Nazir Daud asked:
In reality, no cares two hoots about your new business idea until you actually succeed at making some money from it.
Good new ideas do not usually make money for a new entrepreneur. It takes far too much money to launch a new idea, build a market for it and persuade customers to buy. If you do end up having an idea that works it is far easier for “big business” to take you over, once you have proven it, than to try and steal your idea.
Many people think that people like Richard Branson made their fortunes with a “big idea” but this could not be far from the truth. Richard made his money by being better at marketing, execution and delivery than existing established businesses.
If you are still worried about protecting your new idea then you could do so by getting potential investors to sign a non disclosure agreement. You could trademark your logos and designs. And if it is a new invention then perhaps apply for a patent.
In reality the money you spend protecting your idea would be far better spent on marketing and execution.
Investors & bankers meet people everyday that have the next big idea. They are more concerned about the status of the person seeking money and whether they believe that this person has the work ethics and ability to repay the loan. They are not interested in stealing your ideas.
If a young entrepreneur came to me for advice with their latest new idea, chances are I would tell them to bin it! “Find an existing business idea that is already making serious money and see if it is possible to execute it better” would be my advice.
Successful Business is 1% inspiration (new idea) and 99% perspiration (true grit). Having a great idea is only a small part of creating a health business.
Caffeinated Content
In reality, no cares two hoots about your new business idea until you actually succeed at making some money from it.
Good new ideas do not usually make money for a new entrepreneur. It takes far too much money to launch a new idea, build a market for it and persuade customers to buy. If you do end up having an idea that works it is far easier for “big business” to take you over, once you have proven it, than to try and steal your idea.
Many people think that people like Richard Branson made their fortunes with a “big idea” but this could not be far from the truth. Richard made his money by being better at marketing, execution and delivery than existing established businesses.
If you are still worried about protecting your new idea then you could do so by getting potential investors to sign a non disclosure agreement. You could trademark your logos and designs. And if it is a new invention then perhaps apply for a patent.
In reality the money you spend protecting your idea would be far better spent on marketing and execution.
Investors & bankers meet people everyday that have the next big idea. They are more concerned about the status of the person seeking money and whether they believe that this person has the work ethics and ability to repay the loan. They are not interested in stealing your ideas.
If a young entrepreneur came to me for advice with their latest new idea, chances are I would tell them to bin it! “Find an existing business idea that is already making serious money and see if it is possible to execute it better” would be my advice.
Successful Business is 1% inspiration (new idea) and 99% perspiration (true grit). Having a great idea is only a small part of creating a health business.
Caffeinated Content