When aspiring entrepreneurs come to my office for help, many of them are very hesitant to share many details about what they are hoping to do.
“They are afraid to share any specific aspect of their business for fear that someone will steal their idea and beat them to the punch,” said Jeff Cornwall, director of the Belmont University Center for Entrepreneurship.
Just how real is this fear?
To attract potential financing, suppliers, employees and so forth, and to get help from advisers, the entrepreneur needs to become comfortable with sharing their idea.
Follow these five tips:
1. Always keep in mind that success comes from sound execution and implementation much more than the idea itself. Ideas can be a dime a dozen.
2. Entrepreneurs should always be prudent about whom they talk with about business.
3. When in doubt, have people sign a confidentiality or non-disclosure agreement.
4. Patents can help, too, but that’s never completely foolproof and it can get expensive.
5. Finally, trust your instincts. If someone makes you nervous with questions concerning your idea, back off. You don’t have to share information if you don’t feel comfortable.
Photo by emergencemarketing.
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