Monday, April 16, 2018

Share Your Ideas

A common worry of budding entrepreneurs is that they don't want to share their idea with people because they are afraid it might get stolen. Some even go as far as to require an NDA before talking about it. On the surface this makes sense; the more people you share your idea with the more likely it will get stolen. However, in reality, ideas don't really get stolen and this ends up hurting and slowing the business.

I think most entrepreneurs will agree that the more people they talk to about their idea, the more they will get feedback and learn. They increase their chances of finding people that are potential customers or people interested in helping. Not only from that person but possible referrals.

So why should an entrepreneur not be so worried about someone stealing their idea? Well for one, how do you even know it's a good idea? If you haven't validated it,  it may not in fact be a good idea. Even if you do validate it it may not end up being a good idea. Let's pretend it is a really is a good idea.

Well we know that an idea isn't enough, it's all about execution. Its about the work. There's still so much execution to be done. Are a lot of people really waiting for that miracle idea? The people who can execute are already executing and have more ideas than they have time to execute on. Execution itself generates more ideas so they have plenty. The people who can't execute will look at your idea and say "wow what a great idea" and then go back to not executing (it's not the idea that is holding them back).

Let's pretend that someone can execute and the steal your idea. Does it matter? No because you won't actually end up building the exact same product at the end of the day. Your products will still have your personal touches built into them. Even if the core concept is the same, the result, and especially look and feel will probably be drastically different. There are a million and one ways to build a weather or todo-list app.

Finally, many different companies and products can coexist in the same space. If the slice of pie was not big enough to handle multiple products in that space then it probably is a bad idea (or more likely you are just underestimating the size of). Its okay and even good to have competitor products. You can still make plenty of money if you are really solving your customers problems well.