FACULTY OF BUSINESS SCIENCES

DEPARTMENT OF MANAGEMENT SCIENCES

MCOMM STRATEGIC STRATEGY AND INNOVATION

MODULE: INNOVATION AND COMMERCIALISATION MSI732

LEVEL: 1.1
MODE OF ENTRY: HARARE WEEKEND CLASS

NAME REGISTRATION NUMBER

SIZIBA MUYANANISI SHELTON R0330530

Individual Assignment
Coming up with an Idea is the least important part of creating something great, the
execution and delivery are what is key.
DISCUSS
Execution not only nurtures an idea but also tests its potential at each stage to determine the
viability to attain success. An idea, however unique, remains a concept and a mere
representation of thoughts. It is the execution plan that gives real vision and direction to an
idea. The execution is how the message or idea is delivered. It is the execution that
determines the success of most of the ideas and the people behind it. Once an idea is
conceived, it is paramount to dispassionately evaluate the idea to understand if it would work.
An idea, however ground-breaking or ordinary needs to be worked upon to be translated into
a good business model. Besides, an idea is only good as its execution (Shakespear, n.d.).
Though both ‘idea’ and ‘execution’ are important for the success of an entrepreneur, I firmly
believe that it is very important to impartially evaluate the idea to understand if it would
work. While it is important that we do not underestimate the value of a creative and highly
promising idea, but it is important to understand the thin difference that lies between ‘having
the right idea’ and ‘doing it right. It is inevitable that even the most skillful execution strategy
can’t prosper and succeed without discovery of a bright idea. On the contrary, execution is
the power that nurtures and makes an idea outshine. As long as you pick up an existing idea
and through an impeccable execution you are able to impact the life of target consumers, you
will be successful in the long run. Having said that, it is of immense importance to work on
your execution strategy as per the ever-evolving business environment and changing
requirements of your target consumers.

An entrepreneur for example is not expected to be a creative genius; but rather a passionate
force & progressive visionary with sharp business acumen. An idea and its execution always
move together and it is impossible to prioritize one & neglect the other. However, it is
imperative to recognise the key factors. An idea, however, unique remains a concept and a
mere representation of thoughts. It is the execution plan that gives real vision and direction to
an idea. As a famous quote says ‘it’s easier said than done.
Talking about the role of an entrepreneur in conceiving an idea and executing it, I would like
to add that an entrepreneur outshines when his/her skills are tested to the core to make an idea
reach the path of success. An entrepreneur is not expected to be a creative genius; he/she is
rather a passionate force & progressive visionary with sharp business acumen. Adjusting
quickly to the business environment and improvising the idea whenever required are some of
the traits, which are required in an entrepreneur to successfully implement an idea to action.
If we inspect the two carefully, we will realise that it is impossible to separate the two. But I
strongly believe that an idea, which may seem perfect and faultless in your thoughts, can lead
to failure with the impact of counterattacks from the competition and operational
discrepancies. We label a lot of businesses and entrepreneurs as ‘overnight success, but it
takes a lot of effort in terms of thoughtful strategies & actions to make an idea successful.
Just like a journey of a thousand miles begins with a single step, it takes thousands of small
actions at the right time to reach the destination of success.

Most people incorrectly assume that a company or an entrepreneur “makes it” just because
of a big, bright idea. But the reality is that majority of successful startups have the
following things in common:

1. They don’t necessarily have a brighter or better idea than their competitors.
2. They hardly ever are the ones who’ve come up with the idea.
3. They typically work on the same wavelength of ideas as their business rivals.

The difference between successful businesses and failed ones is the execution. Having
stated that, it’s likewise important to acknowledge the significance of a great idea. Even
the most proficient executor can’t thrive and flourish without the seed of an excellent idea.

