Think about it, Henry Ford didn't invent the first automobile. But he was a pioneer in organizing production and sales in a profitable, market building way.

Maintaining your first-mover position will depend on how well you manage the idea, the speed in which you implement your business plan, and your ongoing ability to stay ahead of the competition. If you slow down even for a few entrepreneurial nano seconds, you give me-too competitors the opportunity to catch up.

This warning is especially true in the magazine industry. One day an innovative entrepreneur-founded publication called Simplicity successfully created a new magazine niche, and the next day, a powerhouse publisher rolled out Real Simple with the same "look and feel." Yes, Simplicity was first, but it sputtered all too quickly into the dead deal graveyard.

So how can you protect your idea? You can trademark your publication name and you can copyright all articles published online and offline. But you can't copyright an idea. If you are going to compete to win, you will need to acquire some operating endurance.

Loyal readers of this column know I encourage entrepreneurs to aggressively explore the potential of strategic partnerships and investments with large corporations. These alliances can fortify a business with easy access to established distribution channels, production resources and of course cash to maintain sales momentum. Corporations can also contribute a higher level of industry "intelligence" than might be available within a young company's own management team.

When should an entrepreneur make a pitch for corporate attention? Scott English, Vice President of Strategic Investments for the Hearst Interactive Media (Hearst Corp. is the owner of the Seattle Post-Intelligencer) says that Hearst typically invests $2 to $10 million in early stage companies that are in the forefront of how audiences will consume media, marketing services and advertising in the future.

"Too often entrepreneurs think they have to be much more advanced in terms of market presence and profitability before they can attract corporate investors," said English. "Actually, corporations like Hearst like to be a part of the pulse of innovation. We are willing to look at new media platforms, technologies and online communities that connect consumers to content in an innovative way."

But just because Hearst is willing to look at early stage companies doesn't mean the founders can get away with undeveloped business plans.

English says: "Entrepreneurs who pitch a company that intends to make money through advertising should have a strong background in the advertising industry and have a clear definition of the quality of the target audience. Vague concepts don't get too far with us."

English also notes that Hearst prefers to invest along side other media-oriented venture funds and structures its investments like most venture community deals. In venture world speak, this means that entrepreneurs should expect Hearst to favor opportunities with significant financial and market upside.

Thus, management teams that receive backing from Hearst have to be unrelenting in their quest to stay ahead of the competition. They also have to boost shareholder value so that one day the company can be sold for an eye-opening profit. And yes, that opportunistic acquirer could be Hearst.