Good essay in the Small Business section of the NY Times, “Why ‘Innovate or Die’ is a Lie” by Cliff Oxford. His subject is balancing the need to innovate with the need to execute. Having worked at a small business which sells custom scientific instruments and R&D services as its primary source of revenue, I feel I’m pretty well tuned in to understanding the balance between innovation and execution. We didn’t get paid for just having neat ideas. We got paid to build devices or write software which did useful things – tangible things.
For all the hype about the need to innovate, you absolutely need to execute. Innovation is important. Execution is essential. Having good ideas is pointless if you can’t get stuff done. Oxford understands this:
Getting stuff done means packaging, selling, delivering and collecting the money to increase revenue and profits. If you are best in class at getting stuff done and use creativity to reduce complexity and chaos, you just may have yourself a fast-growth business. But if you do, you will quickly learn that the biggest risk to your business is not that it will die because you stop innovating — it’s that it will die because you fail to rein in your innovating and start executing.
Execute. Execute. Execute. Oxford continues: