“I have a great business idea, but I am scared to share. I fear, someone may steal my idea,” he told.
- Running a travel agency, targeting Indian corporate crowds. Make a honeymoon package, vacation package, reach out to big Indian companies from Bangalore and Mumbai, etc etc.
- Running an e-commerce site, purely brand-oriented, targeting upper middle class and upper class.
- Running a cafe, which is more like entrepreneur friendly and also with library and boutiques.
- Running a trading company, same like share market but here, will be trading FMG, where consumers make an order and market delivers and we earn by taking brokerage kind of service charge.
- Running a school, that teaches youths on various practical aspects of life, provides counselling and consultancy… and they can join school at their convenience,
Bla, bla, bla, bla.
And I told him, I am not scared of sharing my business ideas. “You know why?” I asked him. “Why?” he asked back. I told him, “because idea alone is BULLSHIT.” It’s like opinion, everyone has one.
“Ideas don’t mean shit… Execution is the game” Gary Vaynerchuk
What is business idea?
Business idea is nothing but an idea that is constructed when you see a problem and figure out a solution and way to make money in this process.
Let me tell you this.
The other day, I was in The Bakery Cafe. A customer was trying to call waiter and as you may know, waiters in Bakery Cafe are deaf (ya, only deaf people are hired as waiter), no waiter could hear the call. The customer got so pissed off, that he just left the place. Then and there, an idea popped up in my head. How nice it would be if there in the table, it had button to press and light would blink in reception or somewhere appropriate and waiter would know from where the call is coming — something like in Airplane. I was thinking, “there are so many branches of The Bakery Cafe and proposing the idea and installing the feature in all those branches can be a great idea.” I thought of then and there. You see? a business idea was born there itself. There are billions of humans constantly coming across many problems and just like me, they constantly come up with ideas to solve those problems.
So basically, construction of business idea is very ordinary thing that almost all humans are capable of. Every mindblowing idea that you think you have, is also an idea of someone, somewhere. The ideas that I have listed above surely are also ideas of many.
So, here is the answer on,
“Should I fear sharing my business idea with others?”
I just shared my various business ideas above. Now, what you gonna do? You think you can just steal my idea and turn into a business? It’s not that easy. Idea is nothing but a thought. Now, that simple thought has to be turned into a working idea, and then comes building a team, and then engineering part, and then comes building a prototype and then comes marketing of the product, etc before you finally make money out of it. This whole process gonna take if nothing also 2-3 years (provided you have money and needed spirit).
Idea comes and goes. Most of the people, never work on the idea in first place. Those who do, that too in large number give up in middle of the trial. Barely 1% succeed to take it to money generating mode. What keeps one to keep pushing until the end is the spirit, is the needed fund, is the needed skills, etc. It’s easy to steal someone’s idea but it’s no way easy to execute the idea. Another thing one needs to understand is, no idea remains as it was in conception time. Idea evolves as you start working on the idea. Facebook today is quite different than how it was in the initial days.
That’s why, I say every idea is great idea if is worked on. Instead of fearing to share ideas, I rather say, DO SHARE. This in fact will help you to have broader perspectives towards your ideas, through input of various minds. You being the father of your idea, you are prone to be optimism biased. By sharing your business idea, you are letting your idea to be refined.
Long thing short, I have hundreds of business ideas, that I truly care and value, and wish to turn into a reality, turn into a tangible thing, that can be touched and shown, and make money from, but I still can’t execute them due to various reasons. To think, by sharing those ideas, someone may steal and become rich is just a paranoia. Real world does not work that way. If you find someone working on your idea, probably you found someone that too have come up with your kind of business idea.
So, fear not. Let your ideas be heard and refined. Ultimately, it’s your idea, and only you can execute it or somebody who too has similar idea. End of the day, winner is the one that doesn’t give up, until not crosses the finish line. As they say perseverance is mother of success.
Tell us about your business
Tell us about your business/company and we will turn them into an article for Internet users.
Hello all business owners and entrepreneurs out there,
We are pleased to announce that we are creating company profiles and publishing them through our website, so that our readers and audience get to know about your company and your business in much simplistic way. We also believe that with right SEO and web management, those information will be reaching to many internet users, which shall benefit you in a longer run.
