Execution is all that matters

Execution is all that matters

Ideas are cheap. Ideas are easy. Ideas are common. Everybody has ideas. Ideas are highly, highly overvalued. Execution is all that matters.” 

These are the words of Casey Neistat, an American YouTube vlogger, filmmaker and co-founder of the multimedia company Beme. Neistat dropped out of high school at the age of 17 and became a father in the same year. People often told Neistat that he would never achieve his dreams or career goals. As one could imagine, not the best way to start your career. However, Neistat never stopped believing and always kept going. Now Neistat gets millions of views on YouTube every day, and big brands are lining up to work with him. Neistat showed the world that putting your ideas into action is crucial for being a successful entrepreneur. 

There are many ways to put your idea into action. However, your journey starts with a groundbreaking idea to solve any problem in society; the emission of Carbon Dioxide, loneliness among elderly, Covid-19 and so forth. Defining and resolving an issue sometimes seems to be an easy process. Yet, determining the problem is one of the essential elements in the creation of your idea. By adequately defining problems, you make them easier to solve with your vision. 

The following three steps can help you define problems

1. Explore the current situation; look at the impact of the problem and the consequences of not solving it. 

2. Explain the problem in one sentence; refine the problem to its simplest form. 

3. Ask yourself; “Why is that a problem?”

Nevertheless, success in entrepreneurship isn’t just about your idea. Plenty of people have interesting ideas but do not seem to find success in their ventures. Studies show that personality traits of entrepreneurs play a fundamental role in their way to success. Think of self-motivation, networking skills and risk management. You have to be able to push yourself under any condition; you have to be able to connect with potential partners and recognize opportunities, and finally, you must be willing to take risks at the right moment. 

This may sound like quite a lot. Hence, the Philips Innovation Award is there for you. Registrations are now open, and the 2021 Philips Innovation Award is well underway! Start your participation in the Philips Innovation Award by submitting an executive summary, the so-called one-pager, in the Idea Stage. By writing an executive summary and participating in this stage, you will be able to receive constructive feedback from our partner, De Kleine Consultant, which will help you to navigate successfully through the journey of the Philips Innovation Award. Put your idea into action and sign up today!