Making Connections

Good paper makes good friends

Entrepreneurs with a million-dollar business idea often worry about someone stealing it. However, to effectively develop and implement your great idea, you're going to have to tell a few people along the way.

ROGER PIERCE
[ 2006-11-22 ]

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To help protect your idea when discussing it with others, consider drafting a Non-Disclosure Agreement (NDA). A fairly simple legal document, an NDA is signed by a person who is about to receive your business plan or otherwise about to hear your great idea. It usually deters the recipient from breaching your trust by sharing your confidential information with others.

Download and edit a sample NDA from the web, or contact a lawyer to prepare a custom document. It's a good idea to carry a few blank copies in your briefcase, and to attach one to the cover of your completed business plan.

Remember, however, that it's not the idea itself that will make your business a success, but what you do with it. As any self-made millionaire will tell you, execution is everything.




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