3 Reasons Entrepreneurs Should Share Their Ideas with Everyone

3 Reasons Entrepreneurs Should Share Their Ideas with Everyone

Collaboration

 

Entrepreneurs often find themselves hesitant in sharing their new business ideas for a multitude of reasons. Perhaps they find their idea too premature to be shared or they’re afraid the idea could be stolen. These are adequate concerns, but certainly not enough grounds to justify keeping the idea to oneself. Bill Gates once addressed this topic and said that almost every kind of innovation requires the ability to collaborate and share ideas with other people. In the article, Why You Should Tell Everyone Your Startup Idea, Director of the New York Founder Institute Kevin Siskar combats the top three concerns entrepreneurs have when it comes to disclosing information on their new ventures.

 

Share Your Idea Even When You’re Not Ready

Discuss your idea with people who might be able to provide useful input. The premature idea may not be as prepared as you like, but in talking to others, your vision can be better realized. Likewise, talk to potential customers who may be able to give you beneficial criticism. In Siskar’s words:

If you plan on pitching your idea to potential investors, why not practice beforehand? By sharing your idea with as many people as possible, you can get feedback early on to prevent wasting time on an idea that won’t sell.”

Dwell Less on the Idea and More on Execution

There are currently 7 billion people in the world. Chances are, the idea you have is not unique. Therefore, it’s best to focus on establishing what makes the idea different or more beneficial for prospective consumers. Just look at how many various types of vehicles are available. Though they all perform as modes of transportation, each model provides diverse benefits for differing consumers. According to Siskar:

If you have an idea for a startup, there’s a very good chance that there are a multitude of other entrepreneurs working on the exact same concept. But don’t let that deter you, as you should focus less on the idea itself and more on how you plan to execute it.”

Focus on Gaining More Than Losing

One of the main reasons entrepreneurs hold back from sharing is due to the fear that their idea will be stolen. This is not necessarily the case. You are more likely to find those who are interested in assisting you with your venture rather than stealing the idea for themselves. Should the unimaginable occur, keep in mind that passion goes a long way. An individual may be able to steal your idea, but the passion for your vision will not be matched. Siskar says:

The chances of someone stealing your idea are pretty slim. In fact, sharing your idea with others is a great way to drum up interest in your company and makes getting help easier.”

 

[Founder Institute]

May 23, 2016 / by / in , , , , ,

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