In today’s episode of The Startup Chat, Steli and Hiten talk about how secretive you should really be with your ideas as a founder.
The startup industry, it’s common for new founders to be super protective of their ideas. However, more experience founders understand that ideas are a dime a dozen, and execution is all that really matters.
In this week’s episode, Steli and Hiten dive into how secretive you should be with your ideas, wow the execution of an idea is what really matters, when to be protective of an idea and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
00:27 Why this topic was chosen.
01:33 How secretive you should be with your ideas.
01:46 How the execution of an idea is key.
02:33 The last time the guys worried about sharing an idea with anyone.
03:28 How being new to coming up with ideas tends to make you overprotect them.
03:51 How the value of execution has taken center stage in the startup world.
04:06 How valuable is an idea in today’s world.
04:17 When to be protective of an idea.
05:20 How executing an idea can change how you feel about it.
3 Key Points:
Ideas are a dime a dozen, execution is all that really matters.
Ideas are more of a starting point and are almost never the end all.
The more experienced you become the less protective you are of your ideas.
Steli Efti: Hey everybody. This is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: And in today's episode of the Startup Chat, we're going to talk about how secretive should you really be about your ideas as a founder. And the reason we wanted to record an episode is that one of you, one of the listeners sent us an email and this is a founder that was wondering and worrying about how openly he should share his ideas with potential investors and potential co founders. And I think the heart of the issue was the fear that people could steal his ideas. I thought that, a, it's funny we've never talked about this, at least not in a full episode, but it felt like a prime time kind of a inexperienced founder worry or fear that you and I could quickly dissect and misspell. Let me ask you Hiten, how much should I protect my ideas? How secretive should I be? Should I worry about telling people my brilliant ideas and will they take them, run with them and crush me then.
Hiten Shah: I'm laughing 'cause people are really protective of their ideas, especially if they're new to having ideas and wanting to execute on those ideas. I think there's a lot of sayings about this, but ideas are a dime a dozen, execution is all that really matters. And that's where I will start. And if you're not worried about your execution, which you shouldn't be really, if it's an idea and you want to pursue it, then why would you worry about telling anyone your idea? It's this thing where it's almost like if you are new to what I'm going to call turning ideas into execution, then you will totally be very, you're very likely to be hesitant to share your idea. If you're not new to it, you just don't care. You're just like, "Yeah, it's an idea and I'm executing towards it and I want the whole world to know.
Steli Efti: Yeah, I was wondering if the episode just started with a question like, when was the last time, because I don't remember the last time I worried about sharing an idea with anyone with the thought in the back of my mind of, "Oh, if I tell this person this brilliant idea, maybe they take it and run with it and I'll be lost." I don't think, can you remember the last time you worried about sharing an idea from that kind of protective point of view?
Hiten Shah: I can't.
Steli Efti: I can't. Yeah, I do believe that,
Key points in this episode
In this episode
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