is it a good idea to share your idea ?

[Malcolm_X]

Couldn't find anything related to this issue (it's kinda hard to search for) so I am just going to ask.. I am sure most of us thought about this at some point.

Is it a good idea to share your business / startup ideas with your friends ?

Depending on your friends, there are 3 ways this can go..
1. they will help you and support you, perhaps you team up with them
2. they will steal your idea
3. they won't give a sh*t

Does anybody have a personal experience, where his idea got stolen ? I mean, you actually saw how your friend executes and develops your idea ? - I don't think this happens very often tbh.

I know someone will say that the idea is nothing - it's all about the execution. I disagree with this - without the initial idea, there is nothing to develop and execute. Therefore I think we have to be careful about how we share our business concepts.

Related question: Is it beneficial to find a business partner ?
I've read a lot about the pros and cons of having a partner, but again, was looking for a more personal experience - perhaps a lot of people have done several businesses here and can compare what it's like to do it with and without a 2nd person.

My issue is, that I usually can't fully trust other people, because I know I can do the job better myself - which is quite time (and willpower) consuming.
Although I had instances, where I had absolutely amazing and skilled partners and of course, it was much more inspiring and productive than if I had worked on my own.

No matter how skilled you are, you can never do all the things top quality (even a perfect football player can't play on every position). I see this as the biggest benefit of having a partner - complementing (and meaningfully dividing) your skills. What do you think ?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Lex DeVille]

Couldn't find anything related to this issue (it's kinda hard to search for) so I am just going to ask.. I am sure most of us thought about this at some point.

Is it a good idea to share your business / startup ideas with your friends ?

Depending on your friends, there are 3 ways this can go..
1. they will help you and support you, perhaps you team up with them
2. they will steal your idea
3. they won't give a sh*t

Does anybody have a personal experience, where his idea got stolen ? I mean, you actually saw how your friend executes and develops your idea ? - I don't think this happens very often tbh.

I know someone will say that the idea is nothing - it's all about the execution. I disagree with this - without the initial idea, there is nothing to develop and execute. Therefore I think we have to be careful about how we share our business concepts.

Related question: Is it beneficial to find a business partner ?
I've read a lot about the pros and cons of having a partner, but again, was looking for a more personal experience - perhaps a lot of people have done several businesses here and can compare what it's like to do it with and without a 2nd person.

My issue is, that I usually can't fully trust other people, because I know I can do the job better myself - which is quite time (and willpower) consuming.
Although I had instances, where I had absolutely amazing and skilled partners and of course, it was much more inspiring and productive than if I had worked on my own.

No matter how skilled you are, you can never do all the things top quality (even a perfect football player can't play on every position). I see this as the biggest benefit of having a partner - complementing (and meaningfully dividing) your skills. What do you think ?

You already listed your potential outcomes...so its really more a question of who your friends are, don't you think?

We don't know you or your friends, so how can you expect us to tell you whether or not it's a good idea to share your idea?

Idea's are not nothing, but they are only something to the extent they are executed upon.

Again this comes back down to a question of who your friends are.

If your friends aren't the type to execute then you have nothing to worry about.

If your friends are the type to execute, then they'll probably help you out.

If your friends are the type to execute and steal your idea, then you may need better friends.

On the subject of business partners, you're being quite vague.

So all of this probably comes down to you wanting to express your feelings (fears) to like-minded people.

And no matter what great advice you get here you'll probably ignore it because you don't actually want advice.

You want us to tell you it's okay to do what you want to do...

But on the off chance you seriously want advice, why not hire people to do the tasks you need done?

What stops you from executing your idea on your own and keeping it to yourself?

Will sharing your idea with the person you're thinking of sharing it with actually bring you closer to making it happen?

How would you bring your idea to life if you didn't have anyone to share it with or to help you?

Until you do something, you've done nothing.

Start with questions that push progress.

Share it when it's real.

 

[Malcolm_X]

You made a good point that it's important to know the type of person and differentiate what (and in what way) you share your ideas. Thanks for that.

And no matter what great advice you get here you'll probably ignore it because you don't actually want advice.

You want us to tell you it's okay to do what you want to do...

I disagree with this, however. Why would I spend my time writing a post, if I'd ignore the replies ?
Is there any sign of justifying my ideas ? I don't have a concrete idea myself, and I don't think it would be appropriate to have one, with my lack of knowledge and experience in this field. That's exactly why I have asked the question - to gather initial ideas and avoid possible mistakes, before I jump right in.

The brief assumptions that I made were just that - educated guess on what I think might happen if I go either way.

