Welcome to the FiveMinuteFriday Episode of Super Data Science Podcast!
Today, we concentrate on the concepts of Ideas & Execution. Does one weigh more than the other? What should come first? Listen in to find out!
Most millennials nowadays are tapping into their entrepreneurial prowess. They’re looking into ways to be financially stable and free, refusing to be lassoed by corporate giants, and building startups where they could make their own decisions. The fearless approach to risk-taking of the millennial generation is astounding. This year, many startups are owned by millennials. And, let it be known also that 9 out of 10 startups fail. Such a hard pill to swallow.
What has gone wrong with the failed startups?
Now, comes the value of execution. Thomas Edison’s famous quote – “Genius is one percent inspiration, ninety-nine percent perspiration” – is quite apt for this. Thomas Edison is a successful innovator. His invention of the light bulb wasn’t an instant process to success for him. He tried, failed, and worked his way to it a couple of times.
So, it’s not just about your drive, optimism, and vision. The big bulk you should be ready about is the execution of your ideas. All the stuff running through your mind are just incomplete possibilities if you don’t have an actionable plan for them. Ask yourself: How do you execute on that idea? How do you bring it to life? Are you willing to sweat blood and traverse a rough path to achieve your goal? Learn and work hard for it.
These startups get carried away with their idea that they don’t attack it strategically. That’s why we see startup entrepreneurs, even at early stages, that are left agape and dumbfounded with the overwhelming growth or challenges that come. Thus, a reason to fail.
One of my suggestions would be to learn how to execute – know how a business runs, know the people you’re going to work with, and know how to adapt to changes – so when your eureka moment comes, everything’s set to sail.
What sets apart the successful startups from the other startups?
It’s their vision to impact the world. To make your ideas become more valuable, these ideas should change the world. Find ways on how you could create products and services that could reach the people that need it more. Always aim to do greater good.
The idea & execution discussion isn’t just limited on startups and businesses. The takeaway for today can extend to your small to big goals in your career and personal life too.
DID YOU ENJOY THE PODCAST?
- What ideas have you executed lately?
- Music Credit: Sunburst by Tobu & Itro [NCS Release]