Forums: Discussions for entrepreneurs and small business.

I am in the early stages of trying to turn my idea and business plan into something a little more..... real. I have a couple of questions as I work on my business plan and get ready to go angel hunting.

My initial thought is to contact local entrepreneurs who have made their money in the same industry. To my knowledge, my idea is pretty unique so should I be concerned about sharing it with people in the industry who would have the ability to take the idea and run. Is there anyway to protect myself from this? Obviously, it would be a great thing if my idea turns out to be good enough to steal but I`d like to come out of this with something more than a burning resentment. I realize that finding an angel is likely to be an uphill battle anyway and don`t want to come across in my initial contact as a jerk.

Somebody here suggested I think about adding people to my team to make my plan more attractive to a potential investor. Currently, my team consists of me. Adding staff - a VP Sales or Marketing - would greatly increase my capital requirements and I`m not sure I could attract good candidates to a seed stage company anyway. Do you think it would be feasible to add directors or an advisory board? If so, that brings up a couple more questions. What sort of compensation do these positions normally command? Also, good candidates for an advisory board are also likely to be suitable to be investors. Can I pitch to them as an either/or proposition? Would you like to be a board member and/or an investor?

I`d greatly appreciate your thoughts on these questions.

Best
Mitch

Investors like to see people already committed to being board members with their info described in the business plan, so you`d need friends willing to set aside their time and be board members if the company gets started, or find people at business seminars, or ask locally through bulletin boards, job boards, clubs, etc.   

They won`t take your idea since they`re heavily invested in doing things their own way, while your idea is driven by your own motivation which they don`t have.  You don`t have to give people your idea, you can just ask about their life and their experiences and then ask some what if questions to find out what they think of different scenarios, and they`ll give you an opinion (What do you think would happen if, would it be convenient if, what if it was done this way, do you think people would like it if, etc). It may seem too intrusive to ask about their life and business, but it turns out people love talking about themselves, but will shut up if you say I think, or I want, or I plan, or anything about you.  Be Larry King or Barbara Walters, just keep asking without making yourself the focus of the conversation.  Eventually, after they`ve told you their life story, you can get to know their opinions about the concept of your idea, and they`ll either be too jaded and think it won`t work and tell you why, or think it`s a decent idea and you can ask if they know anyone who could help, or know any investors or any good resources. Read "How to Win Friends and Influence People." 

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com

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