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Follow on TwitterA reader asks:
I was working on a business idea with and someone who I shared the idea with took my idea and my business name and started the business. Is this legal.
It’s morally questionable, but yes, it’s perfectly legal (see the post Can I Steal Someone Else’s Business Idea for more information). I’m sorry, I know it’s not what you want to hear, but business ideas are for all intents and purposes impossible to protect, as I explained in the post How Do You Protect A Business Idea.
What you can protect however is the execution of the idea, and it is details of that, that you should keep close to your chest.
Asking John:
Do you have a business question you would like me to answer? If so you can Ask John or or you can ask on the forums where you’ll get both my input and that of your fellow entrepreneurs.
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This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
Morally questionable is true. However, if someone takes you idea and is successful, you’ll probably expect him to give you anytype of incentive. So, if you take someones idea and you are succesful with it, you should think about an incentive for the other person as well.
Hi John, long time no post!
Anyway, I once lost a major story idea to a hack at The Evening Standard. Fumed for a few days, then got real.
All of this just warns business people to protect what will make money. Full stop.
Take care,
sahail
Ideas are “a dime a dozen”. If you think your idea is new or unique you are almost certainly wrong. What separates an idea from a business is execution.
If you have an idea you genuinely think is valuable then run with it… otherwise you’re just another chimp with a typewriter.
K.