There is a funny feeling whenever you talk to a new entrepreneur about their idea and ask them to explain how it will work or what the end result is supposed to look like. It seems as though many entrepreneurs are afraid to share their ideas, as they believe others may steal them or duplicate them, even at times perhaps faster than themselves — but is that feeling warranted, or is it just paranoia?
Here is our take on your big secret!
If you followed our segment on the harsh realities of entrepreneurship, then you know that bringing a new idea to life is exciting but difficult, and takes quite a bit of passion and energy in order to succeed beyond that of a simple business. You may also have noticed us say that without the right execution, ideas are simply nothing. Facebook, for example, was not a new idea, but rather a new way to execute on an existing idea. Just about everyone could see that social networking was not being used at its full potential during the Myspace era, but it took someone with the ideas, skillset, and willingness to bring the idea to life.
There are three major components that allow an idea to come to life, and one unspoken component.
- Creativity: How does your idea differ from others’?
Even though having an idea to start a concept that has already been established is great, it is very unlikely that without a tweak of innovation into the execution of the idea, anything will ever come of it. Many people may have an idea, but not all know how to differentiate it from others.
- Skillset: Do you know how to bring your idea to life?
Do you have a plan for making your idea a reality? More importantly, do you possess the skills required to create and deliver the creativity from idea to reality? Many may think they know how to do so, but often realize too late in their project that their imagination exceeds their skills, finding themselves at a major disadvantage.
- Time : Can you afford to invest your most precious resource time at 80 hours a week?
Time is required when bringing an idea to life, which it is much more difficult than most believe. You will spend countless nights without sleep, and will find yourself consumed in tasks with very little reward the first few years if you truly try to bring your idea from conception to reality. You will lose friends, you may get pushed back from family, and will even feel like you have given up your personal life. All of this will be worth it, as long as you can keep the vision of success alive in your mind.
The final component, however, is one that is never discussed, and very hard to describe but very necessary if you plan to see your idea to completion. That ingredient is called: Passion.
Are you passionate about your idea?
Do you truly believe above all that this idea will revolutionize an industry, city, country or the entire planet? If so, then will you devote your life to seeing it come to life? Do you believe that even if obstacles are present, even if you have to sleep in your car some nights, you will still see this idea to the end?
It takes all four of these ingredients to win and actually see to the end of an idea, the birth of innovation. Even though many people will share a common idea, and many will possess a similar mindset, very few people will actually have the idea, skillset, time, and passion you have — and therefore, they will never be able to steal your idea.
When you are new to entrepreneurship, you tend to focus on money, which is why you are always afraid someone is out to take it from you. As a result, you feel the need to keep to yourself and not seek help from others, reveal too much, or get others involved. Instead, you feel that everyone is a threat to you and your idea, and as a result, often take ten times longer to act on that idea. Remember that no one has all the four ingredients mentioned here in full. Some of us have more skills than imagination, while others are more passionate but lack skills. It is a correct balance of the four that allows someone to win in the game of entrepreneurship, and unfortunately, without sharing, you can get the help from those that can help you bring your idea to life. Don’t be afraid to share, but instead be confident that no one wants to see your particular idea come to life more than you do, and that is the gift that allows it to come to life!