In the world of entrepreneurs, there’s a common belief that ideas alone are similar to blueprints without a building. In other words, they’re merely a starting point. The true essence of entrepreneurship doesn’t lie in the idea itself but in its execution. SMEs form the backbone of many of the world’s leading economies, and this realisation is particularly crucial.
Yet, for me, the secret of business success is to unleash potential through community and collaboration. And in the first of my articles about business, I am advising SMEs that sharing an idea might be the best approach to take.
Many entrepreneurs safeguard their business ideas fiercely, fearing intellectual theft or premature criticism. They hold their cards so close to their chest, that they often miss out on potential collaboration, feedback and support. All three of these functions are instrumental in any business journey.
Being protective is a natural human instinct, and completely understandable, but can also act as a barrier. It will not only hold back an idea, but may limit the full potential of the entrepreneur and their budding business venture.
As an investor and founder at HelpBnk.com, this notion was challenged during the development phase of the project. HelpBnk.com is a platform designed to support and foster a community of help-seekers and problem-solvers.
This idea was shared openly for an entire year before its official launch, and then an interesting thing happened. Instead of facing copycats or naysayers, the concept was met with enthusiasm, support and constructive contributions.
Our website explains how HelpBnk.com is a platform that ‘rewards you for helping others. It allows entrepreneurs to connect and get the help they need for free.’ So, why did this openness work? And how can other entrepreneurs replicate this success?
Validation and improvement
By sharing your idea you invite feedback and, in the world of SMEs, this is gold. Real-time responses from potential customers or seasoned entrepreneurs will help to validate your concept. It will also identify areas for refinement and this step is crucial too. By saving time and resources, you can direct your passion to where it matters most.
Networking and opportunities
The moment you begin talking about your idea, you’re essentially pitching to everyone who listens. Until you decide to share, you will never know who is in a position to assist or collaborate. For SMEs, resources might not always be abundant, therefore take advantage of the power of the network. Collaboration is a key asset.
Accountability and momentum
Giving your idea a name and voicing it sets tangible expectations. It creates a sense of accountability for you as an entrepreneur. The community around you becomes an informal board of advisors and their anticipation fuels your momentum. This is particularly important for SMEs, where the journey can be a lonely one. Unfortunately, SMEs usually lack the structured accountability found in larger organisations.
Community and support
Platforms, such as HelpBnk.com, thrives on communal support. For SMEs, being part of such a community can be empowering. It’s not just about what you take, but what you give back. When you share, you’re contributing to an ecosystem of knowledge and experience. This is valuable for current and future entrepreneurs.
The journey of entrepreneurship, especially for SMEs, doesn’t have to be lonely. Sharing your idea opens doors to opportunities, support and growth – which secrecy seldom provides. While protecting your concept is natural, isolating it is a disservice to its potential. Share it, and let the collective wisdom and support of the community help you execute it. By adopting this inclusive approach, there is a much greater chance of bringing that wonderful idea to fruition. After all, execution is where your idea transforms into a valuable reality.
Remember this
A good idea means nothing without execution. And sometimes it takes the input from others to finally get a project successfully up and running.
