Business Idea and how to deal with my situation?

davey_j_c

Hey Everyone,

First time poster and need some advice.

Basically i came up with a business idea a couple of months back and since i am still in college i kept it in the back of my mind as such. However recently as part of my course work i have had to develop a business idea and plan as part of a group. So i thought that this would be an ideal opportunity to develop the idea further.

The group consisted of 6 people (had no choice in who was in the group). And we basically developed a business plan by going through all the steps that any prospective entrepreneur would ie market research, finances etc etc.

Myself and 2 others did the majority of the work, they are pretty smart and have added value to the idea. We have received an expression of interest in the service we are offering from a pretty big potential customer, and now one of the group who did f**k all only contact them in the first place thinks that they are part of this company for real.

This is my business idea and if it is to be rolled out i would want to be the main man, with the two other group members perhaps helping out. How do i tell this person that they aren't going to be part of it, as the only reason they were involved in the first place is because everyone had to be part of a group.

What to do?

chillywilly

davey_j_c wrote: »

Hey Everyone,

First time poster and need some advice.

Basically i came up with a business idea a couple of months back and since i am still in college i kept it in the back of my mind as such. However recently as part of my course work i have had to develop a business idea and plan as part of a group. So i thought that this would be an ideal opportunity to develop the idea further.

The group consisted of 6 people (had no choice in who was in the group). And we basically developed a business plan by going through all the steps that any prospective entrepreneur would ie market research, finances etc etc.

Myself and 2 others did the majority of the work, they are pretty smart and have added value to the idea. We have received an expression of interest in the service we are offering from a pretty big potential customer, and now one of the group who did f**k all only contact them in the first place thinks that they are part of this company for real.

This is my business idea and if it is to be rolled out i would want to be the main man, with the two other group members perhaps helping out. How do i tell this person that they aren't going to be part of it, as the only reason they were involved in the first place is because everyone had to be part of a group.

What to do?

Tell him that you intend on continuing the business without him. He should understand that it was your idea to begin with. It wasnt his idea/plan so after the college project is done he should have no say in it. Especially since he did fook all to begin with

betonit

cut the tie now!! tell him his not needed, not part of the plan for the company and let him off. You need to do it asap

cabla

Thats the thing about college work. Dont do your ideas with people you dont really get along with or want to do work with. They jump on the bandwagon and potentially rob your idea. Keep your ideas to yourself.

But in relation to him. Tell him that you appreciate the interest but you are going to persue it on your own. I wouldnt even mention the 2 others.

davey_j_c

yeah i am gonna send an email. Any ideas how to word it?

This person is still in contact with the potential customer and is acting as if they are still involved, even though the project is over. :mad:

I tried to contact that customer myself but to no avail. I am afraid this person is gonna try and steal the idea

MB74

The power is in the contact. You need to control the contact in the company. Wine and dine them if you have to, a business lunch is always a good environment to strenghten relationships. I wouldn't be afraid to bring along someone else with you if you are unsure or nervous, someone with a bit of business savy, maybe a parent (?) introduce them as a partner/adviser behind the scenes.

You also need to exclude this other person from the process, postal correspondence, email correspondence only accessible by you.

I would also prepare for things getting nasty, make sure you have some way of differentiating yourself from the other individual if they try and steal your business, be it in dept knowledge or a unique selling point, but do be prepared!!

Your first real business test, best of luck with it.

davey_j_c

MB74 your right about the potential customer. I have tried again to contact them just there so will see how that fairs out.

The business idea itself is my baby, so i have a very in depth knowledge of what is required. there is no way the other person could do it as well as i could, as they barely had any idea what was going on during the actual project!!

If i could just get a that contact on my side and deal exclusively with me there would be no problem.

cabla

MB74 is right. Good luck with it. Business is ruthless. Just tell the other guy straight out that its your idea and you dont want them in on it.

Then do what you have to do. Get in contact with the customer.
Good luck, let us know how you get on.

Arcee

davey_j_c wrote: »

yeah i am gonna send an email. Any ideas how to word it?

This person is still in contact with the potential customer and is acting as if they are still involved, even though the project is over. :mad:

I tried to contact that customer myself but to no avail. I am afraid this person is gonna try and steal the idea

If you are going to get into business for yourself you're going to have to develop a thicker skin and face up to confrontation. You will have much harder decisions to make and battles to fight in the future.

