I have to say, when I first thought about my business idea, I was scared to share it with my friends. First, I did not know if I was ready to receive feedback and potential critics. In my head, it sounded like a really good idea but I was unsure if I could convince my entourage to believe in it and if they would understand its potential: the why.
Secondly, I heard so many negative stories about business ideas being stolen by peers now making millions that I was acting very suspiciously to anyone saying “Oh you have a business idea! What is it about?” #paranoiahereicome
Finally, I was not sure if I could handle the consequences. I thought that once the word was out, I had no choice but to fulfill my “destiny” no matter what: launch my own business. #pressureison
After talking with friends, family and advisors in entrepreneurship, I realized that it was essential to talk about a business idea and here are my reasons why:
1. You learn from people
If you are passionate about your idea and you expose it to someone, this person could give you feedback and make you think of interesting features/services you did not consider in the first place.
2. You practice your selling speech
To get funding, you will have to convince investors, banks or even your family that your idea is worth investing in. So the more you practice your business speech, the more confident you will be and the better you’ll get at selling it and responding to challenging questions from your audience.
3. You can find an associate
You never know but someone in your entourage or business network might have had the same idea or thought of a complementary service. That person could maybe be a good business partner in the future.
4. You create your own business network
By talking about your idea to people, you will create your own circle of interest with different skills and connections. These people might be ready to help you with various things when needed (website creation, design skills, accounting, funding, etc.) if you offer a salary or a service in exchange.
5. You know what to do
Creating your own business can be challenging but by sharing your idea, you will be more prepared about the ups and downs waiting for you. Get some useful business tips in your domain and learn where you can get help from for a smooth start.
Obviously, it might depend on the domain (it could be trickier to share your idea in the pharmaceutical area for example). However, even though the idea might be similar, the implementation will always be unique. Plus, there is always room for competition, whether it is before you launch your business or after. So to sum up, I would say that it is a must to share your business idea but most importantly, to share it well: with people you trust or feel they can help you achieve your goal in a better way.
And you? Did you talk about your business idea?