Home – New Forums Starting your journey business idea … how do you tell people without losing the idea!

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  • #966861
    secretgolfproject
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    Hi Everyone,

    I am dead keen to get some feedback on a business idea I have (I believe it will work very well from projections and research to date).

    Trouble is – there is nothing like this out there currently in my area, so I am mindful of letting the cat out of the bag too soon…

    I really need to talk to someone about my concepts, as I am struggling a little bit with putting my plan together, or more specifically, assessing the numbers needed (my research gives me a number to work to, but how do your TRUST the number!)

    Any help is appreciated. In particular, anyone who is into golf – I would like to hear from you :)

    #1021539
    mybusinesshelp
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    That is a tricky one.

    You can’t protect an idea although I believe you can have people sign a confidentiality agreement before discussing the idea with a “professional”.

    Otherwise you can speak with trusted family members?

    Amanda

    secretgolfproject, post: 25461 wrote:
    Hi Everyone,

    I am dead keen to get some feedback on a business idea I have (I believe it will work very well from projections and research to date).

    Trouble is – there is nothing like this out there currently in my area, so I am mindful of letting the cat out of the bag too soon…

    I really need to talk to someone about my concepts, as I am struggling a little bit with putting my plan together, or more specifically, assessing the numbers needed (my research gives me a number to work to, but how do your TRUST the number!)

    Any help is appreciated. In particular, anyone who is into golf – I would like to hear from you :)

    #1021540
    JohnSheppard
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    IMO, it’s pretty rare that you have to worry.

    It’s one thing to have an idea. 100% of people have them. Few people have the conviction to follow through, fewer again are in the position to follow through, few have the right skill set, fewer again have the timing and place to follow it through. Successfully anyway.

    If it’s a good idea, people will follow you anyway. If it was obvious, people would already be doing it.

    If it’s and idea you have 5 years of R&D behind, then get NDA’s signed. An idea on it’s own is not worth much.

    Others might disagree and I could well be wrong but thats just my mindset on things…

    #1021541
    King
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    there is a similar thread on the forum if you do a quick search – almost exactly the same question in fact.

    But to ease concerns – go out and ask how many employees would like to leave their job and do ‘their own thing’. The response will be that many say they’d like to….and 2, 5, 10 years down the track they are still where they are.

    There are many reason why and John S has listed a few – another is $.

    The people who are likely to steal the idea are out there exploring every avenue anyway.

    Discussing with an accountant for instance in my view is pretty safe.

    But if you need to borrow and need venture capital or even a loan, well you are going to have to discuss it.

    That said, it is worth spending a few hours reading the http://www.ipaustralia.gov.au website. This will give you a heads up on what is protectable and what is not, and also how not to tread on toes for trademark infringement, inventions etc.

    #1021542
    Chromatix
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    Total agree with everyone above, like what King said, IP Australia is a great place to start. We had the same issues with an idea that we had. End of the day, it was having a Confidentiality Agreement on hand, getting sign offs, having chats with our lawyers and other IP specialist.

    Unfortunately for us, once we spoke to a few people, we found that our product wasn’t feasible for the local market so we had to scrap our idea.

    All the best for your idea!

    #1021543
    secretgolfproject
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    Thanks everyone – I suppose I will just put it out there and get the feedback in that case.

    I have got a lot of research behind me, so even if people did want to implement the concept locally – they would need to do a few months chasing to catch up…

    #1021544
    SteveDavidson
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    Maybe try a bank manager or assessor – they could have some knowledge about whether your numbers look right, and they’re unlikely to quit their bank job to run off with someone else’s idea.

    If you’re lucky, they might also play golf! :)

    #1021545
    sixx
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    Confidentiality Agreements are readily available all over the net. Get a solicitor to double check it and you should be good to go.
    The people you need to eventually see most probably would be a business planner who should be able to advise on the viability of the venture based on your research and give advice of what more research is required to get a more accurate reading. Would be a good relationship to have as ideally this is the person who would draw up your business proposal in bankers language if funding was required by banks or alternative investors.

    Something you could do rather cheaply and may provide a little piece of mind is secure the domains depending on the product or service before you do anything else, but it would depend on what you intend to name the product and whether it would be “obvious” in hindsight once in the market.
    If for instance you have invented a new type of golf bag, then the chances of getting the “golfbag” domains are grim. If though it’s something new (but obvious) like “golf cart turbo chargres” then you could straight away have the jump on any future competition. The same could be applied to a service if it’s not a product you have in mind.
    At the end of the day, I guess it’s not a huge outlay if the idea falls over. .. and if anyone in future was to get golf cart turbo chargers to market, you could be sitting on a tidy little domain.

    #1021546
    psamuels
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    Hi there, can I just offer some thoughts. Everytime I go to a party and tell people I design web applications/sites I get 2 or 3 ideas from people and they never do anything with them.

    To set up a business and run it is a major commitment, lots of ideas go no where because the author of it has no time or expertise to develop it without the help of others so these ideas just sit on a shelf.

    The notion of 99% perspiration 1% inspiration is so true. Good ideas can also be done badly or rushed and become mediocre, to do a good job takes time. So with time on your side you’re somewhat protected.

    I’d ask for as much feedback as possible, just make sure that you stay motivated and actually get it going and do it.

    Good luck mate.

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