𝗙𝗶𝘃𝗲 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗙𝗮𝗶𝗹𝘀 / 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻

90% of startups fail. How can you ensure yours thrives?

Over the last few weeks, we have covered the crucial pitfalls in your startup and how to avoid them. Today is our fifth and final entry in the series: execution.

Execution is Essential

In the fast-paced startup world, a groundbreaking idea is just the beginning. The real game-changer is shifting from ideation to implementation.

PayPal's flawless creation of a seamless payment solution was pivotal in its rise to become a global leader in online payments. Contrast this with Webvan, a grocery delivery company that raised nearly $1 billion in the dot-com era, but failed due to poor execution.

Meanwhile, Amazon Fresh and DoorDash became household names through the effective implementation of similar ideas.

"Vision without execution is hallucination."

– Thomas Edison

Though implementation lacks the glamor of ideation, it's the unsung hero of startup success.

Best Practices for Strong Execution

Define

Don't just set goals, ignite passion. Airbnb's mission to "create a world where anyone can belong anywhere" drove their team to revolutionize travel.

Articulate and communicate the project's purpose publicly. People are more motivated when they understand the vision and reasons why you are expending effort.

Action Tip: Craft or rewrite a compelling one-sentence vision and share it everywhere, from your Slack channel to your email signatures.

Prioritize

Identify key actions and dependencies to tackle first. Simple, but not easy.

It's tempting to work on whatever comes your way, but you need to block serious time every day for the most important (and often the most uncomfortable) projects.

Action Tip: Identify your top three priorities each week and block two hours daily for deep work on these tasks.

Move

You need to balance strategy and implementation, but it's often better to act and adjust rather than over-plan and wait.

Done is better than perfect. A perfect plan may take so long that the market changes.

Action Tip: Set a 48-hour deadline for your next big decision.

Divide

Break all major projects into manageable sprints with clear milestones to maintain focus and momentum.

It should be clear what needs to be accomplished daily, weekly, and monthly and who the owner is. Only one person should be designated for each item.

Action Tip: Use the "Two-Week Sprint" method. Set clear, achievable goals for each sprint.

Metrics

Set clear milestones to gauge success. Track all projects constantly and adjust when needed. Regularly share progress, next steps, and potential obstacles for accountability.

The more visibility, the fewer long-term issues as people have a chance to offer their thoughts and concerns.

Action Tip: Implement a weekly "Metrics Monday" meeting to review key performance indicators.

Expertise

Engage external experts for specialized or one-time tasks. You can't be an expert in everything. Outsourcing will allow your team to focus on core needs.

Uber's early success was partly due to outsourcing its mapping technology.

Action Tip: Identify one area where outside expertise could accelerate your progress. Make that call today.

Enable

Empower your team to decide and act. Foster ownership, set expectations and guardrails, then hold people accountable.

If you design a consistent expectation and process, you will save time in the long run (e.g. fewer repeat questions) and cultivate engagement.

Action Tip: Implement a "Decision Tree" that clearly outlines when and how team members can make autonomous decisions.

Experiment

First, apply changes to a small scale. Assess the impact and any problems, then expand from there. Experimentation can make huge shifts seem less daunting.

Netflix's A/B testing culture has kept them at the forefront of streaming. (A/B testing is when you compare two versions to determine which performs better.)

Action Tip: Launch a "Micro-Pilot" of your next big idea within seven days.

Execution is crucial in startup success, but typically not as appreciated or fun (unless you're me 😏). Avoid common pitfalls and transform visionary ideas into impact.

______________________________

This post was written by me with AI editing. The image is Thomas Edison.

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