When it comes to the budding entrepreneur the natural inclination is to keep good business ideas secret. The thinking is that if it is truly a good idea, someone else can steal it and execute it before you can make anything with it yourself. This is the very opposite of what you should do in all but the most extreme of circumstances. Here are four reasons why you should not fear sharing your ideas:
1. Companies are too busy
Companies are too busy making their own business run to have the resources to steal and idea. Remember, an idea is just an idea, if someone steals it they still have to put in the monetary and manpower resources to develop it. Money is tied to company budget. Manpower is tied up in the day to day operations of a company. Thus, companies have no reason to steal an idea, only developed products.
2. Companies are reticent to risk
Companies avoid risk. Putting resources into developing ideas is always a risk, it takes time and money to develop it. Thus, it is good business practice for companies to simply buy ideas from outside sources rather than develop them themselves. Even though there are reason for companies to have their own research and development strategy, more often than not, companies prefer mitigating risk by buying products and development from the outside, and concentrate on their own core business. Surprisingly, this is often true even with development of internal tools.
3. Sharing helps improve ideas
In order to iron out all the quirks and problems an idea might have, it is good to share it. This comes in several phases in the development process, and one can say it is part of the experimentation required. Talking about the idea with other people, with different perspectives, help iron out the core of the idea, remove what is unimportant, and see what is. Sharing helps improve ideas.
4. Sharing helps create momentum and support for the idea
Sharing an idea helps create the critical mass for an idea to succeed. If you want to commercialize your idea, you need to sell it to people. On the one hand, sharing helps create a community that will support the execution of the idea. On the other hand, sharing will give insight into whether the idea has a market. We live in a social world, and getting customers before the idea is fully executed is vital to be able to sell it later. Getting this support is also vital if you need backing in order to execute the idea. Simply put: you need to get people behind your idea, the only way of doing this is by sharing it.
Execution is everything.
All of the above are great news for entrepreneurs. Spending time and effort to develop an idea into a product means you can then sell it to companies. With a ready product, there is even less impetus for the company to steal the idea and implement it themselves. Furthermore, if you have already created a community for your idea, and perhaps one or two people showing interest, the commercial success of the ideas should already be apparent. Execution is the name of the game, and in order to be able to execute sharing is the way to go. It will help you make your idea better, it will help you gain backing, and it will help you gain customers.
Share your ideas, execution is everything