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The sky is falling! Ever since the media’s Chicken Little response to the tremors in the financial markets, I’ve felt like shouting from the rooftops “now you know how it feels to be an entrepreneur!” I just lost 9% overnight?!
Odysseus resisting the Sirens On my three year startup journey that lead to Yipit , I had over 30 other completely unrelated ideas. Each time I got the idea, I would immediately start sweating profusely for three straight hours in a ridiculous state of unbridled excitement and optimism. Sounds great, right? Not really.
“They were worried that I would get bogged down in wanting to do things, not just create strategy.” - David Polinchock / @lbbinc One of the topics covered during the #LikeMinds Summit this past weekend was precisely this: The chasm between strategy and execution, especially as businesses struggle to understand how to leverage, integrate and operationalize Social Communications (what you do with social media platforms) in the coming 6-24 months. Unfortunately, because the C-suite tends to look to itself when it comes to “strategic masterminding,” the focus too often shifts from execution at the customer level (the most important thing a business should be focusing on on) to… being the guy who came up with the game-changing strategy that will secure more funding and increase influence within the organization. When this happens, strategy becomes a product, and that’s bad. Strategy isn’t a product. Strategy exists mostly in support of execution.
This post was originally published at HBR.org. What is entrepreneurship? You probably think that the answer is obvious, and that only an academic would bother to ask this question. As a professor, I suppose I am guilty of mincing words. But like the terms “strategy” and “business model,” the word “entrepreneurship” is elastic. For some, it refers to venture capital-backed startups and their kin; for others, to any small business.