Most of us think that the entrepreneurs are afraid of only a few things which are basically related to their business. Some of them might be afraid of business risks while some others may be afraid of facing tough competition in the market. But very few people are aware of the fact that entrepreneurs and startup founders are afraid of one more thing – stealing of their ideas. Yes! You heard it right. In today’s world, where internet and social media have become just a piece of cake for everyone, stealing someone’s startup idea seems to be an easy task. However, the good news here is that no one can steal your startup idea. Reasons? Let’s delve into them:
- Same idea does not mean same execution: Even if someone steals your startup idea, s/he cannot follow the same step – by – step process which you went through while building your business. As a result, their products and services or even the business model will be totally different than yours. As it is always said – idea = 1% and execution = 99%.
- Chance of failures: Just because someone has built up a successful business with a particular idea does not mean that the same idea is going to bring success to some other entrepreneur. There are hundreds of examples in which the same idea has been executed by four or five startups but only a few of them are able to achieve success.
But, one thing should be made clear here that it is not impossible to steal someone’s startup idea. The world today has become so much advanced with the advent of internet and technology that such risks definitely pose a threat to the entrepreneurs. The startup founders or entrepreneurs already face a lot of challenges related to their business at different points of time. Sometimes, unknowingly, the stealing of their ideas by someone else also becomes a kind of challenge for them. However, by following a few things, they shall be able to protect their basic and revolutionary ideas from getting stolen. Let’s have a look at them:
- There are a few things related to entrepreneurship which are almost impossible to be copied. If a particular entrepreneur executes these aspects well, then no one can copy him or her or even affect his/ her business. One such aspect is loyalty. If we are loyal to our users or customers and share a good rapport with them, then no one can take our place in the market. Another aspect happens to be provision of well – efficient services. Services such as building, shipping, etc. remain within the confinements of an organization and are impossible to be copied.
- Building up a strong and popular brand: Wonder why the idea of Facebook never got copied by anyone else? This is because Mark Zuckerberg ensured that he builds up a strong brand that will be so famous that no one can even think of copying it. So, another way to ensure that no one steals our idea is to build a very strong brand which everyone becomes aware of.
- Incorporation of Network effects: One of the best ideas to avoid your idea being stolen is to incorporate Network effects into your products and services. This is because the value of your product or service will always increase whenever the users join the network. This increase in value leads to the users getting benefits from your products and services. Building of Network effects also increases retention and traction which will make it harder for your ideas, products and services to be copied.
This article is part of our Magazine Issue 3 published in January, 2020. To read full magazine please click on the link.