The world is full of magnificent ideas that never go anywhere because great ideas are only valuable with the passion to implement them.
According to Forbes magazine, nine out of every ten startups fail. There can be many reasons for this, so let’s try to understand the most critical factors in startup success.
First, let us understand that we are talking about startups launched after detailed evaluation and planning; venture capitalists invested in them, so of course, they did their due diligence, but most importantly, they had a viable and, in some cases, extraordinary idea. So, what happened then?
Yes, of course, the execution was supposed to be the idea; what is execution?
Execution means many things to many people: Knowing your people and your business, knowing your priorities, setting clear goals, following through on them, nurturing talent, always being ready to expect the unexpected, and always re-adapting.
In short, staying on top of your business, monitoring every aspect of performance, asking questions, and, more importantly, seeking answers wherever possible.
Many successful businesses did not have original ideas, but they executed them better than anyone else. You may have heard of Mark Zuckerberg stealing the idea for Facebook from his Harvard friends, but how many know or remember Friendster? It was there even before Myspace.
Microsoft Windows was an idea derived from an operating system called OS/2. Microsoft created OS/2 for IBM in collaboration with IBM, but they also developed a similar operating system called Windows.
These are some examples that show that the execution of your idea and its business plan is more important. So, no matter how good your idea is, hard work and persistence will win you the market.
Resource:
https://www.linkedin.com/pulse/ideas-dime-dozen-focus-execution-adnan-siddiqui
https://www.forbes.com/sites/amyanderson/2013/03/14/ideas-are-a-dime-a-dozen-people-who-implement-them-are-priceless/?sh=53ae245c593e
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