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How to Protect Your Business Idea From Being Stolen

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Becoming an entrepreneur is no easy job and it is definitely not something that you achieve while sitting down. You would have to put in a lot of hard work, thinking, sleepless nights and the likes before coming up with a plan at all, talk less of implementing that plan. it is then a very painful thing when after thinking up an idea and doing the grueling work of drawing up a business plan, someone just comes out from the blue, steals such ideas and makes it theirs because they have the means to launch it fast, relegating you into the background.

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Believe it or not, this problem has crushed the dreams of many entrepreneurs in the past and if you don’t make the necessary moves to protect your idea, you might end up losing it also. What the can you do to make sure your idea is safe and sound?

      1.Non-Disclosure Agreements:
Signing a Non-disclosure agreement (NDA) may sound like going too far but trust us, this would offer you a lot of insurance and protecting should things go south in the future and you find out that your idea has been made use of. Before you disclose any of the content of your plan to anyone, get them to sign this kind of agreement and this would bind them against using, disclosing or discussing the information with someone else.  Some investors might not want to sign this, just tell them what your fears are and they should understand if they haven’t got any sinister motive.

     2. Trust Only yourself
People can only know as much as you tell them so in the starting stages of your business, make sure you keep as much as you can to yourself and only disclose information that needs to be. Don’t go around trying to show off your idea or speak to anyone that would listen because in the long run, this might just be your own undoing. Secrets are kept for a reason. See that reason.

     3. Patents:
Patents are one of the best ways to protect your business idea and it is what the top companies are using now to protect breakthrough technology, creativity and innovations. The thing with patent is that they are very expensive and would set you back a lot but for the time being you could get a provisional patent which would cover you for a period of 12 months.

     4. Documentation:
When thinking up your business idea, you obviously didn’t just sit in your room and brainstorm on it all. You had to make some payments, incur some costs, make some research and the likes. Put all of these into prints and file them away somewhere as they would come in handy when laying acclaim during a legal process.

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     5.Do background checks:
A lot of fraudulent individuals would come to you as investors, show some fake interest in your business all so they can hear your idea and go use it. whenever an investor comes along, investigate them. See if they have a reputation already and if they truly have a name to protect. A trusted name in the industry would not want to be soiled and they would be the best for you.


      6.Don’t be greedy
When you are being overly greedy with the profits to be gained and shared in your business, you might be driving investor to steal the idea in the first place. Be flexible with the profit sharing formula to accommodate you all and offer them some great incentives too. You would have appealed to their happy side and they would have none of such negative thoughts towards you.