In the same way, you'll have to battle future competitors for customers and if you can't contact this particular customer.... well..... try harder. Be professional and prepared to answer all the customers questions - make them want to deal with you and no one else. Explain to them who is involved in your company and what each person's role is. Take charge of the situation - if you are going to be the figurhead for this company, you need to inspire confidence in people that you're the one in charge.

Explain to your classmate that you are going to take the lead and run with this in order to set up your own company. Tell him you have already chosen the management team and won't be inviting him to join. If this was truly your idea and you have the evidence to show you have done most of the work then you have no need to be modest as to the extent of your contribution. If this guy really is as bad as you say, then he won't have the wherewithall to pose a risk to you in terms of stealing your idea.

However, if he truly has locked down a relationship with this customer you mentioned, then be prepared that you may lose them if they learn he is not on board. Don't be deterred though - they may be more interested in your offering than in your classmate and if it comes to it, well, they're not the only potential customer out there.

If you know anyone in business for themselves at the momemt, it's worth asking them for help. You may need a senior person with years of experience to guide you in handling the sometimes unplesant scenarios you're going to face dealing with customer relationships and staffing issues....

davey_j_c

Thanks guys! The replies are inspiring keep them coming!

I completely understand the confrontational aspect of being in business and i am certainly not going to back down, especially since i have grown pretty attached to this idea.

Luckily i have some contacts already in business and they certainly fit the requirements as "mentor", although perhaps they are more worried about their own business at the moment!!

I earlier sent another email to that potential customer, offering to go and meet them face to face and chat about the possible options available to us. so hopefully I will hear back from him soon. The one worry is that the groupmember i feel disclosed too much info, with regards the service, to the potential customer. They said they would go ahead and do it themselves if our "company" didnt.

cabla

What kind of area is your idea?

egan007

If i were you I would register a company.
Make yourself and the other two directors.
Re-Wirte the business paln around the same idea.

Why?
Because in the small print, the college have a right to claim any ideas you develop in there.
This solves two problems.

Good luck - Business is the best fun you'll ever have - done right.

davey_j_c

a fitness and exercise service with a fun element to it. see pm

davey_j_c

Hi everyone,

Just an update on the situation for everyone who has helped me out and given me advice.

Spoke to the group member and put the foot down, they have agreed to step back, and leave me to develop the service further. Told them exactly why i would not have them as part of the business. First ruthless act in business - check.

Secondly i have got in contact with the potential customer, and am going to meet them next week or week after for lunch or coffee. Being a poor student i think coffee is the most likely option. This is just to discuss the idea and plans for a possible roll out.

I think that i would use the opportunity to "test market" the service, as it is not the primary target market as such. In the meeting i suppose i just have to set out to them that it is my business, and after this contract or whatever is up it will still be mine. I have a feeling that this person might want in on the deal.

Finally, for a service such as mine which is utilising a product which is already out there... is there any scope for IP protection? How do i go about protecting my service?

lecheile

Hi Davey - well done on overcoming your first challenge there will be many more, and just remember how good it feels to had it sorted and move on to the real issue of developing the idea.

I would be very interested in hearing about your idea as I may be able to help. I'm involved in coaching junior athletes so reasonable amount of knoweldge as to what may work.

Good luck.

lecheile

davey_j_c wrote: »

Hi everyone,

Just an update on the situation for everyone who has helped me out and given me advice.

Spoke to the group member and put the foot down, they have agreed to step back, and leave me to develop the service further. Told them exactly why i would not have them as part of the business. First ruthless act in business - check.

Secondly i have got in contact with the potential customer, and am going to meet them next week or week after for lunch or coffee. Being a poor student i think coffee is the most likely option. This is just to discuss the idea and plans for a possible roll out.

I think that i would use the opportunity to "test market" the service, as it is not the primary target market as such. In the meeting i suppose i just have to set out to them that it is my business, and after this contract or whatever is up it will still be mine. I have a feeling that this person might want in on the deal.

Finally, for a service such as mine which is utilising a product which is already out there... is there any scope for IP protection? How do i go about protecting my service?

Re IP protection, if the product is already in use (and probably protected) it is very difficult to protect an existing product for a new application, unless you can develop the product so that it is substantailly a new product.