A long, long time ago—in a galaxy far away, someone invented the myth that if you have a great business idea for a startup, you need to keep it top secret.
That you should shroud it in mystery, several Non-Disclosure Agreements and only share it with someone at a secret location at a prescribed time in a lead room—without any windows.
The myth went on that if someone were to hear your startup business idea—they would steal it! Ah, the idea thieves and their dastardly ways. The instant the sound waves describing your brilliant idea reach their eardrum—they build it, and then make billions. All while you wallow away into obscurity, ruing the day you made the fatal mistake of sharing it.
C’mon. You saw the Social Network. You know how this works. It’s totally true!
Except it’s not. At all.
YOUR BUSINESS IDEA NEEDS WORK
The first thing that Founders overlook is that the startup business idea, at its inception, is probably completely and totally wrong. The only way to refine the idea is to share it, break it down and beat it up.
You need to beat up your startup idea with customers, advisors, partners, investors and anyone else who is nice enough to listen to your crazy ranting and provide you with some real feedback.
Not until you’ve shared it with enough people will you have any idea if you are even on the right track.
BUT SOMEONE WILL STEAL IT!
No, they won’t. First off, if your idea is so easy to steal and replicate then why can’t someone else do it the day you announce your product? Do you honestly think that just being the first one to announce it will give you instant protection? It won’t.
Investors won’t steal your business idea. Not sure? Do some homework and try to find a pattern of investors stealing anyone’s ideas—ever. You literally made that up. But don’t worry, we’ve heard it a million times from other Founders—So, you weren’t the only one!
SHARE THE MEAL, NOT THE RECIPE
If, in the rare case, you have some secret recipe that you don’t want to share—then don’t. You don’t have to tell people how the product is made, just what it does. If no one cares what it does, then your secret recipe is useless anyway.
Later on, you can think about patents and Non-Disclosure Agreements and all of the other defenses that will cost a fortune to both create and defend. For now, just focus on whether or not anyone but you thinks this is even a useful idea.
SET YOUR BUSINESS IDEA FREE
What you will find when you start sharing your idea is that it’s probably not the right one. You will inevitably go through 20 iterations of the idea until you find out what you’re really supposed to be pursuing. In some cases you’ll find out it was an awful idea to begin with, and that’s OK too.
The only way to know if you’ve got the right idea is to share it and set it free.
Idea generation has tremendous value, but only if it has the chance to get to the next step. New business ideas are given the chance to develop through the miracle of online collaboration.
Sharing your idea for a new business will mean entering into a partnership with a dedicated community of experts in all fields, people who can teach you, challenge you, and push you to hone your idea to its sharpest edge.
I can’t do it on my own.
Sharing your startup idea grinds it and makes it more valuable than before. When you share your idea with like minded people you come up with better version of your idea.
So it`s more of a gain than loss when you share your idea.
Here’s what Cory Levy, Co-Founder at One, Inc., had to say in a Linkedin article titled Startup Secrets: Should I Hide My Business Idea?:
Ideas are a dime a dozen; it’s the execution that will set you apart from the rest. Chances are that there are people developing the same thing that you’re working on now. We plan to compete not by keeping our idea secret, but by building the best possible team and by creating the best solution to the problem we are solving.”
Even if someone takes your business idea, remember they’ll not have the passion for it as much as you.
It may come as a flash of inspiration or something you’ve been dreaming about for years, but you’ve got an idea for a business and are intent on getting it off the ground.
And don’t forget that even people who aren’t involved in your business can provide vital feedback by playing prospective customers.
The more I talk about my crazy ideas, the closer to reality those ideas get.
I’ve noticed this pattern over and over again. When I talk about my ideas or my projects, they move forwards. If I’m stagnating on something, all I need to do is talk to someone about it — and voila — it gets moving again.
I’ve also learned that it’s better to share ideas and work collaboratively than isolate yourself. Therefore, I will start to post and share my business ideas and thoughts here and at my Facebook fortnightly with different project and stage. I am always open for discussion, collaboration and possible partnership, so do feedback to me.
Let me know if you are interested to know more insight information or exactly how to execute business strategies. Feel free to get in touch with me at email@example.com OR DM me at my Facebook.