{"id":1919,"date":"2014-02-20T10:00:49","date_gmt":"2014-02-20T18:00:49","guid":{"rendered":"https:\/\/berkonomics.com\/?p=1919"},"modified":"2014-02-17T16:48:41","modified_gmt":"2014-02-18T00:48:41","slug":"its-mostly-in-the-execution","status":"publish","type":"post","link":"https:\/\/berkonomics.com\/?p=1919","title":{"rendered":"It\u2019s mostly in the execution."},"content":{"rendered":"<p>\u201cEverybody\u2019s got a plan &#8211; until they are punched in the face,\u201d stated boxer Mike Tyson.\u00a0 My experience personally reviewing over three hundred executive summaries each year, all sent to me unsolicited, seems to bear out the truth in Tyson\u2019s statement.\u00a0 Anyone can build a good \u2013 or great \u2013 plan.\u00a0 Investors have to look behind the plan and at the entrepreneur and his or her team, knowing that, over time, most of us have come to the conclusion that it is the execution of the ever-changing plan, not the plan itself that makes a company a success.<\/p>\n<p>Tyson\u2019s statement also addresses change.\u00a0 The \u2018punch in the face\u2019 is analogous to dealing with the business plan when it intersects with the realities of the market.\u00a0 Wham!\u00a0 I can\u2019t recall any of my companies hanging onto its original plan after some level of consumer feedback.<\/p>\n<p>We built one of our companies upon forecasted metrics for a specific class of retail consumer base, but found that there wasn\u2019t enough money in our universe to pay for marketing to create that much dedicated traffic to our site.\u00a0 So we switched to distribution through partners which already had <a href=\"https:\/\/berkonomics.com\/wp-content\/uploads\/2013\/08\/computer_dashboard.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-1792\" alt=\"computer_dashboard\" src=\"https:\/\/berkonomics.com\/wp-content\/uploads\/2013\/08\/computer_dashboard-300x216.jpg\" width=\"300\" height=\"216\" srcset=\"https:\/\/berkonomics.com\/wp-content\/uploads\/2013\/08\/computer_dashboard-300x216.jpg 300w, https:\/\/berkonomics.com\/wp-content\/uploads\/2013\/08\/computer_dashboard.jpg 408w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>massive amounts of traffic, and concentrated in providing great content and great offers that more than made up for the sharing of revenues.<\/p>\n<p><span style=\"color: #993300;\"><em>[Email readers, continue here&#8230;]\u00a0<\/em><\/span> There is a name for such a change in focus, in this case from retail to wholesale.\u00a0 We call it a \u201cpivot,\u201d a term now used to describe great management dealing with successfully refocusing a company in a new direction.<\/p>\n<p>And most of us who invest in so many companies have come to the conclusion that our greatest profits over time come from investments in great management, groups that we are confident are able to execute even on average plans. \u00a0\u00a0Some label this as \u201cBet on the jockey, not the horse.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cEverybody\u2019s got a plan &#8211; until they are punched in the face,\u201d stated boxer Mike Tyson.\u00a0 My experience personally reviewing over three hundred executive summaries each year, all sent to me unsolicited, seems to bear out the truth in Tyson\u2019s &hellip; <a href=\"https:\/\/berkonomics.com\/?p=1919\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[11,4],"tags":[],"class_list":["post-1919","post","type-post","status-publish","format-standard","hentry","category-growth","category-ignition-starting-up"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/1919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1919"}],"version-history":[{"count":0,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/1919\/revisions"}],"wp:attachment":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}