I recently stumbled upon this post and became immediately fond of the idea:
Will AuntFlow flourish and become a Unicorn?
I can't tell, but the idea is terrific: simple, obvious, facilitating, and life-changing.
I am sure the founder can draw many candidates (even investors) to the company just by telling the story.
From the above post, they also seem to execute pretty well!
They probably got my attention because of their execution, but do they execute well because of the idea? That's the question I'd like to dig up.
Execution is key; a great team will do wonders.
That's what all start-up gurus and VCs tell you. That's the correct way to think about the success of a start-up.
And they are absolutely right!
The sky is the limit if you have a great team that can execute!
Let's say the founding team is talented, but they have chosen a project that is not working as anticipated. They will be smart enough to pivot and find a better PMF1.
With a good PMF, they will out-execute competitors. I do not doubt it.
The problem with this uniform thinking is that it implies the project's core idea is secondary.
I feel the opposite.
Idea is key; a great idea will do wonders.
Of course, having a great idea is not a guarantee of success.
The idea may be great on paper, but the market may not be ready. You may discover hurdles along the way. If the execution is subpar, competitors will catch up.
But what can happen when planets are aligned?
A great idea is probably the basis of a great story, and storytelling is crucial nowadays.
Look at Auntflow flowing baseline:
Toilet paper is offered for free. Why aren’t pads and tampons?
A great story will attract investors, candidates, influencers, and partners.
Internally, a great idea can easily translate into a mission, values, and culture. In addition, the idea/story will define a clear frame for team members. Much more difficult when you're selling incremental improvement or a local copycat.
Obviously you need both.
It's easier to assemble a great team when you have a great idea. Likewise, refining a great idea is easier when you have a great team.
If you have both, volcanic success is coming.
NB: For a definition of success, please check this post.
Is it better to have (poor idea; great execution) than (poor execution; great idea)?
A big YES.
With a great execution/team, it is always possible to pivot to another project.
If you have a great idea with a lot of potentials, it is criminal to destroy its value with poor execution.
What does a great idea look like?
The components of a great idea are:
it has not been developed before
it precogs an ongoing but overlooked trend
it fills a gap where the bridge is unsustainable
it radically challenges consensus and improves outlook
it draws immediate attention
it circumvents habits, regulations and paywalls
it reinvents cumbersome processes
it makes competitors look like followers
it energizes customers, who feel part of a community
it survives rounds of validation
If you have a great idea, let’s talk!
What does a great team look like?
A great team exhudes the following attributes:
they execute better than the competition
they work together as a united and cohesive team
they challenge assumptions
they hire A-players
they are ambitious yet humble
they recognize and address their weaknesses
they know how to mix art and science
they serve a vision
Let's talk if you feel like you can assemble a great team!
Don’t settle for a poor idea!
I'm not fond of ranking Ideas and Execution.
This post is about finding the right balance between those two crucial components. I feel like the idea part was being somehow discounted over time.
I understand that financial investors want outstanding outcomes, and having a great team onboard is probably the best way to optimize the probability of success.
But then, entrepreneurs want to change the world and have a global impact.
You'll need a great idea for that!
Product-Market Fit