According to mainstream business principles, the execution of a plan is exponentially more valuable than the idea behind the project. This concept can be explained by asking, “Would you bet on a jockey or a horse?” When evaluating investment alternatives, one should put greater weight on the team running the organization than on its actual product. 

Indeed, in my experience, investment decisions based on the perceived value of the merchandise instead of the executive team lead to results that this finance PhD is too ashamed to discuss. The concept seems both simple and intuitive. While you are paving your road to success, hard work, smart thinking, and diligent planning are crucial building blocks. 

Though I understand the importance of pragmatic execution, it troubles me that arguments for its value involve attesting to the worthlessness of naked ideas. To me, this is the chicken-or-the-egg argument, but with an answer. Simply put, without ideas, there would be no need for execution. By arguing that ideas do not have value, we are taking them for granted. If one were to trace any business to its birth, the budding of a new concept would likely signify that starting point. Good or bad, in the absence of new ideas, execution can quietly rest on a shelf because there would be no place for it in business. 

I believe that the ability to develop new business ideas is an art form. This is where dollars and cents intersect with the creative process. Great execution can be taught. However, I don’t believe you can teach someone how to come up with new ideas. When you argue for the value of execution, be careful not to disparage the importance of creative thinkers. Because of these visionaries, many of us have jobs.

The greatness of America, in large part, lies in the ingenuity and imagination of its people. Yes, finance and execution are vitally important components of business success. Yet, as a baby’s first breath signifies the start of a journey, it’s the birth of an idea that sparks the need for competent execution. Every new concept carries opportunity and hope for improving lives. So, when we argue for the importance of execution, let’s try to avoid devaluing creativity.