“Bring ideas in and entertain them royally, for one of them may be the king.” – Mark Van
Doren

Whenever the debate about idea versus execution comes up, I would instinctively answer
“execution.” But if one really thinks about it, ideas shouldn’t be dismissed as a second
priority. After all, it’s impossible to execute a business plan if the core idea is non-
existent. Even without actively noticing it, we formulate or expand ideas every single day.
Some of these ideas are mundane and emanating from a habit, hence the lack of the
infamous light bulb moment. Others are good and creative. Our minds are capable of
concocting the most unique, bizarre, inspiring, and brilliant of ideas. In this regard,
everyone has the ability to come up with a business idea that can potentially be the next
big thing. In a way, an idea is also the root of all things. In a business point of view, you
only need a small, strong, idea to pinpoint which path you want to go to. From that small
idea and a sense of the trajectory of the business you want to pursue, you can create bigger
and more concrete ideas. When you have multiple ideas clustered under one main idea,
it’ll be easier for you to see which one will work best for a particular strategy and what
doesn’t jive with your business strategy.
Even bad business ideas bring something new to the table – a new experience, a new
lesson to be learned, or a new strategical foundation. Ideas make a business more than just
a profit-making machine. They keep things fresh, fluid, and interesting. When you finally
have an idea on what business you’d like to venture into, the initial idea boosts its game.
This means you have to formulate more ideas on every element of your business. What
awesome ideas can be used for marketing? What innovative ideas can attract potential
customers? What operational ideas can be stretched to support the financial side of the
business?

Unless you get into the action of transforming your idea into a reality, then the only thing
you have is a concept. It has the same structure as dreaming of something big or important
that will happen in your life. If you don’t do anything to reach and fulfill your dream, then
you’re just a dreamer. This works the same way as just letting ideas pass you by and not
doing anything about them — your ideas do not go anywhere. Remember, even the most
interesting and terrific ideas can’t help you with your business if you don’t put your back
into it. If I ask you to mention as many business ideas as you can in a minute, then I’m
certain that you can name multiple ones. It’s good that you can formulate different ideas
even within a short period of time. The downside is that you have to sort all of these ideas
so you can choose the very best. Editing ideas can be challenging, especially if you don’t
have a core idea to begin with. There’s power in an idea. It has a way to influence you to
make either good or bad decisions. If you don’t curtail your ideas, it can simply smash the
proverbial box and you will be left with inexplicable or risky ideas that can ruin what
you’re trying to build.

“To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is
worth millions.” – Steve Jobs

It’s no question, and not even a debatable thought, that if there’s no execution in place,
ideas will just wither and die. The first half of building a successful venture is to have an
idea that you can polish, grow, and stretch. The second half is to execute the idea. Only
with implementation can you distinguish if the idea you have is good or bad, awesome or
lame, and valuable or destructive. In most cases, executing an idea is a lot more
challenging, demanding, and complicated than formulating a creative idea. Execution is
what waters the seed and root of an idea.
Just like a seed needs water, su,nshine and TLC for it to thrive, an idea needs action for it
to flourish. Without execution, an idea, however great it is, is simply a concept, a notion, a
thought. The idea can passively grow, but without the aggressive push to make it happen,
then you’re simply hoarding the thought. There is a big difference between having the
right plan (idea) and doing the plan right. This is what makes the implementation of the
plan critical and necessary. When it comes to business, the execution of a plan is hardly
ever error-free. There will be gaping holes here and there that will test the value and the
foundation of the idea. And you can only accurately navigate this trial-and-error phase if
you actually do the work. You can only launch a startup if you continuously bring your
business plan to life. Just like with a small idea blooming into multiple, big concepts, the
implementation of the plan requires small steps that lead to giant, important ones. It’s
basically a domino effect.

When you start working on the first strategy that comes from the idea, you’ll eventually
deal with more and more work that will push your business to shine.

