I remember when I was in B-School we had a business plan competition in class. Five or six venture capitalists came in to listen to group presentations. One student asked the VCs to sign a Non Disclosure Agreement (NDA). He was practically laughed out of the room. He thought his idea was so good and so unique that he had to protect it.

Whether his idea was good or bad, (in this case bad according to the VCs) was irrelevant.  VCs typically do not sign NDAs for non-operational businesses. If it’s in the business plan stage, while it is vulnerable, it also has much less value. Here are a few ways to protect your idea:

1.    Trademark your name and register the domain name to match (if available). Trade marking protects the brand you are trying to build and is a good first step when you are in the early stages of your business.
2.    Patent your product or service. In the past, protection was available via the patent process and still is in some cases. But recently this option narrowed by a court opinion which stated that abstract processes, often involving thoughts only, may not be patentable. Depending on your idea, this could be more important. Be sure to speak to your lawyer.
3.    Start operating. The best thing to possibly do is just start operating. Take the risks. Form relationships with clients, vendors and any other groups you will need. Many people have had the same idea or a similar idea. The sooner you are able to begin to build barriers to entry, the better off your company will be.

No matter how great your idea is, you shouldn’t be too afraid to get it out there. Chances are you aren’t the first one to have this idea, so don’t let the fear that someone might steal it hold you back.