Success requires idea and execution to go hand in hand
The age-old argument of whether or not the chicken preceded the egg has many iterations. The one currently itching my brain is which is more important: the idea or the execution? Bad execution will undoubtedly mean the failure of a good idea. But can excellent execution save a bad idea? One colleague was adamant that it could, but the consensus appears to be simple: you really need both if you want to be sure of success.
Many entrepreneurs experience their lightbulb moment, conceive the brilliant idea and then storm ahead, all guns blazing in pursuit of their first million pounds. But all this creativity can become a weakness if the implementation is flawed. According to business adviser Raymond Blin, the devil is in the detail. In his experience, about 40 per cent of the time the idea is faulty, and about 60 per cent of the time the problem lies in poor execution.
Without the basic idea for a project or a business there is no need to worry about execution, but in essence the key to a successful business idea is preparation in both these areas, says Blin, who advises businesses on growth transformation and exit strategies. The idea has to be well thought through from both the theoretical and practical point of view. For example, there's not much point in setting up a business selling chocolate teapots, hoping to export them to chocoholics in Dubai.
Market research and a detailed financial plan are essential, but Blin, a director of both Credential Holdings Group and Augmentor Consulting, knows from experience that a good number of plans show a great result at the end of year two but completely underestimate costs and overestimate sales in the initial period. Finally, an implementation plan needs to be drawn up, showing in detail how the business is going to achieve its goals as set out in the initial business plan. "Attention to detail is vital and it is always useful to have all plans scrutinised and/or second-guessed by a professional or, even better, someone who has been or currently is successful in business," says Blin.
But being systematic and strategic isn't always the easiest thing for a right-brained creative entrepreneur, as you well know. And getting caught up in the excitement of a new idea often means a blinkered view of obstacles and potential pitfalls. According to Frances Sneddon, it's not about the idea or the execution, it's the process of going from an idea to execution that's important; and establishing what you're trying to achieve must come first. Sneddon, chief technology officer of Simul8, a simulation software business with a European headquarters in Glasgow, says she would test the idea first; speaking with key stakeholders of the process to get information to build a simulation of the process "as is". This makes sure I have all the facts but also gets them talking to me - maybe they've got better ideas.''
For full News Story please see: Scotland on Sunday