Why You Need to Tell People About Your Startup Idea
Think someone is going to steal your startup idea?
Chances are they won’t. Why? Because ideas are cheap. The real value in your startup comes from the execution of your idea. It relies on your unique combination of skills and insights coming together to create the best possible solution to the problem you’re trying to solve.
Still not convinced? Here are five reasons you should tell everyone you know about your startup idea:
1. Early feedback is worth its weight in gold
The longer you keep your idea to yourself, the more you’re depriving yourself of valuable feedback, particularly from those people who might actually use your product. Delving deep into what your customers really want is a skill that is honed through practice. You should take every opportunity you can get to see if what you’re building really meets a need. Don’t just tell your friends or people who’ll be positive no matter what you do. Open yourself up to honest feedback from those who your product is intended to help.
2. You should already believe you’re the best person to bring this idea to life
If you believe your idea could easily be taken and implemented by someone else, then you probably don’t really believe you’re the best person to bring this idea to life. To make it through the hard times of startup life, you need to know that your unique perspective is what will make your idea a success.
3. You’ll need all the pitching practice you can get
Pitching is hard. An audience of seasoned investors can be scary to face. But practice makes perfect and sharing your idea with others can help you refine your elevator pitch. Do people look confused when you explain your idea to them? Do they ask insightful questions? Do you find you’re stumbling over a certain part of your pitch? Use all of these experiences to refine how you talk about your business. Ironing out the lumps and stumbles will be invaluable for when you get to the point of pitching investors.
4. It’ll help to keep you accountable
It’s been proven that if we want to stick to our goals, we should tell people about them. Sharing what we want to achieve makes us more likely to actually accomplish it, and when you’re planning on launching a startup, this extra incentive can be invaluable.
5. You’ll be able to find people to help you
Very few successful entrepreneurs have done it alone. If you’re able to share your vision then you’re more likely to find others who can help you on your journey. Seek out startup hubs, other founders, potential investors and even competitors who might end up being collaborators.
The reality is, building a startup from scratch is hard work and most people won’t have the time, energy or commitment to copy you. The more feedback you get on your idea in its early stages, the more likely you’ll have a business that meets the needs of your customers.
Even in these challenging times of #physicaldistancing, it’s possible to get meaningful input on your idea remotely. We’re seeing new founders make great use of LinkedIn to connect with other founders who have built similar businesses in related sectors, with investors who have invested in similar companies, and of course with potential customers.
If you’re still worried someone will steal your startup idea if you share it, consider this quote from Buffer Co-Founder and CEO, Joel Gascoigne: “If someone does take your idea, they will never have the passion you have for it because they didn’t come up with it.”
Ready to start your startup journey and want to learn more about how to avoid common startup mistakes? Startup Onramp’s Founders Course has been designed for idea-stage startups to help them beat the odds and build a successful startup. Find out more here.
