Stealing Business Ideas: 10 Reasons why ‘not to worry’

Stealing business ideas: 10 reasons why not to worry that others will steal your idea

So are you concerned, in general, about people stealing business ideas, and more specifically that they might steal your idea? I’ve heard it hundreds of times. After all, my book, The Balanced Entrepreneur, recommends that prior to a major product launch, entrepreneurs gather lots of initial feedback. This is a practice that theoretically makes stealing business ideas more likely. But the key word is “theoretically” because, in reality, stealing business ideas is not common, and even if someone did steal your idea, it probably won’t matter.

Five reasons Stealing Business Ideas is Uncommon:

Reason 1 – Stealing Business Ideas is Uncommon: People may not recognize your brilliance. They inherently like their ideas more than those of others. I guess you might be well advised to worry that people might steal your idea, if, after hearing you speak, people always state, “You are just so brilliant.” But I, for one, typically don’t get that reaction, do you?

Reason 2 – Stealing Business Ideas is Uncommon: Most people aren’t doers. Even if they like it, they are not likely to steal your idea. I frequently share my business ideas. Over time, hundreds of students and clients have liked at least some of them. And guess how many ideas they’ve “stolen” ? The answer- ZERO.

Reason 3 – Stealing Business Ideas is Uncommon: Your business idea probably won’t match other people’s passions. Even if someone thinks an idea has potential, they have to be passionate about starting a business in that area. I, for example, just can’t get excited starting businesses related to Sports, Pornography, or Fashion, or about 1000 other areas! Even if I was into stealing business ideas, I can count on one hand the number of areas I’m interested in.

Reason 4 – Stealing Business Ideas is Uncommon: Most people won’t steal your idea because they realize they lack the skills needed to implement it. If you heard a great idea for an innovative type of car, could you start a new automobile company?

Reason 5 – Stealing Business Ideas is Uncommon: Many won’t steal your idea because it’s unethical. Not to turn Pollyanna on you, but yes, I believe most people are decent.

I don’t concede for a minute that people will steal your idea, but let’s enter Never- Never land and assume they do. It probably won’t matter anyway!

5 Reasons Why it Wouldn’t Matter if Someone did Steal your Idea

Reason 1 – Why it Wouldn’t Matter if Someone did Steal your Idea: Remember earlier when we stated that people probably won’t recognize how utterly brilliant your idea is? One reason why is really quite simple- – it might not be. I know, what a shocking thought. Bottom line though, if it wasn’t such a great idea to begin with, who cares whether someone steals it?

Reason 2 – Why it Wouldn’t Matter if Someone did Steal your Idea: You have a head start. Anyone who copies your idea is, by definition, behind. Far more alarming than your secret getting out, is being unable to defend your idea. After all, when your company achieves success, others will try to copy your idea.

Reason 3 – Why it Wouldn’t Matter if Someone did Steal your Idea: The people stealing business ideas may not be direct competitors. Even if an entrepreneur did steal your idea, he or she might, for example, tailor it to fit lower income individuals, while you focus on the premium segment. Or, do you really care if someone steals your idea for a restaurant if they are in Florida and you are located in Maine?

Reason 4 – Why it Wouldn’t Matter if Someone did Steal your Idea: More competition can help you. An early competitor can share the cost of educating the public, establishing product legitimacy, and investing in needed infrastructure. Let’s assume, way back when, Miller Beer stole your idea to introduce light beer and moved first. That meant Miller would have spent massive advertising dollars to convince males that they were still macho even if they drank a “diet” beer. Establishing this norm would make it much easier for your company later.

Reason 5 – Why it Wouldn’t Matter if Someone did Steal your Idea: It’s all about execution. Great ideas aren’t profitable, but superior execution of great ideas can be. So don’t worry so much about others stealing business ideas, worry about executing your idea well.

Thanks to Dr. Mark Simon, Ph.D., Professor, Entrepreneur, and Author