Spilling the Beans? Learn how to reveal just enough about your business idea to get the help you need.
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Every entrepreneur I meet is somewhat reluctant to talk abouthis or her new business idea. Some are hesitant about being judgedor rejected, while others are shy. But all have one thing incommon: the fear that someone will steal or ridicule their ideas.As one entrepreneur told me, "It's a self-imposeddouble-edged sword. I want help, but I also don't want toreveal too much."
Successful entrepreneurs know they need to involve others toachieve success. If you want people to buy your product, they musthear 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 issimple: Stop assuming that people want to know everythingabout your business. About 99.99 percent of the people who can helpyou grow your business don't need- want- know theintimate details. They just need to know your goals and understandthe benefits you provide so they can share their knowledge andexperience with you.
You can achieve success and protect yourself by becoming"silently smart." Have a conversation where you sharejust enough information to inspire people to provide you with thecontacts and resources you need to succeed. Here's how toreveal only the most necessary details:
1. Realize that your business idea isdifficult to replicate. Your passion, creativity andvision are uniquely yours. Just because you share informationdoesn't necessarily mean anyone else has the same drive andunique insight to make your idea a success. Unless you'redivulging the recipe for your award-winning baked goods, chancesare success will be achieved only with your involvement andparticipation.
2. Set a goal for eachconversation. Before you speak about your business,determine your goal. People appreciate it when you get to thepoint. Do you want to make a sale, obtain a customer referral ordiscover great marketing ideas? Be specific. Then direct theconversation toward achieving that goal. Once you've achievedit, either end the conversation or set another goal. This preventsyou from disclosing more information than necessary.
3. Speak, then listen. Whenyou speak about your business, you may feel the more you say, thebetter the person will understand your goals. Instead, give yourlisteners a chance to respond and share their knowledge by trainingyourself to stop speaking before it seems natural. Cut yourselfshort, and disclose information only as the conversationprogresses. Begin by telling people about your business and statingyour goal- become quiet. Let the person absorb whatyou've said, and give them space to offer advice. You'll beamazed at the information you'll receive just by listening.
4. Protect yourself legally.Protecting yourself is often expected in formal situations, such asnegotiating a distribution contract or revealing financialinformation to potential investors. Signing nondisclosure orconfidentiality agreements can help you protect yourself before youdisclose any secrets. Nondisclosure agreements vary in format, butthey always contain a definition of what is and is not confidentialinformation, the obligations of the receiving party and the timeperiod covered. However, these tools are often only as effective asyour willingness to go to court.
Be diligent about not revealing everything, but don't letthe fear of sharing too much hold you back. You'll benefit farmore from the ideas you receive than you'll be hurt by therisks you perceive you've taken. Staying silently smart andsharing high-level information about your business will inspireothers to help you succeed.
Speaker and consultant Romanus Wolter, aka "The KickStart Guy," is author of Kick Start Your Dream Business.Write to him at romanus@kickstartguy.com.
