Entrepreneurs do get into the dilemma with the precious business idea generated to be shared or locked up; not within others' reach. From spiritual perspective, the rationale can be argued on the point that these new, yet potential ideas should be shared in order to cut down the risk of losing it based on the probability that the beholder gets 'insane' or 'dies' in the long run. But from economists' viewpoint, these shared ideas can be put to execution more promptly by the deft rival while the initiator loses time troubleshooting the aspects. Seems irrationally rational!
But reality does not speak that way. The prospect of keeping an idea within oneself as well as risking it by sharing sounds childish. Justifying the possibilities of actually managing to implement and benefit from the new idea is a matter of how ridiculously obsessed the idea initiator is regarding the plan.
The success of any business idea does not lie in generating it only. Experts and successful business entrepreneurs find any successful idea to fit into the market with dexterous implementation in respect of any never been spoken need.
In this case, the generated idea-- if shared-- will receive constructive feedback from any potential stakeholder. Any question from any interested person will make sure the concept is free from any ambiguity and help it to become finely polished. It is not wise to think everyone as a potential competitor or threat. Some people are there to appreciate the best out of it and fulfill its potential. Again, the feasibility of the idea can be assessed as well. Imagine an idea was within oneself for a long time and it was nurtured well. But at the time of reaching market, s/he was not able to attract stakeholders to it who never trusted on the plans' achievability.
But the prospective idea, if shared, should not detail out the key concepts. The plan is to acquire all the support needed in order to proceed with the concept. On this note, the respective person should create a boundary in sharing so.
Some people even try to conceal any idea boasting upon its 'uniqueness'. But rationally thinking, the greatness of it should lie on its process of execution, not sitting around with it.
But the risk is always there in sharing. Any person might improvise on the concept and may reach outlier keeping the initiator still wondering! But as analysed, sharing it would outweigh the risk if done cautiously.
Now even if nobody copies the idea, it is obvious for the promoter to position in the market with it and competes with it. So the 'competition' thing prevails against any rival anyhow. So, if it is not possible to coat the idea with any 'secret recipe' and keep pace with the flow, then how come the idea can turn out to be a great one?
According to Joel Gascoigne, co-founder and CEO at Buffer ( a social media management platform for marketers and agencies), 'If someone does take your idea, they will never have the passion you have for it because they didn't come up with it.' Any passionate idea initiator barely gets overshadowed by the fear of rivals. But exceptions cannot be exemplified, can they?
The writer is a student at the Department of Finance, University of Dhaka.
He can be reached at tisphilsgreat@gmail.com