Every entrepreneur has a moment when they see something another business has done and think: “wow! I wish I’d thought of that.”

The cause of this thought could be anything. It might be the brightly coloured lanyards that employees are wearing at a trade event; you marvel at how much more noticeable they are than your standard blue affair. Or it might be something larger; a marketing strategy, a new product idea, a delivery service that you can immediately see is going to welcomed by their customers. Effectively, anything that gives you a sense of jealousy, and a wish that you’d had that idea first.

It’s at this point that you’re faced with a choice. Do you:

1. A) Forget what you have seen. It’s their idea, their innovation, and while you wish you’d done it, you need to leave it alone. All you can do is hope that you have your own ideas in the future; ideas so good they will make other business owners feel the same envy that you’re experiencing now.

Or…

1. B) Copy it. After all, no idea is truly original anymore, so what’s the harm in you doing the same?

If you decide to opt for option B, then be well aware that you might be on thin ice. Here are a few things you need to consider before taking the leap.

#1 – They Might Call You Out On It

Let’s go ahead and assume that you know not to steal intellectual property or anything that will infringe copyright. Therefore, if you’re “called out” on emulating an idea, it shouldn’t be too damaging; it’s not like you’re going to get taken to court. However, you might find yourself on the receiving end of a few snarky comments.

How To Handle It

Just explain that you’re just doing what’s best for your business. Compliment them; say how much you liked their lanyards, and how it made you want to track down the original site they got them from, and get some for yourself. Explain how their new marketing strategy will benefit you, and you’re always looking for good ideas to experiment with. Provided you haven’t infringed upon their legal rights, then they can moan if they wish, but there’s not much else they can do.

#2 – It Might Not Work For You

Just because a technique works for one business doesn’t mean it’s going to work for you. So by all means, experiment with something you have discovered, but don’t expect it to imminently deliver eternal wealth and prosperity.

How To Handle It

Start small rather than jumping into this new idea, keeping a firm eye on the budget, just to check that it’s viable for your business. If it works, great. If it doesn’t, at least you haven’t invested too much in it.

#3 – Your Own Ideas Fall By The Wayside

Emulating something successful is wonderful, but don’t let your own imagination fall to waste. Sure, do your own version of an existing idea, but don’t lose focus on trying to come up with the next great idea for yourself.

How To Handle It

Keep innovating, keep thinking, keep your eyes open for opportunities and ways to benefit your business. You’re walking a fine line, but you can stay on track if you keep these aspects in mind, and keep trying to come up with the Next Big Thing for yourself.