Business Ideas: Can You Keep A Secret?
August 17, 2008
So, you’ve come up with a great business idea. It’s so brilliant that you want to go out and tell the world about it. But should you actually do that? Or would you be better off keeping your idea a secret, until it’s time to launch your business?
There’s Nothing Wrong With Bouncing Ideas Of Others But………
Bouncing ideas off like minded people we trust may well pay off. But is it wise to share them on the Internet? Anything you share on your blog or a forum could be read by tens of thousands of people – and many of them will be on the lookout for a great business idea. Don’t let it be yours.
But The Idea Doesn’t Matter – It’s The Execution That’s Important Right?
That’s certainly true. Trouble is – other folk with experience in the same industry might be able to execute your unique idea much faster than you can.
When I started my first online business, I had plans to add an additional service and move my website from a free domain. I knew very little about business, so I confided in someone I met on a forum who had experience in the same industry.
It was a huge mistake. Not only did she take some of my ideas – she also took the great company name I came up with and trademarked it.
Years later, I still laughed when I read bad reviews of the service she provides. Don’t be like I was – keep your ideas to yourself and you’ll never feel the need to laugh at someone else’s cock ups.
If you came up with a great business idea, would you share it?
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28 Responses to “Business Ideas: Can You Keep A Secret?”
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I always come up with great ideas and most of the time, I lack the discipline or the resources to execute it.
When I come up with a great idea, I usually share it my family and close friends. They usually give me a strange look and say, “Here we go again…” LOL
chris’s last blog post..To Blog Or Not To Blog
Hi Chris – I know that feeling well. Maybe their reaction is stopping you from taking your ideas seriously? It might be worth trying to get the ball rolling before you tell people – that will shock them into taking notice.
If I’m serious about the idea, MAYBE my husband will hear about it. Rarely anyone else.
It can be good to tell people you trust about your ideas, though. My sister a couple years ago started bouncing some of her business ideas off me, and was shocked when I could quote current, and often failed websites for each one. She’d come up with online grocery deliveries (with no idea that it had been done), print on demand books and similar ideas that would take a lot of investment and other companies had done already.
Stephanie’s last blog post..Look at Family Pictures – Free Fun Friday
Hi Stephanie – That is a good point. Bouncing ideas of someone who will give honest feedback is far better than asking someone who will tell you it’s great – even if it sucks.
Hi Cath – I’ve always tended to keep things to myself until I’m very clear on what I’m doing and often a fair way to getting my plans executed. The interesting thing is that sometimes people end up thinking I’m very vague because when they ask me what I plan on doing, my answer is something like “oh, I’m busy figuring it out”
. They do get pleasantly surprised though when all is later revealed!
Mags | Woo-Woo Wisdom’s last blog post..Flow And Intention-Manifestation
Hi Mags – I understand where you’re coming from. The great thing is that you don’t let people’s attitude towards your apparent vagueness, stop you from getting things done.
My challenge is when I have a good idea and need to talk to someone who has experience to support my direction. I have trouble trusting that this person won’t steal the idea as happened to you Cath.
I would have been furious if someone stole my name and copyright. Guess they got what they deserved though judging from the bad reviews.
My experience? I have found that when I have a good idea and I immediately start sharing it with friends or family, I lose the momentum. My idea weakens in some way as the energy is dispersed.
So, I now try to keep it to myself until I have mixed the batter and put the cake in the oven. Then I share carefully with people I trust (who will not open the oven door and cause the cake to drop).
Davina’s last blog post..I Dreamt I Died
Hi Davina – well, I was a bit pissed off. I did actually email her and said I was rather upset that she’d stolen my name and ideas. But she didn’t appear to give a toss.
I guess I had the last laugh. My ideas were formed from the relationship I had with my existing customers and their needs. She obviously didn’t care about things like that – hence the bad reviews.
That is interesting that sharing seems to weaken your ideas. I wonder why that happens?
Never worry – you have plenty of people you can share with. And you know you’re always welcome to bounce ideas off me and I won’t let your cake drop.
Cath,
I absolutely ADORE it when you share your ideas here! The recent e-book idea was pure genius!
As you’ve already seen, anyone who tries to implement your great ideas is missing the essential ingredient for success – YOU!
I need to take this to heart myself!
Kathy’s last blog post..This is How Web 2.0 Works?
Hi Kathy – Thanks. That is a good point. But the ebook idea was a marketing idea. And I’m hoping it will benefit us all.
I think I would draw the line at specific business ideas.
We kept the idea of UpToUs a secret for a long time, confiding only in a few trusted people.
I can’t believe that she did that to you. People who do that – people who STEAL and HURT others – do they sleep well at night? Are they happy with their lives, with themselves? They can’t be.
Vered’s last blog post..Are You A Parent? Stressed Much? You Should Check Out UpToUs
Great topic!
When I awaken with a great idea, I’ll first bounce it off the husband. Then I’ll snag the domain name to go with it. Then I’ll ask some close friends.
I never share my “maybe I’ll do this” ideas unless I’ve already taken steps to own the concept/site/etc. For me, that’s just good business sense (I’ve seen horror stories similar to what you wrote. How people can scam others…I just don’t get it).
Data points, Barbara
Barbara Ling, Virtual Coach’s last blog post..The Art of AVOIDING reputation manglement
Cath,
Great piece here today. To answer your question, I’ve done it twice so far (I mean, shared it in great detail) – the first time, I knew I wouldn’t have time to do it myself, so I shared it with someone who I knew would do it. The product was developed and brought to market. I really didn’t care at the time as I was a student and figured I’d make my millions later… oh well!
Though it did take them about 10 years to get it to market.
The second time, was with probably my closest friend other than my wife. He’s someone I know I can trust. I guess you just have to make sure you really and truly can trust the person.
