Mike Baur is the founder of the Swiss Startup Factory, a company that helps out young people who are trying to start successful businesses.
He was interviewed by Red Bull, a German newspaper online. He was asked during the interview whether he thinks that it is a good idea to share your business ideas with others. After all, perhaps you should try to protect your business ideas and keep them a secret. This way, you do not have to worry about someone else stealing your idea and starting a business in the same field.
Mike Baur answered that you should always share your business ideas. He stressed the word always. There are many reasons for this, besides that you want to be someone with a good character and who wants to inspire others. He said that if you are able to share your ideas with others, you will be able to get feedback from them. Someone else will be able to tell you what their own perspective of the idea is. You may have missed something that could change the entire business plan you had in your mind. It may be something that you missed that would ruin your business plan. It may also be something that you missed that would have been able to double your profits. You do not know. Therefore, always share your ideas with other people. Another reason why you should share your ideas is that you may inspire other people and get them to be passionate about your business idea. Do not be cynical and think they will try to compete with you. You can get them on your team instead. They will be able to work with you and help you succeed. Do not underestimate the value of a team. Teamwork is great because two people can get more done than one person. There is another benefit, and that is the value of networking. Networking and having a wider network is always beneficial.
Mike Baur added that if you start a business, you will fall at some point or another. That is good. If you fail, you learn something and you are able to do something that is much better than what you did before. You have to analyze your mistakes and get ahead by changing things the next time that you try to build a business.