I learned this the hard way, and that’s why I’m so inclined to share this mentality with others who come after me…or just want to catch up with me. I spent almost eight months being extremely tight-lipped about my “brilliant” idea. I couldn’t believe it wasn’t out there already, and I felt that everyone would jump on it if I let them in. Well, my scarcity mindset had me paralyzed with fear and growth and development of my company suffered severely.
Earlier this year, Mark Cuban, owner of the Dallas Mavericks and successful serial entrepreneur, introduced his own stimulus plan for the US economy. He fully believes entrepreneurs hold the key to emerging from our current financial crisis, and he encouraged everyone to share their ideas in what he called an “open source funding experiment.”
You don’t need to spill ALL the beans, but it’s sure better to share what you have in mind than keeping it to yourself. You can’t lose something you don’t have, and with the current rate of technology, every day counts. Standing on the sidelines by yourself will not get you anywhere. Get in the game already!
You need feedback…
It’s amazing how different your business will become as you begin to flesh things out. I’ve never heard anyone say the business turned out exactly the way they planned. In my case, I used to pitch my startup, Rank ‘em, as social network music platform in 2007. By 2008 and less than 5 months after it’s original pen-on-paper, the buzz about social networks had begun to dwindle, and I was already coming up with different ways to describe my company.
Have you ever heard the most important part of communication is listening? Well it’s true, and you’ll be shocked by what you can learn from hearing what others have to say. You never know what they’ve read or how their mind ticks. Use your friends at first. They offer you a great opportunity to hone your pitch. Once you begin to do your due diligence in your own, reach out to industry people who can give you first-hand insight into the market you’re entering. As the tagline for MTV Diary used to read, “You may think you know, but you have NO IDEA!”
You can’t do it alone…
One of my favorite quotes I ever heard in undergrad went something like this: “It’s amazing how little one can do and how MUCH two can do.” I think that statement is a knockout. You may need to develop the foundation for your business on your own, but always be thinking about the type of people that could help you accelerate the development. You may consider yourself an “jack of all trades” who is capable of filling many roles, but everyone should focus on their best strengths. As the company grows, the delegation of certain tasks and responsibilities is essential to building a sustainable company.
They’re too busy already…
This may not be true 100% of the time, but the OVERWHELMING majority of time, people you approach have their minds elsewhere. YOU are the one with the vision. Nobody else can match your passion and excitement for the idea. Think about it! It’s your baby. Additionally, you won’t find very many people that can drop what they’re doing and take your idea (if they have the time, they probably don’t have the motivation!).
Time’s a wasting…
If you have the next million-dollar idea, chances are somebody else from somewhere around the world is thinking in the same vicinity. If you’re relying on a patent to prevent others from taking your idea, you must be stuck in the 20th century. Do you realize how quickly things move this day and age? Do you realize the grinding process involved in obtaining a patent? If you’re a true bootstrapper, a patent is not going to make or break your company.
I’m personally a big proponent of thinking in terms of simplicity. Don’t over complicate the solution (and on that note, I hope your business is trying to solve a problem…but that’s for another writeup). The more simple your idea, the more people will understand it. Remember the KISS principal? We’re not all rocket scientists ya know.
You never know who they know…
I can’t tell you how many times I’ve heard this statement: “You should meet _____.” Your extended network multiplies exponentially with each connection you establish, and you never know where those connections may lead in the future. I am a firm believer that there are many more good people than bad people in this world. We all possess a competitive drive, but we also want to see others succeed in their own pursuits. Find those that especially take pride in connecting people together. They’re out there. It’s your job to find them!
When all is said and done, it comes down to execution. You need others around you for support, but also for motivation. A couple doubters never hurts…
