Every entrepreneur I meet is somewhat reluctant to talk about
his or her new business idea. Some are hesitant about being judged
or rejected, while others are shy. But all have one thing in
common: the fear that someone will steal or ridicule their ideas.
As one entrepreneur told me, "It's a self-imposed
double-edged sword. I want help, but I also don't want to
reveal too much."
Successful entrepreneurs know they need to involve others to
achieve success. If you want people to buy your product, they must
hear about it. If you want to be mentioned in a newspaper article,
reporters will need the facts about your business.
The secret to sharing your idea while protecting yourself is
simple: Stop assuming that people want to know everything
about your business. About 99.99 percent of the people who can help
you grow your business don't need— want— know the
intimate details. They just need to know your goals and understand
the benefits you provide so they can share their knowledge and
experience with you.
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You can achieve success and protect yourself by becoming
"silently smart." Have a conversation where you share
just enough information to inspire people to provide you with the
contacts and resources you need to succeed. Here's how to
reveal only the most necessary details:
1. Realize that your business idea is
difficult to replicate. Your passion, creativity and
vision are uniquely yours. Just because you share information
doesn't necessarily mean anyone else has the same drive and
unique insight to make your idea a success. Unless you're
divulging the recipe for your award-winning baked goods, chances
are success will be achieved only with your involvement and
participation.
2. Set a goal for each
conversation. Before you speak about your business,
determine your goal. People appreciate it when you get to the
point. Do you want to make a sale, obtain a customer referral or
discover great marketing ideas? Be specific. Then direct the
conversation toward achieving that goal. Once you've achieved
it, either end the conversation or set another goal. This prevents
you from disclosing more information than necessary.
3. Speak, then listen. When
you speak about your business, you may feel the more you say, the
better the person will understand your goals. Instead, give your
listeners a chance to respond and share their knowledge by training
yourself to stop speaking before it seems natural. Cut yourself
short, and disclose information only as the conversation
progresses. Begin by telling people about your business and stating
your goal— become quiet. Let the person absorb what
you've said, and give them space to offer advice. You'll be
amazed at the information you'll receive just by listening.
4. Protect yourself legally.
Protecting yourself is often expected in formal situations, such as
negotiating a distribution contract or revealing financial
information to potential investors. Signing nondisclosure or
confidentiality agreements can help you protect yourself before you
disclose any secrets. Nondisclosure agreements vary in format, but
they always contain a definition of what is and is not confidential
information, the obligations of the receiving party and the time
period covered. However, these tools are often only as effective as
your willingness to go to court.
Be diligent about not revealing everything, but don't let
the fear of sharing too much hold you back. You'll benefit far
more from the ideas you receive than you'll be hurt by the
risks you perceive you've taken. Staying silently smart and
sharing high-level information about your business will inspire
others to help you succeed.
Speaker and consultant Romanus Wolter, aka "The Kick
Start Guy," is author of Kick Start Your Dream Business.
Write to him at romanus@kickstartguy.com.