This is gonna be a quick one.
Ideas are cheap, anyone anywhere anytime can come up with a good idea.
What will set a good idea apart from a successful idea is how well you execute it.
It’s also why growth people obsess so much with process, systems, loops and ratios.
Because it doesn’t matter how good of a product you have, if you don’t maximize your idea’s potential.
LVMH with its concept of houses ($50bn in combined revenues in 2018) is really good at this. They execute flawlessly. Rolex ($11bn), Apple ($265bn), Disney ($60bn) , P&G ($67bn) you name it. Masters of execution.
I’ve been obsessed by the idea of efficiency through process since reading Jeffrey K. Liker’s book: ‘The Toyota Way’ (Professor of Industrial and Operations Engineering at the University of Michigan). Pick it up, it’s worth the read. If you are looking for a summary in less than a hundred pages: ‘The Machine That Changed the World’ written by James P. Womack, Daniel T. Jones , Daniel Roos may be what you are looking for (brought to you by $5m of MIT research funds).
The bible on the topic you ask? Andy Grove’s ‘High Output Management’ all great reads but let me save you time. Bottom line is simple, prioritize process over ideas.
A good process will produce consistent improvements that compound over time and eventually yield more value than any one given idea. Try it, it works.
👋🏼fabri here, former founder and consultant
working with startups, helping them grow
