Strategy vs. Execution: The Drive to Thrive

“Young companies must grow quickly to get funding before their capital runs dry. Structured goals give backers a yardstick for success.” (Doerr, J 2018) But not all ideas are created equal, what sets a good idea apart from a great one is its strategy and execution. Creating an effective strategy is only valuable if it can be implemented successfully. Many entrepreneurs have great ideas but fail because they don't plan and strategize well or don't stick to their plans consistently. Doing so increases control over the process and confidence that you are working towards your desired results.

“Hard goals drive performance more effectively than easy goals. Second, specific hard goals “produce a higher output level” than vaguely worded ones.” (Doerr, J 2018) It's easy to get sidetracked by the allure of the next big thing or by looking for the path of least resistance, but as they say, "the devil is in the details." Taking a comprehensive 360-degree view allows us to identify potential challenges and develop effective strategies for success. “Clearly defined goals create alignment and clarity” (Doerr, J 2018)

This In addition to being agile, flexible, and responsive, creates a "competitive advantage" because having a clear strategy with specific goals for taking consistent action will help bring your ideas to life. However, it's not enough to simply develop a strategy and put it into action. It's equally important to gather feedback and evaluate results regularly to ensure that you're on the right track or need adjustments.

One way to help avoid failure in building an unsuccessful new solution, product, or service is to build for your customer and end-user, not just what you think makes sense. Then, set your strategy and goals for accomplishing implementing a process or processes, that maximizes your chances of success. “One of the most tested and proven ideas in the field, as 90 percent successful leaders confirm that well-defined, challenging goals enhance productivity.” (Doerr, 2018) Setting clear and challenging goals, based on the needs of your customers will help you create a better strategy and improve your chances of successfully executing them.

Our ability to be successful means creating a great strategy that is impactful and reinforces our ability to execute it. Oftentimes, entrepreneurs fail not because their idea isn’t any good but because they don’t strategize and game plan well. Or they don’t consistently follow their plan. Taking an objective look from a 360-degree perspective allows us to see where we may get tripped up by potential challenges or obstacles and game plans for success.

Having a clear strategy and taking consistent action to start the process is only the beginning. Consistently gathering feed back and looking at the results is how you know you are on the right track or need to alter your strategy. The trick is to give enough time to establish a clear baseline for measuring your progress. "Doing is achieving, and seeing is believing because what gets measured gets done."

Don't get distracted by the “next shiny" or looking for the path of least resistance, remember “the devil is in the details.” Keep in mind that “ideas are easy, but the execution is everything.” (Doerr, J, 2018) The key is to give yourself enough time to establish a clear baseline and measure your progress. All ideas are not created equal, but the most significant difference between a good idea and a great idea is execution.

Doerr, John (2018) Measure What Matters (p. 12). Penguin Publishing Group. Retrieved September 14th, 2023, from Kindle Edition.