Entrepreneurs have a lot of ideas. It’s easy to tell when you’re talking to one because they’ll come up with at least 2–3 business ideas in a half hour conversation on nearly anything. 

But an idea is not the same thing as a business. In a startup the most important people are those who execute, who get shit done when others simply talk about it. 

Something I’ve learned from both investors and experienced entrepreneurs is not to worry about keeping secrets in the early stages of a business. 

There are exceptions — like security software or the first idea in a niche market— but for the most part ideas are worthless because everyone has them, and reaching 400,000 customers has a whole different set of concerns than reaching 40 (or 40,000, for that matter). It’s mostly the execution, and team, that matters. 

So how do you know if the walk matches the talk? It’s a critical question if you’re investing, partnering, or considering working in a startup. 

Here are a few things I’ve noticed about companies that are experiencing significant traction…