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Execution Counts, Ideas are Not Enough

Execution Counts, Ideas are Not Enough. What is the only thing that we are sure is infinite? The Universe? Ideas?. Execution Counts, Ideas are Not Enough. Cosomological constant problem suggests that the Big Bang may be followed by a Big Crunch so the universe may be bounded

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Execution Counts, Ideas are Not Enough

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  1. Execution Counts, Ideas are Not Enough What is the only thing that we are sure is infinite? The Universe? Ideas?

  2. Execution Counts, Ideas are Not Enough • Cosomological constant problem suggests that the Big Bang may be followed by a Big Crunch so the universe may be bounded • Ideas are infinite– just try counting from zero to infinity! • Zero is a complex concept first used in India and Mayan civilization and brought to Europe through Arabia– numbers definitely represent ideas (Q.E.D.)

  3. Execution Counts, Ideas are Not Enough What is the value of something in infinite supply? • Economic theory of Supply and Demand suggests value approaches zero! • 30 million clever, hard-working Americans and millions more around the world are thinking up clever new ideas every day!

  4. Execution Counts, Ideas are Not Enough • Mathew Lafrance, Allan Ghosn, Christian Ste. Marie and Mat Bouchard • 5 ideas for business startup • Each one worse than the one before, ending in SILENT ALARM CLOCK! • Except for one

  5. Execution Counts, Ideas are Not Enough • GradeAStudent.com (Now GradeATechs.com) • Only one problem they said– NerdsOnSite.com already up and going • Is this a problem?

  6. Execution Counts, Ideas are Not Enough • No! • Strong value proposition • Huge and growing market • If it is a good idea, there will be competition • If it is a bad idea, there won’t be but so what? • It’s a BAD idea!

  7. Execution Counts, Ideas are Not Enough Out execute the competition: • Provide superlative Customer Service • GASnet: reverses out the work to clients and suppliers • Match making service– between techies and clients • For first time ever, a service business is scalable due to the Internet

  8. Execution Counts, Ideas are Not Enough • Bring Back the Senators Campaign: 1987 to 1990 • “What does Toronto have that Ottawa doesn’t?” Bruce Firestone to himself, 1987 • A zoo, a theme park, a NHL Team!

  9. Execution Counts, Ideas are Not Enough Out execute the competition: • Purchase 600 acres for Palladium (now SBP) • Pre-sell 15,000 PRNs for season tickets (at $25 each) • Sign up 500 corporate sponsors (at $500 each) and 32 original corporate sponsors (at $15,000 each) • Lobby the 21 members of the NHL’s BOG and its President

  10. Execution Counts, Ideas are Not Enough • Don’t take ‘No’ for an answer, late Professor of Economics O. J. Firestone, U Ottawa to his son Sept.1990 • “You will never, ever get a NHL Team in Ottawa,” anon. BOG member the night before the NHL awards the Senators to Ottawa, Dec. 6, 1990

  11. Execution Counts, Ideas are Not Enough • “Make sure that the last face the BOG sees before they make their decision is yours,” Norm Seagram, former member of TOOC to Bruce Firestone • Last two faces the BOG see: Phil Esposito (Tampa) and Bruce Firestone • “The NHL is pleased and proud to announce… franchises have been awarded to Tampa and Ottawa,” five hours later.

  12. Execution Counts, Ideas are Not Enough • After winning the franchise, you: • Party all night? • Do a few media interviews, leave for Miami, fly to Montreal, drive to Ottawa, prepare to sell $22 million in cash worth of season tickets in ten days in late December 1990 for a team that won’t play (and win) its first game until October 8, 1992?

  13. Execution Counts, Ideas are Not Enough • “John, what was the vote?” • “It was unanimous.” • Surprise phone call three weeks later

  14. Execution Counts, Ideas are Not Enough • You have a great idea– satellite digital radio! • You start Sirius or XM for a few billion dollars each • Great idea, right?

  15. Execution Counts, Ideas are Not Enough • Huge institutional barriers to entry– the car companies • Huge technological and technical hurdles • Huge start up costs • Huge cost to acquire first customers • Lose a few billion more on operations, so now what do you do?

  16. Execution Counts, Ideas are Not Enough • You sign up Howard Stern for $500 million and Oprah Winfrey for millions too • You couldn’t think of anything else?

  17. Execution Counts, Ideas are Not Enough • So now what? • Merger proposal is on the table • Monopoly is the answer– higher prices for consumers, less choice and poorer customer service! • Is that the best you can do? • And don’t forget, US anti-trust laws will now come into play

  18. Execution Counts, Ideas are Not Enough • Go back and look at your Business Model! • Possible answer– take the satellite out of ‘satellite radio’ • Distribute the signals through the Internet • Put your content on AOL Radio too for re-distribution • Huge expansion of their market and much lower costs

  19. Execution Counts, Ideas are Not Enough • Gadgets and Gizmos do not make a business • Bell Control– circa 1985 taught me that

  20. Execution Counts, Ideas are Not Enough • You are not the market • No one else wanted to turn off their phones! • You need top notch execution and a sustainable competitive advantage to successfully implement a viable business model

  21. Execution Counts, Ideas are Not Enough • Google was not first search engine • But they had a better algorithm, neutral, TRUSTWORTHY results and much better execution • More than 10 interviews now required to get hired on by Google • Sergei Brin and Larry Page recognize that it is NOT your assets or your IP that produce profits, it’s your people

  22. Execution Counts, Ideas are Not Enough • People like to buy from people they like and trust • Suppliers trust you to pay them • You trust them to deliver on time • Clients trust you to deliver and you trust them to pay you

  23. Execution Counts, Ideas are Not Enough • Trust is the foundation of a successful career • Once you establish trust, you become part of the (business) ecosystem that will sustain you, your business and your family for a long time

  24. Execution Counts, Ideas are Not Enough • Kevin Rose, Founder, Digg.com • Kevin Rose made $60 million in 18 months • How did he do that? • a) JOB? • b) Entrepreneurship?