 

[Lex DeVille]

I know someone will say that the idea is nothing - it's all about the execution. I disagree with this - without the initial idea, there is nothing to develop and execute. Therefore I think we have to be careful about how we share our business concepts.

Here's what makes me think you'll probably ignore advice.

First ask for personal experience about this issue that isn't actually an issue because you don't even have an idea.

Then discount the advice before it's even offered...

Why would I spend my time writing a post, if I'd ignore the replies ?

Why does anybody do this? Why have a thousand people before you done this? You tell me.

Probably to have one more reason to put off the work of finding an idea or take real action.

Because the mind says: Oh, I can't start looking for ideas until I have answers to this question.

Is there any sign of justifying my ideas ?

Wouldn't you need an idea first?

But assuming you come up with some idea...there's a simple trick to know whether or not it sucks.

Do something with it.

One way or another you'll get results.

Or get an INSIDERS's subscription and try one of the ideas that already have a strong chance of success.

I don't think it would be appropriate to have one

It wouldn't be appropriate for you to have an idea?

with my lack of knowledge and experience in this field.

So get the knowledge and experience you need.

Or pick a different field.

You gotta start somewhere. Or not at all.

No matter what you do, it won't happen without you.

You won't avoid mistakes.

You won't just magically get experience.

Your business won't form itself.

Step 1: Figure out what a Fastlane life looks like to you.
Step 2: Figure out what you'd need to have that life.
Step 3: Form an idea or buy one that could make that life possible.
Step 4: Do something with it
Step 5: Fail or don't fail
Step 6: If you failed, try again
Step 6-a: If you didn't fail, grow it
Step 7: Rejoice because you have a business

Or just discount everything I've said.
It's probably nonsense anyway.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Malcolm_X]

So get the knowledge and experience you need. You gotta start somewhere. Or not at all.

this is exactly what I am doing here. I am reading other people's posts and asking my own questions.

You won't avoid mistakes.

certainly not. But I can minimize them to some extent.

Your business won't form itself.

You are assuming, that by asking relevant questions and gathering opinions of others I am trying to find an excuse not to execute my idea ?

Why do people study for exams and not just 'take action' and go and take the exams ?

 

[Lex DeVille]

You are assuming, that by asking relevant questions and gathering opinions of others I am trying to find an excuse not to execute my idea ?

"is it a good idea to share your idea?" - Seems relevant.

Why do people study for exams and not just 'take action' and go and take the exams ?

I don't study for exams.

You seem to have it all figured out tho, so I'll let others take it from here.

 

[Supa]

You are assuming, that by asking relevant questions and gathering opinions of others I am trying to find an excuse not to execute my idea ?

If you should share your idea with your friends is really anything but not a relevant question.

Ask yourself if it would help your business or your overall journey if you tell your idea your friends. If not, what's the reason for you wanting to share it?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Malcolm_X]

If you should share your idea with your friends is really anything but not a relevant question.

Ask yourself if it would help your business or your overall journey if you tell your idea your friends. If not, what's the reason for you wanting to share it?

Ok, I reckon that the title or my original formulation wasn't that accurate.

Does anybody have a personal experience, where his idea got stolen ?

What I was mainly interested in is this - once you have an idea, is it important to 'keep it secret' or 'share it as you please'.
Which was already answered in between the lines by both you Supa and SinisterLex above. Thanks.

 

[lucasmello]

You don't really have to keep it secret. Nor should you go shouting out your lungs.

Here is what I have found: There is no problem in people stealing your idea, because they probably don't know how much work they would need to put in.

HOWEVER,

Whenever I begin talking about an idea, I seem to take less action. So, from that perspective, there is definitely a problem.

I have found that "Talk less, do more" have a correlation (if not a causation), the less I talk, the more I do, and vice-versa.

 

[Kung Fu Steve]

The more you talk about your ideas (and/or whether or not you SHOULD talk about your ideas) is less time you're spending executing.

Abandon this thread and go take some action.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Don Purdum]

Just an opinion here based what you told us in the beginning:

If you're not a trusting person then I would never take on a partner. I have had two partners in the past and both times it didn't work out. In fact, I talked recently with a SBA rep in DC who said that failure rates with partners are 90% and they happen most typically within 12-18 months.

I can tell you I won't be taking on a formal partner. However, referral partners and strategic partners... absolutely. You cannot build a business based on what you don't know; and no one knows it all.

Regarding sharing with friends; I would recommend you seek out an experienced and seasoned entrepreneur over talking with friends. They will have good intentions but realize the overwhelming majority of people have been taught to go to school, get a job and spend the next 50 years working for your retirement payday.

As MJ shares in his book, that's a lifetime of failure for a hope.

