Ideas Are Abundant, Execution Is Scarce

In Entrepreneurship
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Ideas Are Abundant

I have hundreds of ideas, dreams and things I want to achieve.

And so does my mum, the postman and the baker down the street.

But why do many people never realise their ideas? Why do some people take their ideas to the grave and die with their music still in them?

I think i’ve got a plausible explanation: execution is scarce.

 

Execution

When we have a ground-breaking new idea it’s easy to lose focus on what’s important.

Honey moon period sets in and we start to focus on the menial such as making a website look pretty, or printing business cards, or contemplating over the font we’re going to use.

But all of this is distraction and noise.

To compete in an ever-changing world, more is needed than just a sexy idea.

Execution is needed, and without it, your idea is nothing.

And what do I mean by execution?

Execution is the ability to act on your idea and see it through. To tangiblise the intangible. That means to do, instead of talk. To get valuable stuff out there that’s useful to people. That means not waiting for the ideal moment and creating momentum through action.

What Else Do You Need

You have the WHAT and YOUR WHY, but now you need to focus your time on figuring out the execution part – that’s the HOW. The following formula is useful starting point for executing a new idea:

IDEA + VISION + RESOURCES/SKILLS + STRATEGY + TIMING = OPPORTUNITY REALISED.

Idea – you’ve already got your sexy idea.

Vision – Your vision is like the satellite navigation system on a ship. It leads you through the ambiguity, uncertainty and noise. What’s your why? What do you believe in? Why is this idea more important than you?

Resources/Skills – Your resource pool helps bridge the gap between idea and execution and involves the HOW. Can you finance your idea? What’s the MVP for your idea? Do you have the necessary skills and team to execute your idea?

Strategy – Your strategy is your action plan and it tells you how you are going to get from A to B. That means, in other words, how do i bring my idea into the real world so that other people can use it.

Timing – Timing is crucial. AirBnB took a long time to find market acceptance for their idea (I think around 10 years).

Patience my friend, patience. 

Ask yourself, is it the right time to release the idea to the marketplace?

In addition to the formula, I would add passion and continuous improvement (research Kaizen approach). Firstly, without passion, sweat and hard work, you will always deploy your idea half-heartedly. Secondly, it’s crucial to always be innovation, continually iterating and evolving what you are doing to move forward in what is an extremely fast-paced world.

Conclusion 

The idea is the fun part. The execution is the hard part, and maybe even sometimes the boring part. The two are inter-dependent, so remember, your idea accounts for about 1% of the overall pie – don’t get carried away with it.

The real art and the remaining 99% is found in the execution.

Thanks for reading!

All the best,

Daniel Beaumont, 22nd May 2017


About the Author

Hello everyone, I’m Dan – a 28-year-old social entrepreneur and writer from the north of England, living in Bucharest, Romania. I’m currently writing my first book about my 4-year journey around the world seeking wisdom and life-lessons from everyday people I met hitchhiking and Couchsurfing.

I discovered that travel, if approached with the right mindset, can be life-changing, and a trip combining travel, purpose and introspection is a great way to learn, challenge oneself and change for the better. Now my mission in life is to share what I’ve learned to inspire others to embark on their own journey of self-discovery and use travel, entrepreneurship and technology as a means to make the world a better place.

I’m also the founder of Podstel – a vision to help humanity belong and grow by creating a worldwide network of ‘homes’ that bring locals and travellers together to share their stories, passions and skills. The first two Podstels are open and thriving in Bucharest, so if you’re passing through, be sure to come and say hi, or stay the night with us.

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