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Your Idea Isn’t Good Enough To Keep Secret
Ramit Sethi continues his excellent series on personal entrepreneurship today with a topic that all entrepreneurs fret about: Should you keep your idea secret? Ramit and I agree that the answer is no. Ideas are easy, its how you put them into practice that counts:
One of the most rookie mistakes young entrepreneurs make is keeping their ideas secret. It goes something like this:You: “So what are you working on?”
Rookie: “Oh, sorry. I can’t really talk about it.”Really! Your idea is so grand that you can’t share it with even your close friend? Wow, I want to invest in you right now!!!
The thinking behind this is as simple as it is moronic: “My idea is so compelling that I can’t afford to let anyone hear it. They might steal it/tell others/make me not first-to-market/other dire predictions.”
For big companies, secrecy is expected. Google doesn’t want Microsoft to know their plans because, if MS found out, it could present a very real threat to the success of a new product. Personal entrepreneurship is different. You’re small and scrappy and you need to relentlessly market yourself. Don’t worry about your idea being stolen–worry about it succeeding.
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michelle on October 18th, 2005 6:28 am
I have had to million dollar ideas taken and marketed by major companies.
Telling your best friends and family may be okay but using non-disclosure agreements are standard business practices. Also why are there patents and copyrights if everyone can be trusted??
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