#BusinessExecution #BusinessIdeas #Entrepreneurship #SuccessTips
Hey everyone,
So, I recently had a conversation with a successful entrepreneur who dropped some wisdom on me about business execution. It got me thinking: what exactly does “execution” mean in a business context? Is it just about picking the right name and marketing strategy, or is there more to it?
Here are some key components that make up good execution in business:
– Clear vision and goals 🎯
– Strategic planning and implementation 📊
– Effective communication and team collaboration 💬
– Adaptability and flexibility in the face of challenges 🔄
I think the key takeaway is that execution is about more than just having a good idea – it’s about how you bring that idea to life and make it successful. What are your thoughts on this? Let’s discuss! 🚀
Let’s learn from each other on how we can improve our execution strategies for our businesses and take them to the next level! 🌟
We are going to execute this plan – as in, doing it, taking action.
Delivering value to the intended customer.
Deliver the goods
Take action, do something, as opposed to theorycrafting on how to do something.
Good execution would be opening an amazing eye catching kiosk on a low foot traffic day.
Bad execution would be opening a barely functional ugly kiosk in a middle of a huge festival, so nobody actually buys from you. You had a great idea, but you executed it poorly.
“A good plan of a bad idea will make more money than a bad plan for a good idea”
You want to open an ice cream shop.
You buy bad ice cream in a bad area and selling it overpriced, you let your ice cream expire and you spit on every customer that enters => bad execution.
Now imagine all if the above done well and more => good execution
The point this person was trying to make was that ideas mean jack shit, execution is all that matters. Assume five people take the same business idea and start a business at the same time. The one who executes the best will make the most money.
How they “execute the best” is something that cant be defined and applied to every situation because it’s dependent on so many variables. At the end of the day it just means getting shit done.
So many people are scared of talking about their ideas because they overvalue the idea itself and underestimate how important execution of that idea is.
Execution here simply means follow-through. It is the carrying out of a plan.
This advice emphasizes the importance of not only having a good idea but also executing it well to achieve success.
Let me try to simplify this deep phrase with an example.
Two bakers start two businesses individually.
Baker 1 – The better baker w.r.t. skill, decides to create a menu with 10 of his best recipes, each different in shape and size to appeal to a wider customer base.
Baker 2 – The less skilled baker, decides to create only cupcakes, and that too of the same shape.. let’s say 🍑 shaped cupcakes.
Now, baker 1 invests in a nice cafe setup, and lists it on delivery aggregator apps as well. However baker 2, just makes an Instagram page and uses content to talk only about his booty shaped cupcakes. He makes them in his home kitchen. The cupcakes are baked after orders are placed, no cafe setup or operating costs either, it’s just online orders from aggregators and his Instagram.
At the end of the year, let’s say both did their thing and made the same amount of revenue, baker 2 ends up with a better profit margin. The difference here was the execution of his basic 🍑 cakes business was simply less money guzzling as compared to the costs of setting up and running a full fledged cafe like baker 1 did. Baker 2 focused on pure play execution and delivered on what consumers wanted.
Hope this helps.
We use the word execution as the quality of your actions when following thru with a plan or strategy. If you get a customer interested, then everything from the first contact to how successful the sale is would be described as your execution.
What he means is Papa Murphy’s.
Terrible idea, absolutely ridiculous. I often laugh to myself when I imagine the first pitch to an investor.
“We’re going to set up pizza shops in strip malls just like Dominoes and Papa Johns. We’re going to charge the same or more as them but instead of us cooking the pizza, we’ll make the customer take the uncooked pizza, go home, and cook it themselves. No deliveries, no ovens, we’re basically just a cold deli but just for take out pizza’s. We don’t do anything else!”
To this day, I can’t believe that worked. But you don’t find many people talking shit on Papa Murphy’s because they made it work.
Execution : Do what you say you will do
Selling to specific people who really cares and willing to pay no matter even 10 people are your customers
You had to ask this? How is this not extremely simple to grasp….?
Many in this thread have tried to answer it. I’ll also add my version below because I think about it slightly differently.
To me, Idea just means Product Market Fit. A good idea has inherently better PMF than a bad idea.
But to build a business you need to 1. Get the customer In through the door. 2. Sell to that customer efficiently. 3. Fulfill the product to them and 4. Keep them happy and coming back for more. All of these things cost money to do but a good executor will fond ways of doing all these steps effectively at less cost. Only the product being sold in step 3 is the original idea. The rest is all execution.
🤦🏻♂️🤦🏻♂️🤦🏻♂️
Why are you trying to overcomplicate something extremely simple to comprehend.
There’s no reason to focus this much on semantics lol. Just do what needs to be done
Execute means taking the idea (on paper, on business systems, in a binder) and using that idea to guide peoples (employees, consumers, clients, other stakeholders), behavior. What that guy means is, hey you have a bad idea, but you’re out in the wild and people love you. Stay out here and learn from them and use that feedback to be better.
Conversely, a really good plan with no execution has few or no people involved, it doesn’t get off the tarmac.
Getting tasks complete vs thinking about them.
Execution means, “is it done yet” “are we one step further” “why isnt it done, what’s the hurdle, and what’s the fastest way forward ”
Not sitting and looking at the steps
Making steps
Go
Sell
Make
Market , whatever
Is the money spinning in and growing
Or is the message getting out there
Are people looking for this
“Who’s waiting for what”
GO MODE
Hope it all works out for you! Once you stay dedicated on the business everything will work out the way you have planned!
Execution in business, at least to me, means having people give you money in exchange for the goods & services you provide.
Before people pay you for the thing you deliver, it’s just business cosplay.
The carrying out of the idea.
Execution = Completing the work quickly in an organized and efficient fashion that delights the customer while often making higher profits through more sales/jobs and cost savings from the fast turnover and efficiencies.
In this context, “execution” refers to carrying out a plan or strategy to achieve specific goals. It involves implementing ideas and plans to turn them into successful outcomes. Ideas are only valuable with execution.
Good execution involves translating ideas into actionable plans, managing resources effectively, maintaining clear communication, providing strong leadership, monitoring performance, and adapting to changes. It requires strategic planning, efficient management, and continuous improvement to ensure the business objectives are successfully met.
ever heard of the guillotine?
good execution is being timely with a complete product or service that fills the needs of a customer (not too much or too little branding or marketing, not too little quality assurance or too perfect a product)
bad execution is building a fantastic product no customer has given input to, bad execution is building a luxury brand by trying to mass market it the day you launch rather than realizing luxury take years if not generations to reach a select group of people, bad execution is promising too many things up front and not having a team to deliver on the promise
most successful companies have a team of various skills and they work together as experts in their domains, most failed companies think a website is 75 percent of the problem where is usually only is 5 percent of the solution
Execution is doing what you said you will do while factoring all the pros/cons/risks and adjusting to give you most success.
Execution: Get er done.
Bad execution: Done er badly.