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Why poor execution is killing so many startups

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Being able to execute upon a concept is one of the key attributes of an entrepreneur. Is failure to recognize this the reason so many businesses fail?

Entrepreneurs have changed the world.

In addition to creating wealth for themselves, they simultaneously create a platform for a more prosperous society.

The general public, increasingly are starting to agree with this sentiment too.

Fundamental differences exist between the concept and execution of ideas.

A 2014 report found that 75% of respondents have a very positive personal attitude toward entrepreneurship.

And such an increased societal acceptance has meant that a large number of people are turning to entrepreneurship as a career choice.

But, explains David J Brown, entrepreneurs should heed warning and recognize that fundamental differences exist between the concept and execution of ideas.

The CEO of Ve Interactive and internationally recognized pianist expressed a concern with entrepreneurs “who get addicted to the idea and notion of creating new businesses” without following it through to the end.

It’s this approach that sees a whopping 80% of businesses fail.

According to Brown this isn’t entrepreneurship. Instead, entrepreneurship is “about achieving more than someone else with the same resources.”

There’s a stark difference between these types of entrepreneurs too.

“You can tell an entrepreneur when you meet them, people that are very driven and can go the extra mile. They can really define what a working day is, and most importantly they can see the difference between concept and execution.”

“The reason I say an entrepreneur achieves more with the same resources is because they look at everything that needs to be done and they make sure everything important gets the right attention. Rather than just getting carried away with the concept.”

It calls for entrepreneurs to re-think the value of ideas. In and of themselves ideas have no real value.

Instead, value comes from execution. The differentiator comes from your team, how you propose to solve the problem, as well as the amount of effort you are willing to put into it too.

“You can have the best ideas in the world, but with poor execution and poor structure, poor organizational view, you can’t get anywhere with a business.”

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