Friday, December 18, 2009
As we mentioned in a recent post, if you have an entrepreneurial idea, it's highly likely that whatever influenced you to have the idea has influenced 1000 other people to have the same idea at the same time. So this begs the question, should you keep your idea under wraps, hidden from others? Or should you talk to people about it and seek their advice?
If you're a regular reader of this blog you probably have a good idea of our thoughts on this. We've gained so much from talking to people about our business, particularly via this blog, both before our launch and since. Whether it was the 72 incredibly generous comments helping us to brainstorm a new name when it looked like we couldn't use Shoes of Prey, or the discussions we've had with people about the shoe sizing conundrum, being open about our business has been hugely valuable. Over the last few years we've had literally hundreds of ideas that, after talking to people about them, we've realised won't work. No doubt that's saved us a lot of effort and contributed to us starting Shoes of Prey rather than another business.
The obvious risk of discussing our idea is that potential competitors read our blog, learn from us and use our ideas. And particularly prior to our launch, the risk was that someone would take our idea and beat us to it. Obviously we don't discuss everything on this blog, but there's actually very little we don't discuss. We think our success will come down to how well we execute on the idea. If other people read this blog and enter the market, that's ok, it's up to us to offer a better product to our customers.
What are your thoughts? If you have a business you're thinking of starting do you discuss it with others or keep it quiet?
Posted by Michael Fox at 2:07 PM