IDEA TO EXECUTION: CRAFTING A STARTUP SUCCESS
IDEA TO EXECUTION: CRAFTING A STARTUP SUCCESS
Today, starting a start-up is a trend! Many entrepreneurs from different backgrounds are creating their successful start-ups around the world. Be it different industries including healthcare, energy, media, real estate, and transportation and various other industries, people are coming up with new ideas of their million-dollar business. However, execution is a key to ensuring a successful business that many ignore.
An idea is not worth anything, it is about the execution of the idea that can make it worth millions. While start-ups are all about change in the industry and the people, it is also essential to understand that investors are looking for people who can make change happen.
Execution requires different elements to be in sync to ensure a successful business and while business strategies are important, changing human behaviour is an effective first step towards execution. No leader can order its team, partners or customers to just accept the change, it is essential to understand the needs and requirements of all these people and ensure that the startup is capable to serve to their personal goals.
Here are a few disciplines that business leaders can follow to expedite change and forward progress implicit in the successful execution of a million-dollar idea:
- Prioritise Goals: Having every goal in your priority list is never a good idea. Focusing on more things at once leads to poor execution. Focus is the key. Focusing on two or three priority goal leads to a narrow yet effectively executed goals by the business leader and the team. These goals serve as the motivating power for the team and hence a manager must ensure that these do not get lost in the whirlwind of daily urgent tasks and communications. Keep your targets benchmarked to ensure your expectations and work more clearly.
- Focusing on Lead Measures: While the final measure that matters is usually sales, it is essential to focus on the lead measures to achieve that “million-dollar” revenue. The lead measures are the measures are predictive to achieving the goal rather than those lag measures that results available after the fact. Some actions are more crucial and have a great impact than others when reaching for a goal and productivity and results are not only measured at the end but every step of the value chain.
- It is the right time: Startup ideas usually consist of a product or service that is a solution for a current problem in the industry or an advanced version of the solution already available. Failing is a part of startup, especially while you are initiating. It is seen that many start-ups fail in the first couple of years of their execution while only a few can keep their business standing for 5 years. While one is clear about the failure, it is essential to face it early and get it out of the way to move on and conquer.
- Forum of Accountability: Embedding sense of accountability in members of the team enables them to be in sync with their goals and not only deliver the results but also create a rhythm for efficiency. Adopting accountability in the daily operations helps the employees to understand their roles better and deliver better.
- Optimising team efforts with Latest Technology and Tools: Today, digital platforms are a core of start-ups and even if one is a non-technology business, one should have an open mind in terms of leveraging the latest tools and process architectures. While one is already executing their startup model in the ever-evolving industry, one can have regular team training and update sessions, bringing in outside experts, and working with partners and vendors on win-win deals.
“To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions” Steve Jobs
Just like the visionary and billionaire businessman quotes, execution of an idea is the core to earn millions. It is important to be equipped with the leadership right skills, people and monitory requirements and a proper management of all these factors to ensure
Despite being equipped with knowledge, many people freeze when it comes to following their vision due to fear of failing. Various factors are contributing to the successful execution of an idea and hence it is essential to make the changes mentioned at personal and organization level to ensure everyone is in sync with the short term and long term goals.
Also Read: Building a Strong Startup Team