CHANGE THIS HABIT TO SUCCEED AS AN ENTREPRENEUR
So, you have a business idea and you bump into an investor. Or a mentor. Or another successful entrepreneur. Or the cab driver.
They ask you about what your idea is. Want to find the easiest way to upset them?
Tell them that your startup idea is secret and you don’t want to talk about it.
Or you want to sign a “non-disclosure agreement” before you share it.
What do you mean when you say you cannot talk about it!
Why won’t you? What are you afraid of?
That someone will drop everything they’re doing in their life and career to pursue your idea?
First, that is unlikely to happen. It is most likely your arrogance about the idea to think that they will leave everything else to copy it.
Second, if it did happen then your idea has nothing unique or hard. Anyone can easily copy it.
If someone can beat you in your business by just understanding the overall broad-level concept, then you probably haven’t got a great idea in the first place.
Is Practo an easy idea to steal? Uber? Faasos? No.
They’re easy to explain, yes. But easy to execute? No.
So there’s no benefit in “hiding” your idea from everyone.
Ok, now let me share some benefits of sharing it:
1) You get feedback and understand your market better.
There is nothing, NOTHING, more valuable to successful entrepreneurship than a grip on understanding the market, the customer.
And it is far easier to get a better understanding of it if you engage in conversations about your idea and see how people respond.
What questions do they ask? What concerns they share? What experiences have they had in something similar?
The faster you learn about your market, the better your odds of success in business. And there’s no better way to learn than to engage in conversations with (a) your potential customers that form the market and (b) with other founders/ investors who have worked in similar businesses.
2) You find partners or investors or mentors
Every time I hear of a business idea from one person, I hear almost the same one from two more within a few weeks.
…and it all comes down to who executes faster.
And that comes down to (a) your own motivation and (b) the partnerships you form with mentors, investors, and other companies.
None of which will happen unless you become comfortable sharing your idea.
So when you have a good idea, overcome your fears and share it. You will realize how much you get out of it.