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I recently read an article by Gurbaksh Chahal a mega successful Silicon Valley entrepreneur. In the article, Gurbaksh states that ‘when it comes to business. 99% of the work is execution, 1% is only the idea’. I agree completely with this, and anecdotally it appears most people I’ve asked agree with it too. After all, an idea is just an idea, and it’s the execution which brings that idea to life.

Yet it’s interesting that in Melbourne at least, I’ve find that so many people are extremely secretive about the startup or idea they’re working on. In fact, I would say that while I’ve retold my startup plans to nearly everyone I’ve met, I am rarely told what people are working on in return.

Time and again I read articles about why startups fail and within the top 10 I have never ever seen ‘idea got stolen by someone else’ as the reason a startup failed. More often than not, bad products, poor management, infighting, lack of funding etc are to blame.

My personal belief is that the more open you are with your idea, the better your chances. This is just simply due to the fact that you will have tested your idea out on smart people many many times before you front up to investors. It gives you the chance to practice your pitch day after day, so that it becomes second nature to you. Most importantly however, by selling your idea to others, you inadvertently sell the idea to yourself. On a daily basis you are able to re-motivate yourself and reignite your passions.

With that said, being open with your idea also doesn’t mean detailing your business plan in ever public place possible. You bring it out specifically when you want to practice your pitch and/or receive feedback.

For me, it’s been excellent practice which I’ve really gained a lot from. Everyday, I learn more and more about myself and my startup business and I’m becoming far better at pitching that when I first started. If you haven’t tried, have a go at it yourself!!

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