The Entrepreneur’s Journey Part 4

This is the fourth of a five part series on my reflections on the entrepreneur’s journey. Some of this is taken from my experience advising and counseling entrepreneurs over nearly 20 years of practicing law. Much of this comes from hard-won personal experience as I have worked to build my own businesses from the ground up.

Part #4. EXECUTE THE PLAN

If you’re reading this post, then you are already an entrepreneur or you are on your way to undertaking the biggest adventure of your professional life. In Part 1 of the series, I wrote about falling in love with a problem and the need to solve that problem. In Part 2, I focused on the need to be of service. In Part 3 I wrote about the need to build your dream. Now, in Part 4, it’s time to roll up your sleeves and get involved in every aspect of your business. The time for planning, thinking, dreaming, networking and consulting is over. Now, the difference between success and failure is summed up in one word: “execution”.

This is where the hard work begins and, to be honest, it’s the part that nobody talks about when discussing the entrepreneur’s path. For the most part, people speak about many of the more romantic or idealized part of the entrepreneur’s path. The solitary figure, succeeding against the odds. This is a myth. It is an idealized, romanticized illustration of how we like to think of our entrepreneurs.

Like all myths, there is always a grain of truth. However, the most basic truth about getting your business up and running is not the strength of your ideas, not the originality of your plan, not the power of your network.

No.

The most important element is whether you and your team can execute the plan. Can you get from point A to point B quickly and effectively? Can you bring your product to market? Can you find a manufacturer? Can you hire and instruct the right coders? Can you put in place a marketing plan? Can you find and furnish an office space or a retail location? Can you secure financing? This is all about execution. It is about building a plan and then executing that plan.

In order to execute your idea, you need to be involved in every aspect of your new venture. Every. Single. Aspect.

Learn and understand all parts of your business. Learn the supply chain. Know your coders’ names. Negotiate with your landlord directly. Meet your neighbours. Pick the right supplier for critical elements of the business.

Don’t get me wrong… you can’t DO everything. You will need to outsource parts of the job, you will need to team up with other experts, you will need to find web designers and graphic artists and partners and all kinds of other help.

You can, and will, need to delegate authority. You cannot abdicate your authority. This is your plan. This is your dream. This is your business.

Nobody will understand the business and your goals and dreams better than you and your co-founders. Nobody will care more about your business more than you and your co-founders. To be honest, aside from some close loved ones (if you’re lucky), nobody will care about your success or failure, either way.

As an aside, this is when you need to watch out for overloading and you need an understanding and supportive life partner. I could not have done any of this without my wife.

There are lots of good ideas out there. A good idea is not enough, it is only part of the equation. Your ability to execute your plan will be the critical difference between success and failure.

This is Part 4 of a 5 part series. In next week’s final installment, I will write about the importance of protecting your idea.