Start to share business idea, you need free feedback!
Often, potential startuppers approach me and I can see in their eyes that they’re doubtful as to whether or not they should talk about their business ideas. They appear to be worried that I may steal their ideas. This is a huge mistake, not only because I’m not a thief, but also because although discretion in life is generally a virtue, it is less so when it comes to business ideas.
Business ideas need to be shared. You will derive so many benefits, and the risks are really limited.
Benefits include:
- Collecting free feedback:information, suggestions for improvements, identification of flaws. You may gain general information about the sector and the industry, or information about potential competitive products that already exist or are already being developed. You are basically getting free consultancy services without paying. And you know, people, and in particular experts, love to talk about the topics they know, so get them to evaluate your idea – you’re adding value to your project for free.
- Creating a buzz:generate excitement and curiosity about your potential product and its features. Find some potential team partners, fans or supporters.
- Improving your selling skills:improve your investor pitch or your selling techniques. Practice, practice and practice – it’s the key to becoming confident enough to sell your idea. Start to talk about your idea now!
On the other hand, the fear that your idea may be stolen is childish (“mum they want to steal my idea!”)
- First of all,most people will dismiss your idea as stupid, and to be fair, most of the time, there’s a chance it actually is.
- Entrepreneursor startuppers will already be working on their own great ideas, so they’re unlikely to bin everything and start again just to copy yours.
- People inbig organisations are usually confident that they have already thought of a better way to address the need your idea aims to solve.
- Venture capitaland business angels are there to provide finance and leave the dirty work to you anyway.
Feedback is crucial for the development of your idea and that’s why the first rule should always be to share.
However, feedback can also be really misleading. Sometimes it can even make you think that spending anymore time on your idea is a huge mistake. In the next post we will discuss how to weigh feedback.
