Successful entrepreneurs often say, “Ideas are a dime a dozen. Execution is not.” This means that while many people have ideas, only a few can turn those ideas into successful realities. Sometimes, even a simple or “not-so-great” idea can succeed if executed really well. A recent example is The Emoji Movie, which had a simple concept but still became popular because of strong execution.
Check out this list from CNBC that showcases “dumb ideas” that made millions through great execution: 10 Surprisingly Successful Ideas.
In entrepreneurship, the formula for success could look something like this:
Success = Idea * Execution
This means that success in entrepreneurship requires both a new idea and great execution. If one of these is missing (or “zero”), the result is also zero.
Here’s a simplified look at what “Execution” means:
Execution = Good Planning + Great Teamwork + Diverse Skills + Experience + Education
Most successful entrepreneurs don’t try to pursue every idea they have. Instead, they focus on one or two good ideas and put in the hard work to make them successful. Remember, success is often about teamwork and one solid idea!