The provided information will be compiled to turn into an informative article as a company profile and publish them through this website, so that whenever someone wants to learn about your company by searching through Search Engine or by directly on our website, they get to learn basics about your company with an ease.
Why we are doing this
- We are mission-based company, in a mission of “creating an informed society.” It’s part of our mission to create information about companies and businesses from Nepal and make the information easily accessible to people on internet.
- Your company’s basic background information will be handy for us when we plan to interview or cover your business.
- Our mission is also “to promote local businesses and activities.“
Where to start
We have embedded a google form in this article itself. You either can fill it up directly here itself or you can CLICK HERE to open in separate browser and fill it up. We expect all questions be answered since those answers are dots to draw a complete picture of your company, skipping which may give an incomplete looks to your company profile.
Once you have submitted the form, we will go through it and turn it into an article as your company profile, which will be notified to you through email or phone.
It’s indeed is a great opportunity for you and your company. Hope you will grab it.
Being an entrepreneur in Nepal
Being an entrepreneur isn’t easy in a country where you are judged by money you make and not the impact you create. Your idea, your dream, your ambition are considered as threat than opportunity to collaborate for greater good. It’s not easy to be an entrepreneur in a country where investors are interested to invest only if they can hijack your business. It’s definitely not easy where rents are nothing less than 20,000 per month. And, it’s definitely not easy where no one is interested to work for you for anything less than salary s/he would get abroad. Needless to talk about taxes and policy hurdles.
You are celebrated only on Facebook. In reality, you are secretly hated for your success and growth and popularity. It’s not easy to be an entrepreneur in a country with leg-pulling culture.
Sometimes, it feels like entrepreneurship is just a new high-school band trend, where everyone wants to become next Metallica, with a dream to make a world tour, but in reality you are judged for your long hair, tattoo; no family support, costly recording, and no one to buy your album and sooner or later, you be like:
“Me and some guys from school
Had a band and we tried real hard
Jimmy quit, Jody got married
I should’ve known we’d never get far
Summer of 69”
Despite all that, there are some guys out there not giving up on their entrepreneurial idea. Finding a way out to resist the temptation of good paying job, home or abroad, and keep trying to make fortune here in one of the poorest countries itself. They don’t remember themselves when was the last time they took the salary but still never fail to pay salary on time to colleagues working for him/her. Constant pressure from family and society to make good money but still not taking the shortcut route to money compromising the impact and ethics. Such guys are real entrepreneur to me. They exist.
I bestow my love and respect and support to them. You guys are in making of Bryan Adams despite living Summer of 69.
May you not give up.
What is Seed Capital?
Just how a germinating seed needs water, sunlight and proper nutrients to grow into a beautiful plant, any budding entrepreneur also needs funds to implement his/her startup ideas. This initial investment which helps to cover up the basic operating expenses, research and development expenses etc to grow the business until the product itself starts generating revenue is called Seed capital or Seed funding. Generally, seed capital is considered as the first round of investment until one develop his/her business to a certain level after which he/she can find venture capitalists to invest in them. So, where does the seed capital come from? Some of the easy sources may include :
- Friends or Family
- Crowd Funding
- A seed-stage angel investor
- Corporate seed funds for startups
- Self – financing
- Government subsidized loans and grants
Finding an investor can be a challenging task as your startup is still in conceptual phase. Generally, the banks often ask for collateral against the applied loan. Even more, the interest rates may be high and not every person can afford to take the risk. On the other hand, investors may invest in you and your idea in exchange for certain equity in stake. This means you will be losing your share of full decision making authority over your business in exchange for his contributed amount of capital. However, reaching out for friends and family or using your own savings is always a good idea if you don’t want to get involved in debt. There are also government grants and subsidized loans in recent years that plan to support to aspiring entrepreneurs in the country. So, before you make your decision, make sure to do a good research and weigh all the pros and cons of each source to find one that actually compliments your business model, as it plays a determining role in the future of your business.
The author is a CA student. If you want to add more information on the given post, please comment below and your comment will be incorporated in the article.
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