  25. Execution Counts, Ideas are Not Enough • DIGG.COM’S DIFFERENTIATED VALUE? • It is a new model for a newspaper uniquely adapted to the Internet • It is not simply the online version of the New York Times or some classified advertising page transferred to the Internet • It is a digital community made up of a fairly homogenous demographic—80% are male, mainly young techie readers • Readers are also contributors • Readers dig up interesting stories from all over the web and post brief synopses to the site and links to them whereupon other readers vote on them—the most popular ascend the page

  26. Execution Counts, Ideas are Not Enough • The site harnesses the competitive instincts of the readers/contributors to compete to see whose story will lead • The site works because of its homogeneous demographic—contributors only post stories that will be of interest to the group • The site is dynamic—leading stories change by the minute or hour • Digg.com’s cost for headline writers = ZERO • Digg.com’s cost for journalists = ZERO • Digg.com’s cost for editors = ZERO • Digg.com’s cost for distribution = ZERO (at least, the marginal cost is practically zero)

  27. Execution Counts, Ideas are Not Enough • Digg’s sustainable competitive advantage is its business model and its readership • You might be able to knock off its business model but it is extremely difficult to knock off its millions of dedicated readers • The key is that the readership is relatively homogeneous and has similar interests

  28. Execution Counts, Ideas are Not Enough • Web 2.0 works because: • Custom outputs from standard inputs; • Scalable; • Network effects; • Reverse out the work; • User generated content ; • Match making systems; • And more!

  29. Execution Counts, Ideas are Not Enough • Open source; • Peer to peer; • SEO; • And more!

  30. Execution Counts, Ideas are Not Enough • Something new! • Something unexpected!

  31. Execution Counts, Ideas are Not Enough • The Mechanical Turk; • The anti Dr. Strangelove • The opposite of Fail Safe

  32. Execution Counts, Ideas are Not Enough • Putting the human back in the loop! • Who selects to stories that go up on Digg.com’s site? • People do that • Who votes them up (or down)? • People do that (better than any algorithm)

  33. Execution Counts, Ideas are Not Enough • Naver.com out competed Google in Korea! • How did they do that? • By replacing the Google algorithm with a natural language search tool that allows users to ask questions • Which are then answered by other users! • The Mechanical Turk is inside the system!

  34. Execution Counts, Ideas are Not Enough • Who else does that? • Wikipedia for one • Put the human being back in the loop and develop a better business model will give you a sustainable competitive advantage and probably a better experience for users

  35. Execution Counts, Ideas are Not Enough • IF YOU HAD TO CHOOSE THREE THINGS TO START YOUR BUSINESS WITH, I WOULD RECOMMEND: • Launch clients and customers; • A good business model; • Sound execution.

  36. Execution Counts, Ideas are Not Enough • I WOULD PLACE MUCH LESS EMPHASIS ON: • A great, never-before-tried idea; • Bank financing; • A partner; • Access to government grants; • Access to VC financing.

  37. Execution Counts, Ideas are Not Enough • Where have all the Heroes gone? • 1913–1994: the greatest Generation ever? • What did they overcome? • Two World Wars • The Flu Pandemic • The Great Depression • The Cold War

  38. Execution Counts, Ideas are Not Enough • What did they do? • Internal Combustion Engine • The Rocket • The Integrated Circuit • The Computer • The Internet

  39. Execution Counts, Ideas are Not Enough • How did they do it? • Focus and Discipline • Confidence and Imagination • Ability to Execute • Bravery and Sacrifice

  40. Execution Counts, Ideas are Not Enough • What’s missing today? • The next generation of entrepreneurs • How come China and India are doing so well? • Entrepreneurs unleashed by National Governments • Emphasis on education and technology • Reduction in bureaucracy • CONFIDENCE!

  41. Execution Counts, Ideas are Not Enough • What do many western Governments believe in? • Everything today is a cost not an investment • Everything must be regulated • It’s all about rights not responsibility

  42. Execution Counts, Ideas are Not Enough • Ever feel like going somewhere else?

  43. Execution Counts, Ideas are Not Enough • What will happen to Western Nations? • They will act and react • They will reform their institutions • Entrepreneurs and entrepreneurship will prevail not only in business but also in other organizations– from NGOs and not-for-profits to charities and educational institutions

  44. Execution Counts, Ideas are Not Enough • REMEMBER: ENTREPRENEURS WOULD RATHER BEG FOR FORGIVENESS THAN ASK FOR PERMISSION!

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