As the old adage goes, “it’s easier said than done.” Many great ideas haven’t even been
unleashed from their boxes because it requires a special to translate an idea into something
tangible and true.  If you can’t execute a plan correctly, it can easily shatter your resolve or
bring you disappointment. When it comes to implementation of the plan, especially if the
business is just starting to take off, it’s all about work, work, and then some more. Hard
work is already in place way before you can present the finished product of an idea. It
requires a lot of processes and stages that require constant work. If you easily get
overwhelmed, this constant work can put you a step back, instead of moving forward. You
can creatively formulate and refine an idea sitting down with just a pad and paper (or your
laptop). And the process is typically free of cost. However, when you start to implement
the plan, you must at least have a budget to work with. Your business finances kick off the
moment you start executing your idea. This can be a drawback if you don’t have enough
funds to foot the bills.
To me, one of the biggest reasons to focus on execution over ideas is that “the idea” of the
business is likely to change. It is very likely that, by the end of the road, you will not be doing
your big idea anyway. Almost every startup I have seen has experienced at least one major
pivot before finding real success. This is one of the reasons early-stage investors focus so
much on the team. We want to know that this group can execute against the business concept,
whatever that concept ends up being. Investors ask if they have the skills and tenacity to
make it through the inevitable hardships and direction changes. Are they mature enough to
abandon their pet idea if necessary? In reality, that big idea is probably not wholly novel
anyway. If the idea is really good, many others have probably thought of it already. Even if
you are the first to start a business around the idea, others have probably had the idea and
chosen not to execute against it for any number of reasons. In many cases, it is because that
person is focused on executing against some other idea. Success can be more about what you
choose not to do than what you do.

There are numerous examples of hugely successful companies that found massive success
because of fantastic execution despite not having the “big idea”. 

Apple revolutionized the computing world, but it did not invent the graphical user interface
or the mouse, those came from Xerox. Xerox invented all kinds of amazing things, but failed
to execute at all on many of them.

Facebook did not create social networks, there was Friendster, Myspace, and many others
operating first.

Amazon did not invent online retail, they just clearly did it better than anyone else.

Ford did not invent the car and Elon Musk did not invent the electric car.

Coming closer to Home Econet did not start mobile money, its was Netone’s idea but Econet
quickly surpassed Netone.
At the end of the day it all comes down to the strategy used to execute the final product or
service and that also determines whether it will be acceptable in the market. Execution is
simply the tangible expression of the Idea that consumers see, hear or experience.

I don’t want to suggest that companies should not have any vision. The idea or vision is what
guides the direction of the execution, even if the idea is not original. Consider the ratio
between idea and execution. Thinking of a big idea might take only moments, but executing
it to become a successful company takes years, if not decades, of hard work. Ideas should not
be put on a pedestal and treated as sacred objects. Ideas need to be abused, tortured and tested
constantly. They need to be tempered in the fire of experimentation and reforged when found
wanting. That is part of the job of execution. It is hard to judge an idea until you start to
execute against it. Lots of ideas look good on paper but don’t survive first contact with
reality. Furthermore, it’s extremely difficult to understand and impossible to evaluate ideas
without examples of potential executions – having said that, we should always try to
understand the underlining idea before judging the executions.

So which is more important to achieve a successful business: idea or execution? I say,

both. If you examine the two, you will realize that they’re inseparable because they are
cause-and-effect. The idea is formulated (cause), thus the execution of the plan is
happening (effect). If one is missing, then the other is practically useless.

It’s important to note though that not all “idea guys” are great plan executors. This is the
reason why many multinational companies have a specific department intended for ideas
alone – from creation to segregation, to coming up with a plan. Also, executing the plan
the right way is rarely done overnight. Even those entrepreneurs and companies that are
labeled with “overnight success” have worked hard for months, even years, to make their
product or service noteworthy and in-demand.

If you really want to attain success in your business, then you have to use both – idea and
execution. You can’t prioritize one and disregard the other. Although a concept and its
implementation are not usually balanced, they are both equally important to achieve your
goal.
Remember, no idea is brilliant enough to effortlessly secure and guarantee the future of a
business; no idea is lame enough to doom a business to fiasco from the get-go. So, go one,
create as many ideas as you can, sort them out into a concrete plan, and hustle to make it
happen.

References

https://inspirationfeed.com/idea-vs-execution-which-is-more-important-for-success/
https://modernprofessional.co/idea-or-execution-which-is-more-critical-for-entrepreneurship/
https://www.digi-corp.com/blog/the-idea-vs-execution-not-a-debate-for-us-anymore/
https://www.feeltheboot.com/blog/2019/7/12/execution-trumps-ideas