Selling your idea?

You need money, not praises!

You need money, not praises!

It’s interesting to see how well you’re able to sell your idea while it’s still in the idea stage. Do talk about it to people. Don’t be too afraid of leaking the idea. Do remember that people may not criticize or put you down, simply because,

People have an incentive not to crush your dreams

Sweet talkers will smile and say it’s great. But did they get really excited about it? Are they pushing you into executing it? Are they willing to be a stakeholder? You’ll need to push them a little hard to get any real benefit out of them.

The other type, Dismissers will jump at conclusions, won’t let you explain completely, immediately find an analogy with another product and force you into explaining the difference. They’ll dismiss you entirely, leave you lost and perhaps a little frustrated.

Don’t take either of the two kinds too seriously!

Continue looking for people who’ll spend some time with you, be candid, discuss the pros and cons with you, open to loud thinking, ok to keep in touch and be a sounding board for your further plans.

You need to clearly express your interest and openness to constructive criticism. Ask directly what they think might be wrong with your thought process, areas of improvement. Don’t get happy and satisfied by the five good things they say, but don’t leave them without understanding their reservations about your product.

VCs that way are patient and usually somewhat candid. They ask you the questions that you should’ve asked yourself earlier on. VC feedback is usually valuable, but at the end of it, if they’re not investing in you, they’ll still be diplomatic and nice to you! Their approval would show in the amount of time they’re willing to spend with you.

They are the guys who’re gonna bet money on you, need the most confidence in you or your concept or rather in you with your concept.

However, you need to push them a lot harder to get some real direct suggestions though!

With a VC, you’ll get the first appointment based on who you are and/or who’s recommended you, you gotta leave a good enough impression about your sincerity and plans for them to consider spending time with you again.

I am wondering after having written it down as to how much of it was non obvious!

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Touchy about Idea? Don’t be!

 

An Idea needs your spark to shine!

An Idea needs your spark to shine!

Most young aspiring entrepreneurs I’ve met, have always had this touch of secrecy about their idea itself thinking that they’ll lose out if someone else picked up and executed it. I don’t blame them because I was like that myself for a long time, but it doesn’t work that way!

It’s actually a mistake to hold too tightly to your idea and not share it even in situations where you should be sharing it. If someone else can take your idea, and execute it better than you can, then there’s anyway no reason why you should be doing it anyway. Having an idea is not enough. Actually, it’s nothing, till you start taking steps on evaluating, testing, validating and implementing it.

Typically VCs, or senior entrepreneurs wouldn’t steal your idea just by the mention of it and exclude you from the fortunes they make from your idea. If they see you as a competent and worthwhile person, they’d rather get you onboard and back you. So in such situations, the merit would not remain just with the idea, but with you along with the idea.

If someone else has more resources, to churn out your dream product faster than you can, make it better/cheaper/simpler than you can, then he’ll do so someday anyway, even if you have already started the business. And if that be the case, no start-ups would happen, because it would seem like a Google can do virtually anything thinkable on the internet. But it doesn’t happen that way. If you come up with something really worthwhile, a Google would rather absorb you, than do it again.

Google is doing SMS channels, doesn’t mean an SMSGupshup will go out of business. In fact, it’s funded now and likely to stick around as a big player. And the sea has space for different fishes to swim. Think about how large your market is, and if there’s scope for multiple players.

And typically, giants have enough in their own pipelines to really bother with your idea, dedicate resources to it and try to drive you out of business. And then you’re not competing with a company per se, but the different layers of management, and managers are often only too happy with a sure shot 30% quarterly growth, rather than risking this and spending time/resources on the chance of 100%. Perhaps, why large organizations find it somewhat difficult to experiment!

Be cautious however, not all of this would apply to new age technology companies, wanting to live on the edge of innovation.