When to Share Your Business Idea With Others

Transcribed article based on the video above.

So, how do you know when you should share your business idea with other people? In almost all situations, my advice is going to be, share your ideas with as many people in as many cases. Here’s why: on one hand, most of us don’t want o share our business ideas because we’re worried that someone is going to take them or steal them or run with our ideas. Also, a lot of us don’t tell other people about our business ideas because were sometimes worried about the negative feedback were going to get.

This can be a momentum killer for bringing that idea to life. One the other hand, there’s a lot of advantages and benefits. First off, it’s not an idea that makes it successful, it’s the execution. In almost all cases, it’s how you execute an idea and not the idea itself. But more importantly, by telling lots of people about your ideas early and often, you’re going to get amazing feedback from a lot of people on what you should and shouldn’t do. But you’re also going to find all sorts of partners and people that are going to help you bring your ideas to life.

Maybe most importantly, at least for me, I like to tell as many people as possible about my business ideas because I know it creates little mental contracts where I feel responsible for actually taking action on that idea because I told people and put myself out there that this is something I want to do. And so, on whole my advice is share your ideas, often and early to as many people as possible and you will often have much success in bringing those business ideas to life.

Jason Nazar is the co-founder and CEO of Docstoc. He’s a frequent author and speaker on small businesses topics. You can read more of his posts here on Docstoc and at his blogJasonnazar.com.