On the second floor of a lovely old DC building in Dupont Circle there was standing room only for entrepreneurs who want to startup a new business or learn more about their fledging business. The room had an air of excitement, an expectation that secrets would be shared that will help all of us succeed. The Dupont Circle Business Incubator opened its doors this fall and it's founder Carter Ferrington is welcoming and genuinely interested in helping people succeed.So what did I learn? First off, I learned that GW is teaching us the same stuff that these folks were talking about when it comes to market research, financial analysis and business plans. Surprisingly about half the attendees didn't have a business plan...hopefully, they didn't have a business either!
The take home point was: Don't keep your great ideas to yourself. Talk and share to get feedback. Your idea is great, but 50,000 others have had the same idea. What will make you succeed? Be open to feedback and let it change your idea to be even better. Don't be afraid of contrary feedback...it may hurt, but it will also make your idea better. You need to understand your customer and your competition. Of course there are risks that someone may "steal" your idea, but the benefits of growing and shaping your idea through sharing outweigh the risk of losing it.
Read about other incubator labs in DC where innovators and entrepreneurs incubate great ideas.
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