{"id":4406,"date":"2020-11-27T10:00:13","date_gmt":"2020-11-27T18:00:13","guid":{"rendered":"https:\/\/berkonomics.com\/?p=4406"},"modified":"2020-11-13T16:46:47","modified_gmt":"2020-11-14T00:46:47","slug":"is-it-your-brilliant-plan-or-your-execution","status":"publish","type":"post","link":"https:\/\/berkonomics.com\/?p=4406","title":{"rendered":"Is it your brilliant plan or your execution?"},"content":{"rendered":"

Mike Tyson: brilliant business savant<\/strong><\/p>\n

\u201cEverybody\u2019s got a plan – until they are punched in the face,\u201d famously 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.<\/p>\n

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

Tyson\u2019s insight into the realities of the market<\/strong><\/p>\n

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 market feedback.<\/p>\n

A personal story of a pivot \u2013 Tyson style<\/strong><\/p>\n

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 the amount of marketing to create that much dedicated traffic to our site.<\/p>\n

[Email readers, continue here…]<\/em><\/span>\u00a0 \u00a0So, we switched to distribution through partners which already had massive amounts of traffic and concentrated in providing great content and great offers that more than made up for the sharing of revenues. Tyson was right again. \u201cPunched in the face\u201d meaning our plan’s intersection with market reality.<\/p>\n

Celebrate our versatility<\/strong><\/p>\n

\"\"We should celebrate entrepreneurs and managers who recognize the need to pivot when a plan fails to gain traction in the marketplace. And credit Savant Tyson for the insight<\/p>\n

Did we just (once again) bet on the jockey, not the horse?<\/strong><\/p>\n

And most of us who invest in so many companies have concluded 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mike Tyson: brilliant business savant \u201cEverybody\u2019s got a plan – until they are punched in the face,\u201d famously stated boxer Mike Tyson.\u00a0 My experience personally reviewing over three hundred executive summaries each year, all sent to me unsolicited, seems to … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","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":[6],"tags":[],"class_list":["post-4406","post","type-post","status-publish","format-standard","hentry","category-finding-your-ideal-niche"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/4406","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=4406"}],"version-history":[{"count":0,"href":"https:\/\/berkonomics.com\/index.php?rest_route=\/wp\/v2\/posts\/4406\/revisions"}],"wp:attachment":[{"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/berkonomics.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}