Convert your leads in NDAs

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if you've got a great idea for business and you're worried that somebody might steal it from you i'm gonna share in this video whether you should or should not use a non-disclosure agreement and when hi i'm evan carmichael i believe in entrepreneurs and i recently got a question from one of my youtube subscribers love you guys raymond ivey who wrote in to say hi evan i have a question but first i want to say thanks for being you thanks for sharing your knowledge and being an inspiration to people like me that genuinely want to become something you are awesome man thanks raymond man feeling the love my question is when wanting to share an idea who should i give an nda to i've had many people steal ideas from me people i really trusted and thought were my friends even people intentionally attending my events and trying to duplicate them i'm trying to build a team but it's been tough and now i'm very hesitant of sharing my ideas but if i don't share my ideas i'll be rolling solo and it'll take longer to reach success raymond fantastic question and one that i think a lot of entrepreneurs wrestle with especially if you're doing something new and different and you're worried do i get somebody to sign an nda or not so today i'm going to share with you my three suggestions for you and also give you a little bit of background on my experience with ndas so number one is execution over ideas i used to be in the venture capital business and vcs will never sign an nda because there's so many different people who have similar ideas that if they sign an nda with one they won't be able to work with any of the other companies doing the same thing and so what a vc will tell you and i tend to agree is it's not so much about the idea it's the execution of it lots of people have ideas the difference is can you execute on it and turn it into something that can be really successful and make a lot of money number two is appearance versus reality you see an nda is helpful and an nda basically for those of you don't know it stands for non-disclosure agreement and what it means is when you disclose your idea to somebody they can't go and share it with anybody else or use it for any other purpose than to help you with what you're trying to do the thing with an nda is you have to be able to enforce it right and enforcing it costs money and that's where a lot of people will stumble and fall down so yeah great somebody signs your nda and if they rip you off what are you gonna do are you gonna take them to court that's your solution right are you gonna take them to court or not and are you willing to invest the funds to be able to do that now if you've got deep pockets you can afford it go for it the big companies use ndas all the time and they back themselves up with a legal team but if you don't have that then it's a lot harder to make it stick because yeah they signed it but they can go off and do it anyway so that's the reality but the appearance is that signing of the document may be enough just to make them think twice about it so in my mastermind groups i run a series of mastermind groups here in toronto in city and i make everybody sign in nda before they come to the first meeting because in the groups we start talking about sensitive personal stuff that you wouldn't want other people to know or share or leverage the thing is though again is somebody really going to sue somebody else who shared an idea in the group probably not so it comes down to bringing the right people on into the groups that you can trust and build a relationship with but also have that appearance of professionalism and have it there as an option just in case so if you're really worried about it then that's a potential threat you still have to sue them to follow through on it but it gives you perceived importance instead of the what in reality is you're going to have to sue them and spend a lot of money if they do break it and number three is understand your strengths and what i mean by this is i agree with the first point where it's more about the execution than the idea and if you're the kind of guy where people are stealing your ideas and they're making a lot of money off it and you're not able to execute right you're more the ideas guy and not the execution guy that's always going to hurt you and so you have to leverage what you're really good at and protect yourself so you can use ndas you can use patents if there's a way to patent your process or your idea somehow and probably more important is you need to find the right partner you need to find somebody who can execute the ideas that you come up with so you come up with the idea take it to fruition say here's something great that we can work on and then your business partner goes and takes that and runs with it and helps you build something successful finding that key person is going to be the really most important thing for you to do right now in your business and until you get there i'd suggest staying really high level you protect yourself by not sharing too much you can share high-level information about what you're trying to do and what you're trying to build up and hopefully now after some of those failed relationships your your gut has been trained a little bit better your bs meter is a little bit higher you've learned through those past experiences and you can start letting somebody in the circle of trust that you create little by little by little until you divulge the whole idea to them so you start very high level don't share very much information just enough to get them interested and then slowly as they earn trust you divulge more and more so those are my thoughts i hope that helps continue to believe and for those of you watching i'd love to know your thoughts if you've used ndas or not if you're thinking about it share it in the in the comments below i'm going to join in that discussion and i'd love to hear from you if you like this video and you want to see more don't forget to subscribe to the newsletter and the channel thank you so much for watching i'll see you soon