Can you keep a secret? Good, me too.
I recently had a discussion with a group of entrepreneurs about getting more people involved in creating their own businesses and what are some of the barriers to making that happen. An interesting one that came up was the fact that people keep their idea a secret and are afraid to tell anyone about it until they’ve managed to get things going but then never do because they don’t have all the resources they need or build something that no one wants or make costly mistakes that doom them to failure.
So why are people like this? One of the culprits is the first mover advantage doctrine. The first mover advantage for those that aren’t familiar with it refers to the first significant company to move into a market and take advantage of limited resources. It is the early bird gets the worm school of thought. So many people are afraid that if they tell people about the worm they are going to get that that person will beat them to it and their one chance at fortune and fame is thwarted. (Here’s a good post w/some graphs for a counterpoint to that way of thinking- Is First Mover advantage a Myth?)
If the business idea is so fragile that others knowing about it will destroy the barriers to entry start it now-don’t wait. Execution is what separates the successful companies from those that aren’t more so than the quality of the idea.
I think the fear of not being able to execute is what drives a lot of the secrecy and it is just easier to stall until you figure it out. This is where the business plan industry comes in. Now granted plans always change and things don’t necessarily go like you want them to but the rigor associated with putting it together helps you to become familiar with the details. Here are a few websites I found on first glance that can guide you as you try to compose the next great idea. Please let me know of any other good ones you come across. Thanks!
http://www.sequoiacap.com/ideas
http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html
One of the most valuable commodities you possess is time. What you do with it determines what kind of life you lead and is often a reflection of your beliefs. For some of us we get busy doing things that are not what we want to be doing. I know since the last post I told myself- “it is just for a little while until…” and then a week passes and more stuff surfaces. When you are starting or exploring business ideas as a hobby, as a part-time or even as a full-time entrepreneur it is easy to fall into that kind of trap. That is why it has been good to have someone to work with or nag you about what you said you’d do.