The Importance of Execution in Entrepreneurship

As an entrepreneur, you’ve probably heard the terms “idea person” or “dreamer” thrown around quite often. If you’ve watched the countless inspirational videos showcasing success stories, you might even agree with these labels. However, I believe that these terms paint a limited picture of what entrepreneurship truly entails. While ideas are undoubtedly important, the real essence of entrepreneurship lies in the stretch of execution—the moments when you put your ideas to the test, face failures, and figure out what the market truly needs. 

The Reality of Testing Ideas

When I was building my edtech startup back in 2014, I had what I thought was a unique idea: parents would want their kids to learn to read, write, and do basic math really well using technology. The idea seemed sound and impactful, and I believed I had found my calling and would be able to make a difference. However, two things happened when I started testing this idea:

1. Parental Feedback: Parents knew that their kids were already getting a good education in school, so our product wasn’t a priority for them. In fact, the idea of increasing their children’s screen time was not welcome at all!

2. Children’s Feedback: Kids knew we were tricking them into learning things. It’s funny because during one of our pilots, a child came up to us after using our product and said, word for word, “This is great, but do you have something fun?”

Lessons Learned from Execution

Imagine if we had not tested this idea and had just gone with our gut, launching it and thinking how amazing our vision was. This testing, this execution, was a hard pill to swallow, but it led us to our next version, which reached a pipeline of 40,000 parents on our waitlist and expanded to 12 countries. This took us a good two years of work. Without execution and validation, we were just dreamers or the “idea guys,” and sorry, but that doesn’t make you an entrepreneur. Fixate and focus on the metrics that are important to you instead of intangible measurements. Look at the number of paid users, monthly retention, the number of people on your waitlist, or annual recurring revenue.

Steps to Effective Execution

Trust me when I say that I haven’t found someone without an idea, but most of them had no will or patience to execute! So, how do you get into REAL execution as an entrepreneur?

1. Community and Coaching: Having a coach and a community of entrepreneurs who are in the same stage as you but not competing with you can be incredibly valuable. Surrounding yourself with like-minded individuals who understand your struggles and can offer guidance and support can make all the difference in your entrepreneurial journey.

2. Effective Systems: Getting a system in place that actually works instead of just using a bunch of cool tools is crucial. Many entrepreneurs get caught up in the shiny object syndrome, chasing after the latest and greatest tools and technologies without having a solid foundation in place. Focus on creating a system that streamlines your processes, enhances productivity, and allows you to track your progress effectively.

3. Actionable Goals: Break down your goals into smaller, actionable tasks. Execution can seem overwhelming when you look at the big picture, but by breaking it down into manageable chunks, you can make steady progress and avoid feeling paralyzed by the enormity of the task at hand.

4. Embrace Failure: Embrace failure as a learning opportunity. Failure is an inevitable part of the entrepreneurial journey, but it’s how you respond to it that matters. Instead of letting failure discourage you, use it as a chance to learn, adapt, and grow. Analyze what went wrong, make necessary adjustments, and keep pushing forward.

5. Customer Feedback: Prioritize customer feedback and market validation. Don’t fall in love with your idea to the point where you ignore what your target audience is telling you. Continuously seek feedback, listen to your customers, and be willing to pivot if necessary. Remember, the goal is to create something that solves a real problem and meets a genuine need in the market.

6. Growth Mindset: Develop a growth mindset. Believe in your ability to learn, grow, and overcome challenges. Embrace the idea that skills can be developed and that setbacks are opportunities for growth. With a growth mindset, you’ll be better equipped to handle the ups and downs of entrepreneurship and stay motivated even in the face of adversity.

7. Stay Focused: Stay focused and avoid distractions. It’s easy to get sidetracked by shiny objects, new ideas, or the latest trends in your industry. However, to excel in execution, you need to stay focused on your core objectives and prioritize the tasks that will move the needle for your business. Learn to say no to opportunities that don’t align with your goals and stay laser-focused on what truly matters.

8. Strong Support System: Surround yourself with a strong support system. Entrepreneurship can be a lonely journey, so it’s essential to have a network of people who believe in you and support your vision. This can include family, friends, mentors, or fellow entrepreneurs who understand the challenges you face and can offer encouragement and guidance when you need it most.

9. Celebrate Milestones: Celebrate your milestones and successes. Execution is a marathon, not a sprint, so it’s important to acknowledge and celebrate your achievements along the way. Take the time to reflect on how far you’ve come, the obstacles you’ve overcome, and the progress you’ve made. This will help keep you motivated and energized as you continue on your entrepreneurial journey.

10. Continuous Learning: Continuously educate yourself and stay adaptable. The business landscape is constantly evolving, and as an entrepreneur, you need to stay on top of industry trends, new technologies, and best practices. Make a commitment to lifelong learning, attend workshops and conferences, read books and articles, and seek out mentors who can help you grow and adapt to change.

Final Thoughts

Remember, execution is not a one-time event but an ongoing process. It requires dedication, perseverance, and a willingness to learn and adapt. By focusing on execution and making it your strength, you’ll set yourself apart from the dreamers and idea people and position yourself for long-term success as an entrepreneur.

If you’re an aspiring founder looking to validate your business idea and turn it into a reality, I invite you to sign up for the free New Founder School incubator. This program is designed to provide you with the tools, resources, and support you need to excel in execution and bring your vision to life. Through the incubator, you’ll have access to a community of like-minded entrepreneurs, expert guidance, and a proven system for validating your idea and building a successful business.

Don’t let execution be your Achilles heel. Embrace it as your strength and join the New Founder School incubator today. Take the first step towards turning your entrepreneurial dreams into a thriving reality and making a meaningful impact in the world. Your journey to successful execution starts now!