Knowledge is not power — it is only potential power. Power therefore lies in execution.
Entrepreneurs, sales people and C-suite executives who build big businesses do so because they are predisposed to act. They are always moving their businesses forward because instead of thinking about what could be done, they take steps to do it.
Do you have a big, hairy, audacious goal? Stop thinking about the possibilities and start executing tasks that will move you toward your dream. Here are four reasons why execution matters more than knowledge.
1. The value of execution
I was recently reading The Millionaire Fastlane by MJ Demarco, and he explains the value of action by assigning a dollar value to ideas and a multiplier to the execution of ideas. For example, let’s say that you have a series of ideas to grow your business. A brilliant idea is assigned a value of $200 while an awful idea is assigned a value of $1. Then you assign a multiplier to your ability to execute an idea.
Brilliant execution is assigned a multiplier of 10,000,000 and no execution is assigned a multiplier of 1. What this demonstrates is an awful idea, valued at $1, that is executed brilliantly is worth $10 million. A brilliant idea, valued at $200, that is poorly executed is worth only $200.
Without execution, there’s no multiplier for your idea, so even if the idea is amazing, it’s pretty much worthless without doing something with it.
2. Failing forward
If execution is so important, why do some people freeze when it comes to acting upon their vision? For many, it’s a fear of failing.
Failing is one of the most important ingredients to success. If you are not failing occasionally, you are not growing. Entrepreneurs who are poor at execution are therefore also poor at failing.
Nothing will move you toward your dreams faster than learning from mistakes.
3. Organizational inertia
This is the tenancy for your business to stay on the same trajectory as it is currently on. This means that if you do not execute, your business will look pretty much the same in five years as it does now.
Of course, if your competition is predisposed to execute, you may not even be in business that long. If you have big goals for your business, it is probably necessary to change the trajectory of where you are going. The only way to do that is to act.
4. Fringe benefits
There are all kinds of fringe benefits to executing an idea. When you make bold moves in your business, you end up finding new talent, meeting new business associates and forming new ideas that spring forth from the seeds of your execution.
By Stacey Alcorn