Using the Web to Become an ‘Open Entrepreneur’
“I’m nervous about sharing my ideas and putting them out into the open”
This is such a common sentiment shared by many aspiring entrepreneurs. I’ve heard it time and time again. It isn’t hard to understand why these individuals feel this way. I mean, who wants their ideas to be stolen right out from underneath them? Who wants to give up control of their beloved baby to some strangers? Who can they trust?
These seemingly valid concerns are quickly discredited when you start to really evaluate the situation. The majority (probably 98%) of these ideas are exactly that, just ideas. In other words, nothing! You don’t have control over anything because you don’t own your idea. Similarly, worrying about someone stealing it is almost like worrying about someone stealing your air in a public park. Please, do not worry about something you have little control over. Instead, focus on the all important next step: spreading your ideas to whomever will listen.
Spread Your Ideas
Very rarely does an individual possess the skills and knowledge required in developing an idea into a working prototype (whatever form that may be) all by him/herself. So, the natural next step is to tell close friends or family members…you know, those trustworthy individuals in your life. You may still be reluctant to “tell the world” and face possible criticism. My advice here is to focus on the close individuals that “get it” and forget the rest. In other words, don’t spend hours trying to explain to Mom and Dad how your web service will work. That will only frustrate and tire you out. Instead, associate with the innovative thinkers and those who will help build upon your ideas. This breeds creative thinking and helps stimulate your mind, body, and soul (for all you spiritual entrepreneurs).
The social web has been described as a humongous cocktail party, where people are free to mingle, shake some hands, and make some small talk. When I think of spreading ideas on the web, I like to think of myself sitting at a booth at that giant party with some close friends discussing a business idea. Your table is going back and forth on certain business models and logistics, perhaps writing all of this down on the back of a napkin. Wouldn’t it be wise to make a few copies of that doodle, jot down some contact info, and pass it along to some smart individuals that you have met? Well, the answer is yes, and the ’social web’ has made doing just that easier than ever.
If you find yourself reading this and thinking: “Wait, Kevin, so what happens if they go home from the cocktail party and start to work on the idea without me?” Well, this is my breakdown of the few possibilities that will occur after this “napkin exchange of business ideas” :
- They throw out the napkin (65%)
- They look at the napkin for a few moments, think about it for a few more, then throw out the napkin (20%)
- They contact you back, and you start a dialogue about your idea (12.5%)
- They pass the napkin along to a friend (1.5%)
- They lock up your napkin in their vault and start working on it alone (1.0%)
You’ll discover a few things to be true in this sort of situation:
1)People are usually not interested in your ideas, and do not want to steal it.
2)If you have caught their attention, odds are they will seek you out; it’s in their best interest to work alongside the original mind behind the project.
3)Your “one-of-a-kind” idea most likely already exists or is being worked on (this simply validates your napkin’s business model, so it’s not a terrible thing).
4)If someone does decide to steal it, however unlikely, this should not affect your passion for the project and should fuel your desire to outperform all ‘imitators’. Karmically speaking, they are at a huge disadvantage, so remember that you have the upper-hand when it comes to those individuals.
Embrace the ‘Social Web’
Spreading your idea will be harder than you think. You’ll quickly realize that your $1M-idea falls on deaf ears. You will want to utilize as many online services and resources as possible.
- Utilize LinkedIn’s Groups; posting entries to individuals with similar interests.
- ParterUp allows you to post business ideas in hopes of meeting business partners.
- Craigslist is not a bad place to post ads in search of talent. Odds are you’ll be receiving countless automated emails from various web firms based in India. But there is the chance that it falls into the right hands.
Speaking of Craigslist…blogger Adam Breindel posted an interesting article speaking about, oddly enough, one of my Craigslist ads. He speaks about the benefits of being open, and how so few entrepreneurs actually act this way. He advises these entrepreneurs to come out from behind their NDAs and to operate outside of a vacuum filled with secrecy. Here is a bit from the article:
[The post] is absolute genius, and it’s so rare. Plus it shows the guts that most entrepreneurs fancy themselves to have, but lack when tested…I work with a lot of entrepreneurs and most of them think that they’re the first ones to think up some genius idea, and the best way to be successful is to either keep it stealthy and secret, or to sign reams of NDAs and non-competes with you before disclosing (cue music) their subtle and delicate brilliance.
Remain Transparent
Throughout your “napkin-passing” journey, it is critical to remain truthful and transparent. I recommend you:
- Keep a Blog. This adds depth to one’s character, and allows others to “read between the lines”
- Microblog. Did I already mention I like Twitter? A useful tool to jib-jab and pass out those “napkins”
- Post Comments. Don’t just read blogs, but participate. You never know who is listening.
- Have Atleast Four Points of Contact. Strive for having four different points of contact/reference. Between the numerous social networks and services, this should not be too difficult.
- Respond Truthfully. Emails, blog posts, comments, etc. should be truthful and from the heart.