Your friends are not going to be able to give you good advice if they have not already walked in those shoes.

Best wishes to you!

 

[Malcolm_X]

Just an opinion here based what you told us in the beginning:

If you're not a trusting person then I would never take on a partner. I have had two partners in the past and both times it didn't work out. In fact, I talked recently with a SBA rep in DC who said that failure rates with partners are 90% and they happen most typically within 12-18 months.

I can tell you I won't be taking on a formal partner. However, referral partners and strategic partners... absolutely. You cannot build a business based on what you don't know; and no one knows it all.

Regarding sharing with friends; I would recommend you seek out an experienced and seasoned entrepreneur over talking with friends. They will have good intentions but realize the overwhelming majority of people have been taught to go to school, get a job and spend the next 50 years working for your retirement payday.

As MJ shares in his book, that's a lifetime of failure for a hope.

Your friends are not going to be able to give you good advice if they have not already walked in those shoes.

Best wishes to you!

thank you for that. Exactly the kind of info I was looking for!

 

[knightsb]

I also think that ideas are highly over-rated as it is the action taking and execution that counts. In a normal group of people you could likely share your idea and get feedback (good and bad) with little in the way of consequences. However, when you step up to a place like this or a group of people that are motivated to get out of the slow lane then you potentially could be facing someone running with your idea. I think the point stands that it depends on who your friends are, the level of trust, and the ultimate reason for telling them.

I should point out that the amount of ppl that wanted to get my feedback on an "idea" and have me sign an NDA first is crazy. In some entrepreneur communities there are people that are literally buying the dream and will never take action. They have all these wonderful ideas but never actually execute. So by signing an NDA to hear their "idea" you are opening yourself up to future litigation if you hit your liquidation event and they come out of the woodwork claiming that somehow, tangentially, your business spawned from their idea.

Just a thought.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RunWithIt]

Couldn't find anything related to this issue (it's kinda hard to search for) so I am just going to ask.. I am sure most of us thought about this at some point.

Is it a good idea to share your business / startup ideas with your friends ?

Depending on your friends, there are 3 ways this can go..
1. they will help you and support you, perhaps you team up with them
2. they will steal your idea
3. they won't give a sh*t

Does anybody have a personal experience, where his idea got stolen ? I mean, you actually saw how your friend executes and develops your idea ? - I don't think this happens very often tbh.

I know someone will say that the idea is nothing - it's all about the execution. I disagree with this - without the initial idea, there is nothing to develop and execute. Therefore I think we have to be careful about how we share our business concepts.

Related question: Is it beneficial to find a business partner ?
I've read a lot about the pros and cons of having a partner, but again, was looking for a more personal experience - perhaps a lot of people have done several businesses here and can compare what it's like to do it with and without a 2nd person.

My issue is, that I usually can't fully trust other people, because I know I can do the job better myself - which is quite time (and willpower) consuming.
Although I had instances, where I had absolutely amazing and skilled partners and of course, it was much more inspiring and productive than if I had worked on my own.

No matter how skilled you are, you can never do all the things top quality (even a perfect football player can't play on every position). I see this as the biggest benefit of having a partner - complementing (and meaningfully dividing) your skills. What do you think ?

Aside from what Sinisterlex is saying ( which by the way thanks I myself needed to read that ) I believe that a very very small percentage of people would steal an idea,

People are lazy - I have shared an idea with a fellow wantrepeuner just to get his take on it ( This is a guy who actually wants to go fastlane but goes home at the end of everyday and watches tv until bedtime so I don't worry to much about him acting on it )

If you want opinions on your idea then talk them up with your family and people you trust if you cant trust anyone then either your idea is solid gold or you need to find better people to hang around with.

 

[Don Purdum]

thank you for that. Exactly the kind of info I was looking for!

That's awesome! I appreciate you sharing that and that's what I was going for.

 

[amp0193]

When I feel the need to talk about my plans or ideas, it's usually because I'm unsure or scared to execute them and I just want to feel good about myself.

I stopped doing this a few months ago, and only talk now about the things I've already done. It's a deeper sense of satisfaction. Not artificial.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[CLE]

As you have pointed out telling someone about your ideas can go several different ways. How it will go is likely based on the kind of people you surround yourself with. If you are hanging out with a bunch of $8-10 an hour bozos and tell them your idea they will likely be too stupid and insufficiently funded to even steal the idea anyway. Parents and other family for some reason mostly try to discourage new ventures. I rarely see partnerships work out in the long haul. 99% of time one is the go getter and the other soaks up the reward from the others hard work eventually causing a meltdown. Good luck with your idea. BTW surrounding yourself with the right people upon this discussion may very help refine your idea and they maybe able offer some insight to help drastically. Many people in your life will pull you under water and few others will pull you back out. Choose your company carefully.

