Do your Homework
Generating a business idea is a great starting point, but an idea doesn’t become a business without any effort. Some budding entrepreneurs understand that the effort is necessary to create a business, but they might not be familiar with the many steps required to launch a business venture. You may need to research and develop your basic business idea, work out what you are going to name your business and decide on what form it will take. It is important, think carefully about your product or service, audience and what makes you stand out from the crowd.
Pitching your idea to an Investor
While money is the most common resource that comes to mind, time is often the scarcest for a startup and its founders. When making a pitch, being passionate about your company is the first hook to an investor.
#The first part of your pitch should be all about your idea. Why do you love it? Why is it worth pursuing?
#When making a pitch, numbers are crucial. However, don’t rush to dump all the statistics that come to mind. The most meaningful stats to include are those that show traction: Sales figures, Profit margins, Growth rate, etc.
#Once you have done the work and explained why your business deserves a chance, dedicate the last 20 seconds to speaking about yourself, an idea can be great but it is only an idea until it’s executed, which depends entirely on you.
Manage the timing of your startup pitch
Optimizing the time you’re given to present your business pitch is critical. Or else it frustrates investors more than a pitch that goes too long; at the same time, you don’t want to waste the time you have by running short. Whether you set the time frame for your pitch or your prospective investor does stay within the time allotted and pace your presentation so that you aren’t stuck rushing at the end. The optimal number of slides is 10, you should be able to present the whole thing in 20 minutes and the ideal size font is 30 points.
Know who you are pitching to?
Each opportunity is different and you’ll need to tailor how you pitch to the person you are pitching, the social situation, and their level of understanding and interest. To hit the emotional level that will really make your pitch fly, you need to understand just what motivates the person you’re pitching and what their needs are.
#A good pitch tells a story, which is why it’s a great idea for the flow of your pitch, whether verbal or in a slide deck, to follow a narrative pattern.
#Since every investor and venture capital fund is unique in their focus and background, it’s important to tailor your conversation to maximize interest. Once you have a meeting secured, you should learn about the fund (if you haven’t already)and individual investor.
#A good pitch focuses on benefits, value beats price every single time. Rather than focus on cost or features, your pitch needs to focus on the value you’re going to create for the person you’re pitching.
Understanding the target customers and their needs is a key aspect of your market research. Developing a marketing plan and a sales plan will help you develop strategies to reach these customers through promotional activities while helping you to budget the cost. Once you have gained new customers, it will be possible to build a long term relationship with them to ensure repeat business.
The heading in a business plan can be thought of as a checklist of questions you need to ask yourself to reassure yourself that venture will work. Writing the plan down helps to clarify your thinking and identifies where you intend to get to and how you intend to get there.
Entrepreneurship is demanding. Some of the milestones are personal, some of them are financial structures and some of them are the manifestation of their business idea – but all of them are necessary before you can start making any forward progress.
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