Time and time again, I run into entrepreneurs who are petrified to share any aspect of their business for fear that someone will steal their idea and beat them to the punch. Just how real is this fear? In reality, the actually cases where an idea for a business gets stolen are quite rare. However, just to be safe and sleep well at night, here are my suggestions:
1. Success comes from sound execution and implementation (see this article for some good tips) much more than the idea itself. Ideas can be a dime a dozen. Even if someone does steal your idea, it doesn't mean that they can make a successful business out of it. That takes resources, building the right team, knowing the market, and so forth.
2. Be prudent on who you talk with about your idea. It is best to share the details of what you intend to do only with those who really need to know about it. This would include your attorney, your accountant, business advisors, and potential key employees. Keep your inner circle small and manageable, especially before you get the business going.
3. When in doubt, have them sign a confidentiality or non-disclosure agreement. This is only really used with potential investors, especially if they are already in your industry. Lawyers, accountants, bankers and so forth are not a threat to your idea and must be discrete due to codes of ethics and/or the need to maintain their professional reputations.
4. Patents can help, but are never completely fool-proof and often can be expensive. Just because a patent attorney will work with you to try and patent your idea does not mean that it should or even can be patented. Do your own homework on this. The government's web site is very helpful on this point
5. Trust your instincts. If someone makes you nervous with their questioning about your idea, back-off. You don't have to share information if you don't feel comfortable. Get to know the person and make sure you understand their motivation.
This article offers some additional tips on sharing information on your business.
