In addition to being risk takers, entrepreneurs share another common trait: a strong desire to implement their business ideas. Their motivation is based on the reality that business ownership can only happen when you put your ideas into practice.
“Execution is what creates the separation,” explains Publicis New York Strategist Keith Stoeckeler in his article, A Great Idea is Nothing Without Proper Execution, which he posted on Ihaveanidea.org. “It shows the drive and passion that exists to make the idea happen and bring it to market,” Stoeckeler adds.
Some entrepreneurs are very good at coming up with big ideas, but fall short when it comes to execution. Why is it such a challenge for them to execute their ideas? Scott Belsky, author of Making Ideas Happen, argues that most entrepreneurs suffer from idea-to-idea syndrome, jumping from one big idea to the next while executing none.
According to Belsky, developing your organizational habits and leadership capability goes a long way towards honing the skills you need to make your ideas happen. That’s why he founded Behance, a firm in New York City that operates a networking Website for creative professionals, and 99U.com, Behance’s research and education unit that takes its name from Thomas Edison’s famous quote: “Genius is 1 percent inspiration, 99 percent perspiration.”
Frans Johansson is an entrepreneur and thought leader. In this 99U.com video presentation, he illustrates how relentless trial-and-error – coming up with an idea, executing it on a small-scale, and then refining it – is the distinguishing characteristic of the greatest artists, scientists, and entrepreneurs.
Three guidelines when creating a business plan (from a Tufts University senior).
I recently read a post from Tufts University student and RightofWei blogger Arthur Wei, who shares his Top 3 Thought Provoking News of the Week. One of his news items entitled, Your Idea Isn’t Worth Anything, refers to an Inc.com article that lists 10 questions to ask to determine if your idea is worthwhile.
Arthur takes the article’s premise one step further by saying, “even if you have a business plan, your idea may not be worth anything.” In his post, Arthur writes:
“I think this was one of the biggest pitfalls for me when I studied entrepreneurship. In class projects I was told to come up with business plans that will generate large amounts of revenue and require lots of investing as practice. However, I’ve become disillusioned that these are the plans I, as an entrepreneur, am limited to create. Seth Godin showed me that I, as a college student, instead should follow these three guidelines when creating a plan:
- Watch out for business plans that require heavy investing. You’re a college student with no experience.
- Create plans that do not require a lot of outsourcing.
- Shy away from plans that market to the mainstream masses. Focus on either the early adopters or the laggards.
Business plans never follow through. Sometimes it’s better to start small and to get big.”