Ideas are everywhere. Companies all over are competing with others in their particular industry and many of them have similar ideas. So what makes one company successful and the other a flop? Is it a lack of ideas that causes an up and coming business to fail? More than likely this is not the case. True success comes from the execution of the ideas. In a competitive market where everyone is working similar core ideas, it is important to make sure that your business leadership and organization allow the execution of your ideas to be the best in the industry. At the end of the day, only a few of the businesses that are pursuing a similar idea will succeed. It’s all in execution. If the idea its self was the ticket to success, then all of the companies with the same general ideas would be succeeding regardless of their planning, or lack thereof. Have you ever had a friend say to you "I have this great idea that can make us both wealthy!" Typically that is followed up with a paraphrase of "...I just need someone to do the research, design, work, implementation, measurement, and adjustment." An idea without execution is a wish in the wind. Think of an idea as a blueprint for a house and execution as the actual process in which the house is built. You can't sleep in a blueprint just as you can't feed your family with an idea.
The way that you pursue that idea is critical as well. The tenacity in which you and your team go after each task, the thought and clarity that goes into the process, the resolve and persistence when an unexpected challenge arises will all dictate the outcome of the execution.
Though execution is key, that does not mean that a well-planned operation will make a poor idea into a successful business venture. You must begin with a “good” idea. The best planning and structure in the world cannot turn a bad idea in to a successful one. The concept must be realistic and the goal achievable. Finding a viable business opportunity and a good concept is the first step. Although it is important, and sometimes quite challenging, that is not the end of your efforts.
Once you are satisfied with your concept and the business idea you’ve chosen, the real work begins. You absolutely must make a plan. Laying out the steps, phases, and nuances of the plan is what will give you the map from an idea to tangible results. Planning is how you get your idea from the conception to execution. At this point you need to create a “to-do” list and delegate tasks and resources. Set goals with dates attached, and create accountability for both yourself and your team.
After your plan is in place, it’s time to jump in to action. Begin each week prioritizing with your team and making sure everyone has the tools required to succeed. Evaluate what each person needs to meet their goals. It is important to set smaller goals along the path to the main goal. It is also extremely valuable to assess your progress periodically and ensure that you are moving toward your end goal. If you find that you have gotten off track, make sure you are able to redirect and rectify the problem as quickly as possible.
Though every business venture starts with an idea, it is crucial to remember that execution is essential. There are a lot of good ideas in the business world. There are also a lot of good entrepreneurs. A successful company does not have one or the other, they have both.
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