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.
michelle on October 18th, 2005 at 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??