 

[ZeroTo100]

Do you honestly think someone will "steal" your idea? Most likely it's an idea that you got off of someone else and most likely if there is some value there will be modified your way.

Keep this in mind...Nothing is original. Nothing! Facebook wasn't original, Neither was tumblr, neither was match, and so on and so forth. Everything has been done and if it hasn't...well then that just tells you how valuable it truly is.

Hypothetically if someone did take your idea, do you honestly think they will have the skills or talent that you do to execute your vision without you? Wouldn't it be smarter for them to just jump on board with you. It's great to talk about your idea because you'll never know who might be willing to come on board.

The other option is, if you are telling someone about your idea and are concerned with them taking it - either don't tell them or tell them you're already close to launch. Make them feel as if you're already 10 steps ahead.

Best of luck!

Stevie

 

[Malcolm_X]

Just an excerpt from Tai Lopez' newsletter this morning.. kind of relevant for this topic.

Gary Vaynerchuk was saying that people are always soooo worried that someone is going to steal their idea...

There are a ton of big ideas out there, but the only difference between an idea and the next big thing is execution.

"You wanna know the next big thing?" he asked. "Smart refrigerators that reorder your food. Who's gonna execute that idea?" Haha

People are always so afraid of sharing their ideas. But if you don't have what it takes to launch it, you should let someone else have it instead.

Tai talks about this a lot too. He says, "If you can't tell me your money-making strategy in 15 simple words or less, you aren't ready to launch."

Gary also said that the core philosophy of his life and his business is self-awareness. If you want to be successful, you have to know what you're good at and work with it.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

Depending on your friends, there are 3 ways this can go..
1. they will help you and support you, perhaps you team up with them
2. they will steal your idea
3. they won't give a sh*t

I think you overestimate the likelihood of any of the above happening. #3 would probably be the likeliest scenario 99.9% of the time. Even in a group of entrepreneurs, the real ones are busy with their own stuff and that would make #1 most likely.

If #2 is the answer, you need better friends.

Nonetheless, if this is your main worry about getting something going, you're going to be in for a rough sled.

Good luck.

 

[Aaron W]

I think you overestimate the likelihood of any of the above happening. #3 would probably be the likeliest scenario 99.9% of the time. Even in a group of entrepreneurs, the real ones are busy with their own stuff and that would make #1 most likely.

If #2 is the answer, you need better friends.

Nonetheless, if this is your main worry about getting something going, you're going to be in for a rough sled.

Good luck.

Rolling on this idea DeMarco said.


Most people won't even start something. There too lazy, don't want to, won't put in the time to learn how.


Most ideas have already been thought of in general. And even ground breaking ones that could save lives or replace a whole factory work force.

Yet, people won't execute them.


My suggestion is you don't worry about this and start planning your own execution...even if its registering the business name.


Get the ball rolling and start getting experience. Its fun and a smart approach to tfl.

 

[PaulRobert]

Is it a good idea to share your business / startup ideas with your friends ?

From my experience: Most people are too lazy to start anything. Execute the idea in your own way and then let the business do the talking.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[RHL]

The only time sharing an idea is dangerous is when you tell people how much money it's making for you. Big numbers is like flypaper for wantrepreneurs.

It's a damn shame too, because these are, obviously, the most valuable stories to follow, literally and figuratively.

 

[Guest3722A]

I'm currently working on an angle to get an item manufactured here in the states. One of the guys I was referred to asked if I wanted a non-compete non-disclosure agreement that he provided or if I wanted to provide one myself. This right here tells me that this isn't his first rodeo and as a professional he's used to this. However, I opted for his document which was basically a free rocket lawyer type form BUT as the experienced professional he is, he filled it out so that if there was a dispute that required civil action, it would have to be conducted in his state. IMO this right here was a red flag as it put control on his side. I've always had my contracts drawn to be conducted in my jurisdiction for obvious reasons.

 

[Jon L]

I think it depends on what the idea is, too. For example, if you have an idea to open a store that sells dirt, you probably don't need to protect your idea very much. (don't laugh - a friend of mine does this, and is well on his way to becoming a millionaire....he sells dirt and rocks to landscapers).

I write custom business software. I'm not worried about people stealing my idea for that, either. Its a relationship business. If you don't have a relationship with my customer and I have a good relationship with them, you're not going to take the business from me unless you give them a substantial amount of money.

I have an idea for a web-app, though, that I won't be sharing on here. I would probably share it with friends though.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.