Creating a business plan for a new enterprise is important, but implementing the plan successfully is essential. Execution of a plan is a discipline for connecting strategy with reality by aligning goals and the firm ’s people to achieve the desired results. Execution is about turning a concept into a great business.
New businesses move from start-up to growth to maturity in stages. Managing a new business through these stages requires different skills and organizational arrangements. Start-ups need to plan for having the right people in the right positions as they grow.
Organizations, like people, need to learn and adapt to change. Organizing for recognizing and responding to challenges can build resilience in a start-up firm. The ability to adapt to change may be a firm ’s only truly sustainable advantage. Furthermore, to achieve long-term success, a firm needs an ethical base for action.