling Gun Mats online and through distributors. It’s such a niche product, but one that is finally having his payout. His idea is incredibly simple, but if you ask him it has been the execution of the idea that has really started to make waves for him. And the execution took him over two years of working with resellers, distributors, finding the right way to sell it online etc. It took a lot of work. Do you think the latest iPad craze would have been as successful had Apple not had its channels for distribution already in place? If you are a startup and have an idea, don’t stop there. The execution, pro-forma financials and marketing plan are even more important than the idea. Focus on what’s important and you will certainly see an ROI.
I probably can’t repeat it enough: execute, execute, execute. That’s the name of the game. Execution separates business winners from business losers. It is what makes the difference between bankruptcy and billionaires. If you have a strong affiliation towards ideas and a weak stomach for execution, you may want to partner with someone with a stronger marketing, finance and strategy background than yourself.