A VC and a Book: More Proof that Execution Matters

Back in July, I wrote a post about how broken windows can kill your business. Two weeks ago a book with a similar title came out. Did he steal my idea? problemably not. This is just more proof that ideas aren't unique. Execution is what matters. (Note: I did not intend to write a book on the topic. My single chapter for Morespace just about killed me)

Speaking of execution, I had the pleasure today of meeting with some people at Chrysalis Ventures, the biggest VC firm here in Louisville, to discuss peer production and wisdom of crowds. I wasn't pitching them on anything, it was just a session to chat and trade knowledge. It was quickly obvious that they were big on execution, as it came up several times in conversation.

The odd thing is this… The average Joe on the street is more concerned about ideas. People don't want to tell you their idea, they are afraid you will steal it from them, and they want 80% of the profit if you partner because it was their idea. The average VC, entrepreneur, or successful businessperson will almost always talk about execution over ideas. I think it's because people that haven't run a business rarely have an idea of how quickly and easily it can get away from you. Execution is tough. Conventional wisdom is wrong because conventional wisdom focuses on the "million dollar idea." So I'll re-iterate, for the 50th time on this blog, one of my favorite Warren Buffett sayings.

Conventional wisdom is often long on convention and short on wisdom.

Amen to that.