Many first-time entrepreneurs are hesitant to talk to others, even their friends and family, about their ideas for starting a business. For some, they don’t want to talk about it until they have it moving, thinking they will be embarrassed if it never gets off the ground. For others, they are afraid that someone else will steal their idea before they have a chance to get it off the ground. Still others just don’t want to hear all the naysayers tell them why it won’t work. While these are all valid concerns to some degree, the advantages of communicating your plans far outweigh the potential for negative outcomes.

Talking to others about your business idea allows you to develop the picture of how your business will run. You will find that most people are impressed with your “tolerance for risk” and are interested in what and how you plan to launch your own business. Many will ask you questions about your plans, which will help you identify aspects of your idea that have not been worked through. Others will offer advice from their own small business experience or stories of other business owners they know. Some will know more about the type of business you plan to start than you expect and will provide useful information and advice to consider. Most people like to share what they know, and by opening up about your business idea, you might be surprised at the knowledge and experience the people around you have that might be very beneficial in your startup.

Most people will have an opinion to offer, and some of these will likely prove to be very helpful. Even the most negative responses should be considered on their merit, as sometimes the comments that seem the least helpful can provide profound insight into an area you have not yet considered. For example, an independent carpet cleaner was talking about expanding to hard floor services when the resident naysayer blurted out “I don’t know why anyone wastes money on professional carpet cleaning! The kids just drag in half the yard to the floors by the next day anyway!” This seemingly unhelpful statement inspired the entrepreneur to add a line of retail products to his service business including high absorbency door mats and spot cleaning solutions to use between cleanings. Ultimately, those retail products became over 20% of sales! Listen to everything people have to say about your idea, startups in general, and even your local area or market.

The ultimate good fortune in talking to others about your business idea while you are developing your plan is to find someone who is interested in investing. You might be surprised at who is interested in your business idea and willing to help you out in your venture. Most businesses are started with the owner’s own funds or loans from friends and family, not from formal investors or banks. If you will need startup capital, keeping potential investors informed about your planning process is a good idea.

If you are thinking about taking the plunge into entrepreneurship, start talking about your idea now. Let people know what you are thinking about, and allow them to offer their two cents. You just never know who might provide the one piece of information that is the catalyst for actually getting your business off the ground.

Start here. Go far. LaunchX.com