Execution

Execution failure happens for all kinds of reasons—from failing to communicate effectively to never getting started, and from scaling too quickly to never scaling at all. Fortunately, you can avoid many kinds of execution failure.

If you’ve ever wondered how to communicate more effectively with your employees, customers, and investors, Chapter 7 holds the answers. Whether you’re delivering good news or bad, choosing your words matters. And then of course there is that communication meeting that entrepreneurs spend hours both in and preparing for—the board meeting. You’ll learn how to make board meetings productive for you, your team, and your board members. And you’ll discover the most common communication failures that befall entrepreneurs, including failing to set expectations and not communicating at all—and how to avoid them.

In Chapter 8, I’ll talk about one of the most common reasons potential entrepreneurs fail: they never get started. For those who have created multiple companies, starting a new venture may seem relatively straightforward. But if you’ve never quit your job, built a product, assembled a team, or raised capital, here’s how—and why—you should start your company.

Time and again, companies fail as they try to scale because they don’t focus. They don’t attack their market effectively, they become complacent, they fail to hire to support growth, and they mismanage their cash. As you’ll see in Chapter 9, execution failures compound quickly in terms of time and cost. Once you have an organization in place, it’s hard to change direction. Big organizations cost big money, and when you don’t manage your capital properly, you can rapidly burn through tens of millions of dollars—and equity you can’t recover—fast.

Great organizations can outrun the competition to become the market leaders, creating immense value for their founders, teams, and investors in the process. In Part III you’ll come away with the knowledge you need to communicate your vision and your progress. You’ll learn how to make the leap—and how to execute your way to scale once you do.