Old businesses are the last to place their bets on new media, and are particularly obtuse when it comes to social media and advanced technologies. For decades, the art of the slow-played hand has been the greatest asset for big business. They’ve watched, they’ve listened, and when a market began to prove itself, they jumped right in. But times, they are-a-changin.

Here is the problem with a safe bet - old principles don’t translate well in today’s real-time world because news travels faster than ever before. Only savvy, risk-taking entrepreneurs who seize these opportunities will thrive. If your plan is to sit around and wait for new technology to prove itself, you’ll miss the beat every time. 
 
Why do you think Apple is so paranoid?  The don’t want their ideas created before them. They know an opportunity when they see one, even if it’s risky… they don’t sit around waiting for market validation.  That’s the core difference between old big business and new entrepreneurs; new entrepreneurs get it. Sure most entrepreneurs fail for one reason or another, but the elite are always ahead of the competition by web-years because they keep their ideas under wraps, and they gamble. In other words, they’re not afraid to live a little.

But how does one validate their business without tipping their hand to the public? They test the shit out of it privately with partners they trust (beta testing). As a new entrepreneur, this is where you want to spend most of your time in order to reduce the risk of a failed public launch.  Since today’s inter-webs consumers can be harsh and unforgiving, it’s the only way to go.

Its never too late so if you’re an old dog and you’re heading down the entrepreneurial path, take this into consideration:  When you engage with social media (twitter, facebook), be honest about your business and truly engage with customers. Talk to them about their overall impression of your ideas and really connect with them.  Nobody wants to feel like they’re talking to a brand robot.  Respond to as many tweets and comments as you can, and make sure your fans are being heard.  You’ll be amazed at how useful community feedback can be, and how much risk disappears when validation of your business happens in real-time over social media.

If you decide to collaborate with the consumer about ideas for your business you’ll have longevity and a loyal fan base. Why? Because you’re creating what’s desired or needed for an engaged audience. Not only will they buy it, they’re going to share because they had a part in the creative process. The investment should be in the consumer, because happy consumers = far less risk.