30-Second Entrepreneur

G.L. Hoffman at U.S. News And World Report:

Worry less about the big competitors and more about the guy in the garage.

The typical new entrepreneur is overly concerned about the “Big Company.” Their idea is so good that the big company may steal it, they think.

Once, a friend of mine had developed a molded mini-trashcan that would attach cleverly to the back seat of a Lexus. His question: How could he protect his idea from Toyota, the parent company of Lexus? Companies, especially large ones, are not sitting around hoping to get their next product or enhancement from some underfunded entrepreneur.

In fact, most of the time, the large company will completely discount and disregard your offering.

When Scott Drill and I started Varitronics, the company that owned the existing market for the product even ridiculed us and our new product. This is more common than you would think. So don’t worry about the big guys; worry more about the guy just like you, with a slightly bigger garage.

Photo by MS187.

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