Suggestions
Benjamin Friedman
President & Founder, Build Scale Grow | Optimizing startups that impact the world | Author, Scale: Reach Your Peak | 5 successful M&As
Benjamin Friedman is a seasoned professional specializing in helping startups scale efficiently and effectively, with a focus on strategic planning and operational optimization.
Through his company, Build Scale Grow, Benjamin partners with startup founders to provide solutions in areas such as defining holistic strategies, building teams, driving cross-team initiatives, and sourcing experts as needed for efficient scaling.
His expertise spans across various areas including Fractional COO and CFO services, strategic planning, budgeting, forecasting, M&A, equity fundraising, financial planning and analysis, valuation, international expansion, board and investor relations, audits, legal contracts, systems implementation, performance management, business analysis, business development, client relations, marketing, finance, accounting, operations management, venture capital, SaaS, technology, startup consulting, and more.
Benjamin's educational background includes an MS in Management from Columbia University, a BS in Psychology (Neuroscience) from Duke University, and studies at St. Paul's School (MD).
He has been involved with various organizations in advisory, managerial, and leadership roles such as New York Tech CFO Group, Duke Innovation and Entrepreneurship, Almaworks Startup Lab at Columbia University, TechLaunch, The Tamer Center for Social Enterprise at Columbia Business School, Graphite, Parsely Inc., TRAFFIQ, Tenthwave Digital LLC, Brazil Station Inc., Miller Advertising, ID Society Inc., Karma ConneXions, and E Commerce Group (acquired by Western Union, First Data Corporation).
Highlights
𝐅𝐢𝐯𝐞 𝐅𝐨𝐮𝐧𝐝𝐞𝐫 𝐅𝐚𝐢𝐥𝐬 / 𝐄𝐱𝐞𝐜𝐮𝐭𝐢𝐨𝐧
90% of startups fail. How can you ensure yours thrives?
This series examines five critical execution pitfalls and how to avoid them. Today, I’ll execute my last idea.
𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 𝗶𝘀 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹
In the fast-paced startup world, a groundbreaking idea is just the start. The real game-changer is execution.
PayPal's execution in creating a seamless payment solution was pivotal in its rise to become a global leader in online payments.
Consider PayPal: their flawless execution of a seamless payment solution was crucial to becoming a global leader.
Contrast this with Webvan: Despite raising nearly $1B, they failed due to poor execution while Amazon Fresh and DoorDash would become household names.
“𝐕𝐢𝐬𝐢𝐨𝐧 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐞𝐱𝐞𝐜𝐮𝐭𝐢𝐨𝐧 𝐢𝐬 ℎ𝑎𝑙𝑙𝑢𝑐𝑖𝑛𝑎𝑡𝑖𝑜𝑛.” – Thomas Edison
While implementation might lack the glamour of imagination, it’s the unsung hero of startup success.
𝗕𝗲𝘀𝘁 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 𝗳𝗼𝗿 𝗦𝘁𝗿𝗼𝗻𝗴 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻
Let’s get right into it.
𝘋𝘦𝘧𝘪𝘯𝘦: Articulate the project's purpose publicly. People are more motivated when they understand the destination.
𝘗𝘳𝘪𝘰𝘳𝘪𝘵𝘪𝘻𝘦: Identify key actions and dependencies to tackle first.
𝘉𝘪𝘢𝘴: Balance strategy and implementation, but remember it's often better to act and adjust than to over-plan.
𝘋𝘪𝘷𝘪𝘥𝘦: Break projects into manageable sprints with clear milestones to maintain focus and momentum.
𝘔𝘦𝘵𝘳𝘪𝘤𝘴: Set clear milestones to measure success, ensuring that you track progress constantly and adjust your strategy when needed.
𝘌𝘹𝘱𝘦𝘳𝘵𝘪𝘴𝘦: Rely on external experts for specialized needs or one-time tasks, allowing your team to focus on core strengths.
𝘌𝘯𝘢𝘣𝘭𝘦: Empower your team to decide and act, fostering ownership and accountability, by setting expectations and guardrails.
𝘙𝘦𝘱𝘰𝘳𝘵: Regularly share progress, next steps, and potential obstacles to maintain accountability and encourage collaboration.
The more visibility, the fewer long-term issues I see. I feel like there should be a light bulb reference here, but I will keep it moving...
𝘌𝘹𝘱𝘦𝘳𝘪𝘮𝘦𝘯𝘵: Apply changes to a small scale first, assess impact and any problems, and expand from there.
𝘔𝘦𝘢𝘴𝘶𝘳𝘦: Gather as much feedback as possible, both quantitative and qualitative. Be ready to pivot, as flexibility is a major advantage.
Execution is crucial in startup success, but typically not as fun (unless you're me). Avoid common pitfalls and transform visionary ideas into impact.
#leaders #founder #adapt #startups
❝𝐕𝐢𝐬𝐢𝐨𝐧 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐞𝐱𝐞𝐜𝐮𝐭𝐢𝐨𝐧 𝐢𝐬 ℎ𝑎𝑙𝑙𝑢𝑐𝑖𝑛𝑎𝑡𝑖𝑜𝑛.❞ – Thomas Edison
Startup founders can have powerful ideas that challenge the status quo and push us in a new, better direction.
While implementation might not seem as glamorous as imagination, it’s the unsung hero of startup success.
Ever heard of Webvan (founded in 1996)? Probably not. Instead, Amazon Fresh and DoorDash are common names despite Webvan raising nearly $1B.
In August, I look at Five Founder Fails and pivotal lessons to mitigate risks. This week is the value of execution. Hopefully, awareness helps you avoid that fate.