Of course, even then… you never know, I suppose!
Brett Legree’s last blog post..viking fridays – everything you always wanted to know about life change*
Hi Vered – I’m glad you protected yourselves. UpTo Us is a unique idea. How long did it take from the initial idea to the launch?
I think you’re right – that woman can’t have been happy. I came across some really mean people in that industry, which shocked me. And it did put me off taking my idea any further at the time. I think I realised a few years later that they couldn’t possibly excel, even if they took my ideas, because they were too mean spirited.
Hi Barbara – That seems like a good way to do it. You’ve been round the Internet for a long time and I know you’ll have probably come across plenty of scammers.
Cath Lawson’s last blog post..Business Ideas: Can You Keep A Secret?
Hi Brett – That was really generous to share an idea with someone when you didn’t have time to do it yourself. Ten years to bring a product to market is a long time – it must have needed a great deal of persistence.
Cath Lawson’s last blog post..Business Ideas: Can You Keep A Secret?
Hi Cath,
I really wanted to see the product work, and decided I would rather have it free than keep it to myself. I had honestly forgotten about it until I saw the pre-production prototypes in a magazine. I had lost contact with the fellow, but as his name was in there, I knew it was him.
The information wanted to be free!
Besides. There are so many other things I wanted to do (and still plan to do) rather than that. Hey, it’s a big world. My million dollar idea will pay off.
-Brett
Brett Legree’s last blog post..viking fridays – everything you always wanted to know about life change*
The only way that I would share a great idea would be if it would be more profitable to do it that way…, kind of all those get-rich-on-the-internet schemes, except legitimate.
mike goad’s last blog post..Global Warming? August in Arkansas 2008
Brett – that is a brilliant attitude. You must have had a lot of belief in the product. And you were really thinking about what people needed and how they would benefit from using it.
And if someone was prepared to invest that amount of time in your idea, I have no doubt that you’ll be able to come up with plenty more. Your latest idea will certainly help a lot of people and I can’t wait to see you living your dream in New Zealand.
Good question. I have been burned there before so the answer is I am very close to the vest now. Execution is key, but sheesh, it just feels all wrong when someone ” borrows “doesn’t it?
I just came across a scathing email today, that I wrote awhile back (but luckily did not send ) to someone who actually took my creative ideas from an original art piece and presentation for a project and gave them to another artist to execute-without my permission or any payment or acknowledgment for my original work at all. She just outlined my concept and had another artist fabricate them. Every one who was aware of the original knew…so bad Karma will bite her in the ass we hope…but it makes me very upset to see such a direct steal. Ugh.
I have to be remind myself to be careful about ideas and images too.
Janice Cartier’s last blog post..Week’s End
“UpTo Us is a unique idea. How long did it take from the initial idea to the launch?”
About a year.
Vered’s last blog post..Are You A Parent? Stressed Much? You Should Check Out UpToUs
Hi Janice – That really sucks. You have to feel sorry for the woman who stole your idea though. She’s obviously not creative enough to come up with her own. I bet karma will catch up with her when she has nobody else to steal from and she actually has to admit to herself that she doesn’t have what it takes.
Hi Vered – A year is not too bad at all. I think you will help many stressed and disorganised parents to have an easier life.
I have discussed ideas by email but leave them off blogs (etc) until I am past the idea phase.
It all depends on what the idea is for, as far as who I would discuss it with even offline (or by email, but not blogs). I’m generally pretty trusting, even with people I only know online. But I wouldn’t want some drive-by googler stealing my idea, unless it was a really bad one. Then they could have it. Hehe.
Amy’s last blog post..Free Ebooks for Bloggers and Freelance Writers (What Are YOU Reading This Weekend?)
Hi Catherine,
I used to share ideas, but don’t anymore. Too often people start getting negative on me, and then I start to doubt myself. If I believe in something, I go for it. Some ideas I write down for later, and I may never do anything with them, but at least I don’t forget what they are.
For our business, my husband and I share ideas, but usually don’t broadcast them until it’s up and running. Too often in business, if you tell the wrong person, they can easily get a jump on you and steal your target market.
Barbara Swafford’s last blog post..A.S.K. – Liz Strauss – How To Format A Blog Post To Maximize Comments
Hi Mike – sorry I missed you. Askimet is still putting you in the spam folder – i don’t know what’s up.
Sharing if it’s profitable is a good point. Do you mean recruiting networkers, or affiliates – that sort of thing?
Hi Amy – That’s a great point. It isn’t so much sharing stuff with folk you know on the Internet that’s harmful. It’s the fact that anyone surfing round might see your plans. I love your new avatar by the way.
Hi Barbara – It looks like you guys have been having some great weather this weekend.
It can really put a dampner on things when folk get negative on you can’t it? And some people will be negative no matter what you try.
Writing everything down is a smart idea. Like you say – you may not use them all, but it’s so easy to forget even the best ideas if you don’t write it down.
Hi Cath
I don’t think it’s just business ideas that it’s best to keep to yourself – it’s any fancy new idea.
I’ve always remembered a girlfriend saying to me that if you talk too soon about something you intend to do, it takes away the need to do it, in a way.
So I wait till I have started implementing something before I talk about it.
Robin’s last blog post..Reincarnation… A Scenario
Hi Robin – I wonder how that works? I wonder if the subconscious processes it as though it’s something you’ve already done or something? I wonder if that is why Davina is struggling to keep up the momentum when she shares things?
“Sharing if it’s profitable is a good point. Do you mean recruiting networkers, or affiliates – that sort of thing?”
That could be one way. or if it were really, really good, sharing it through sales. Not likely on my part though. I’d have to come out with a “great business idea” first.
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