This post is part of this week’s Startup Edition to answer the question: What advice would you give young entrepreneurs?
Are you wrestling with an idea that won’t escape your mind? A startup you can imagine yourself running and growing into something real?
How many people have given you feedback on this idea? Have you told your closest friends about it? Your family? Have you sought out experts in your chosen field to get input?
One of the biggest mistakes I see new entrepreneurs make is not asking for feedback on their early ideas. Talking about an idea will help it mature into something real. You can have an idea your entire life and never execute on it. Don’t let fear stand in the way of making it a reality.
Don’t be too afraid of thieves. If you are really concerned about a competitor being able to beat you at your own game, you’re doomed from the beginning. It can be scary to put an idea out there but the experienced entrepreneur is already doing it.
Find peers in your chosen field. Approach the conversation from the standpoint of curiosity, “What do you think about X?” Odds are, someone has thought of your idea before and have a reason they did not execute. They probably have enough going on, don’t see it as the right fit for them or don’t think it’s a good idea. By asking their thoughts you’ll be more knowledgeable as to why not. This should help further build confidence in why you should do it if you see things differently.
Don’t allow a fear of rejection stop you too early. What if they think your idea is stupid or crazy? Phrase your idea in terms of: ‘I’ve been thinking about …’ or ‘what if this existed…’ or ‘would you use x if it were offered..’ to help make the conversation about the idea and not just you. Truth be told, not everyone is going to like your idea. Even if you become a giant like Twitter there will be people who don’t understand it and criticize it. But continue getting feedback even if most disagree with your vision. It will make you stronger.
Execution above all else. Getting early feedback on your idea is important, but don’t allow on-going discussions to keep you from executing. You should be utilizing Lean Startup methodology to get your idea moving but collecting feedback as it grows.
What business ideas have you been hiding? Share with me in the comments or on Twitter @br_ttany.
Want to read more advice for young entrepreneurs? Check out this week’s Startup Edition.
Photo of Valiyaparamba Island.