𝗙𝗶𝘃𝗲 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗙𝗮𝗶𝗹𝘀 / 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻

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

This series examines five critical execution pitfalls and how to avoid them. Today, I’ll execute my last idea.

Execution is Essential

In the fast-paced startup world, a groundbreaking idea is just the start. The real game-changer is execution.

PayPal's execution in creating a seamless payment solution was pivotal in its rise to become a global leader in online payments. Their flawless execution of a seamless payment solution was crucial to becoming a global leader. Contrast this with a company called Webvan. Despite raising nearly $1B, they failed due to poor execution while Amazon Fresh and DoorDash would become household names.

"Vision without execution is hallucination."

– Thomas Edison

While implementation might lack the glamour of imagination, it’s the unsung hero of startup success.

Best Practices for Strong Execution

Define: Articulate the project's purpose publicly. People are more motivated when they understand the destination.

Prioritize: Identify key actions and dependencies to tackle first.

Bias: Balance strategy and implementation, but remember it's often better to act and adjust than to over-plan.

Divide: Break projects into manageable sprints with clear milestones to maintain focus and momentum.

Metrics: Set clear milestones to measure success, ensuring that you track progress constantly and adjust your strategy when needed.

Expertise: Rely on external experts for specialized needs or one-time tasks, allowing your team to focus on core strengths.

Enable: Empower your team to decide and act, fostering ownership and accountability, by setting expectations and guardrails.

Report: Regularly share progress, next steps, and potential obstacles to maintain accountability. I often find that the more visibility, the fewer long-term issues.

Experiment: Apply changes to a small scale first, assess impact and any problems, and expand from there.

Measure: Gather as much feedback as possible, both quantitative and qualitative. Be ready to pivot, as flexibility is a major advantage.

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.

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

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