“Ideas are easy. It’s the execution of ideas that really separates the sheep from the goats.” – Sue Grafton
We often hear that an idea can change the world. It’s true, it can. However, an idea alone does not mean anything. It’s the execution that really counts. Over the years, we have helped several startups and entrepreneurs right from the ideation phase to implementation. One thing, which we can confidently say, is without the power of execution, your ideas are as good as nothing. Our firm belief and our advice to all entrepreneurs is:
Execution is more important than Planning. Planning is more important than Ideas.
Logically, you cannot execute properly if you haven’t planned well and you cannot plan if you don’t have an idea. Although the entrepreneurial process begins with an idea, and is definitely considered the most important step but we must understand it’s just one of the steps in the overall process. Continue reading ““Ideas” do not change the world”
Risks are part of any business and with limited resources, business owners and entrepreneurs realize that risks needs to be calculated and mitigated. Employing market research helps Continue reading “Common Pitfalls Encountered by Small Businesses while Conducting Market Research”
Over the years of our working with entrepreneurs, we have noticed that while there is generally a robust understanding about the start up process and funding requirements, things seem to taper down when it comes to scaling up of the business. While a valid argument is that entrepreneurs seldom get time to think about the “next-step”, in essence it is essential to plan for expansion early in the business life cycle. A robust business plan where key milestones and triggers are well defined goes a long way in supporting this process.
Typically, most start up enterprises goes through a series of crests and troughs, or simply put the good times and the not so good ones. It is by leveraging the former that a business owner can successfully survive through the latter. Theoretically this sounds brilliant, but from a business perspective what are the key “triggers of realization” that signify a need to expand and move to the next level.
Demand comes in phases leading to capacity bottlenecks – This is a something that most start up businesses face. The best case scenario is having a large or a couple of large corporates buying your products or services, which gives stability and a basic critical mass to the business. Unfortunately, that does not always happen and retail buying remains the basic market segment. Continue reading “An Entrepreneur’s Dilemma- When to scale up your business”
It is interesting to analyze how entrepreneurs react to certain business terms like operations strategy or business model. In my experience, the outcomes range from absolute distain to an extended discussion around the “nuts and bolts of their business”. Again, it is difficult to generalize, but the more mature a business, greater is the evolvement from “a brilliant idea to sustainability” with an acceptance towards the importance of planning and structuring. At that point in time, a so called fashion statement becomes a necessity and creating a business model a reality.
To be fair, structuring a business model is a difficult task for most startup businesses, as ambiguity still persists in defining it. A host of terms like strategy, tactics, method, process etc. can overwhelm an entrepreneur or start up business, especially when sourcing funds and building a market are the most important elements in their thinking DNA.
Continue reading “Business Model for Entrepreneurs – Are you making a fashion statement?”
We all, at certain point of time, have attended highly over hyped “Leadership” trainings. Why over hyped? Cause most of these trainings do not add any value. Yes they obviously help people to learn some jargons and managerial talks but … Continue reading Leaders do not emerge from a 3 day “Corporate Leadership Training”
Consulting is one of the most challenging yet highly rewarding professions. Effective consultants show a number of definitive traits which are not only necessary to achieve success in this field but also are identified as the key differentiating factors which … Continue reading 7 Habits of Highly Effective Consultants
You have leveraged an outstanding business plan to acquire a round of funding. The venture looks really promising and as an entrepreneur, your million dollar business is all set to take shape. What else do you need, as all the hard work is done and the world is your oyster.
On one aspect, a lot has been achieved by you and is gratifying, but at an operational level the entrepreneur in you needs to bring in an additional dimension of a business leader to ensure that a fantastic idea gets implemented. Being proactive rather than reactive is essential for driving a successful venture. Continue reading “An entrepreneur’s three-step guide to operational sustainability”