Remember, it’s not the idea, it’s the execution that matters:

In fact, execution is probably one of the biggest competitive advantages that startups typically overlook. Investors would always rather have an “A” entrepreneur with a “B” idea than a “B’ entrepreneur with an “A” idea. This is why investors always rate the management team as the key criteria they use to decide where to invest their funds. Ideas don’t make profitable businesses. Management teams that successfully execute their ideas make all the money.

For example, a discount airline is not an innovative concept. Major companies such as United and Delta have tried to execute this many times. Only Southwest has figured out how to make a low-cost, point-to-point airline profitable. While the idea is not unique, the successful execution is rare. This is why “first-mover advantage” may not be an advantage at all. Competition is a valuable thing. Examining the successes and failures other people made with the same idea will always help execution.

Photo by moneymaker11/ShutterStock.

Originally posted by Dane Carlson on June 11, 2014 in bizopy / Ideas.

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