Execute is the key. I have lots and lots of ideas, but no time or money to spare. My question is once entrenched in the everyday, how is it possible to break free. Maybe the Four Hour Workweek has the answer. :) http://tinyurl.com/39akps
laurie ruettimann
· 1 year ago
We own your big ideas. We are corporate America.
Frank Roche
· 1 year ago
Laurie, that is the real truth. I once saw a company, Milliken, who years ago won the Baldrige Award, and they usd to pay big money for people who thought up big operational improvements. I'm afraid a lot of those days are gone.
Ted, it is about execution...big ideas go nowhere unless they're seen cradle to grave. But without a big idea, there is no flawless execution. Funny how that works. Chicken, meet Egg.
rick
· 1 year ago
Its the same argument for paying sale people more. If you don't sell there is nothing to execute.
That said, if you can't execute selling, or ideas, don't matter. Both are important to success.
Bill at www.HumanMarkets.com/B
· 1 year ago
Both are important and need to be rewarded.
Where are you in the business cycle? Early entrants or innovators have to pay top dollar for the best ideas. As companies unfold, crisp execution need more of a relative focus.
One thought is pay the idea folks in equity or something like equity for the long haul. Pay executors in the short to medium haul (make sure that the execution is sticky before you pay for all of it.)
If an idea person is not willing to let some of their compensation stake ride on the long-term execution of the idea - don't pay'em or don't pay'em much. However, if they are (even if they will not be with you at the time of fruition), give them a reason to bring you their best thought first.
Finally, know the market place. Ideas worth paying for should be value in the conditions to come, not the ones you just lived through.
Know your business model and your place in it's development cycle above all.
All Comments
Ted, it is about execution...big ideas go nowhere unless they're seen cradle to grave. But without a big idea, there is no flawless execution. Funny how that works. Chicken, meet Egg.
That said, if you can't execute selling, or ideas, don't matter. Both are important to success.
Where are you in the business cycle? Early entrants or innovators have to pay top dollar for the best ideas. As companies unfold, crisp execution need more of a relative focus.
One thought is pay the idea folks in equity or something like equity for the long haul. Pay executors in the short to medium haul (make sure that the execution is sticky before you pay for all of it.)
If an idea person is not willing to let some of their compensation stake ride on the long-term execution of the idea - don't pay'em or don't pay'em much. However, if they are (even if they will not be with you at the time of fruition), give them a reason to bring you their best thought first.
Finally, know the market place. Ideas worth paying for should be value in the conditions to come, not the ones you just lived through.
Know your business model and your place in it's development cycle above all.