Well done is better than well said'

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Well done is better than well said.

Benjamin Franklin
Summary
How do successful entrepreneurs transition from a
solid business plan to an operating
enterprise? 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 firms people
to achieve the desired results. Execution is
about turning a concept into a great business.
Chapter 20 Summary
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Execution is a discipline for meshing strategy
with reality, aligning the firms people with
goals, and achieving the results promised.
Chapter 20 Execution
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Chapter 20 Table 20.1
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Chapter 20 Table 20.2
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Chapter 20 Figure 20.2
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Chapter 20 Figure 20.2
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Chapter 20 Table 20.4
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A learning organization captures, generates,
shares, and acts on knowledge by revising its
strategy as new knowledge becomes available.
Chapter 20 Concept
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Chapter 20 Concept
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Ethics are a set of moral principles for good
human behavior. Integrity can be defined as
truthfulness, wholeness, and soundness.
Chapter 20 Ethics Integrity
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Tools for acting ethically in tough situations

• Maintain involvement in a variety of activities
  and with a variety of people. This will help
  avoid being pressured to go along with what
  everybody around you says is acceptable
  behavior.
• Create a personal board of directors consisting
  of people you admire and who possess admirable
  values. If difficult situations arise, call on
  them for advice.
• Keep a cash reserve of six months to a year of
  salary. This will allow you to escape further
  involvement with an unethical firm and seek other
  options.
• Increase your defenses to negative forces of
  influence and persuasion by reading a book on
  the subject such as Cialdini, 2001.
• Apply the front, left-hand-side page of the Wall
  Street Journal test. Would your actions
  change if you knew that they would be exposed
  publicly someday?
• Write down your personal core values for later
  use. They can provide a helpful reference in
  difficult time to remind you of what is important
  in your life.
• Take a break before making a decision. When
  feeling pressured, ask for time to leave the
  room and gather your thoughts.

Chapter 20 Table 20.6
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The ability to continuously and ethically execute
a business plan and adapt to changing conditions
provides a firm with a sustainable competitive
advantage.
Chapter 20 Principle
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Your emerging new firm is selling efficient
emergency electric generators for large buildings
and hospitals at a price of 100,000 per
generator. Your firm is scheduled to deliver five
generators next week. However, a new retrofit
upgrade will improve the lifetime performance.
Should your firm deliver the generators and sell
them the retrofit later this year? Should you
talk to your customers about this upgrade now?
Chapter 20 Exercise
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• VENTURE CHALLENGE
• Briefly describe your plan for executing your
  business plan after you receive the resources.
• Describe your ventures plans to act as an
  adaptive organization.
• What mechanisms will you use to instill ethical
  behavior in your venture?

Technology Ventures From Idea to Opportunity
Chapter 20 Venture Challenge
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DVD Video Why are Ethics Important? Frank
Levinson (Finisar Corporation)
Technology Ventures From Idea to Opportunity
Chapter 20 DVD Video