This post is a summary of what not to do when we are looking for validation for our idea. To learn how to pitch a potential business opportunity, it is crucial to think in how we are going to convince how it is going to get clients instead of remaining as just as another good idea to store it in a shelf.
This post is related to management and how businesses are operated. From strategies to deal with external factors to having a good administration in accounting, this section is for you. Click here to read more.
It is not what you can get
Ask not what you can get.
Ask what do they need.
Ask how you can give.
If you are like a “wannabe” entrepreneur, you would be trying to be interesting all the time saying loud “I'm as great as my idea. Listen to me“. Instead, people listening to you would rather feel that you have interest in them and in their problems.
Opening: Tell a Story
Why stories? Good question indeed and probably we will never know the answer. However, what is important about it is that is an excellent channel of communication because humans want to hear them and relate with them. This could be a good way to introduce a solution to the public that they have been wanting for so long.
Empathy
So, to whom are you going to be talking to?
- Partners
- Investors
- Juries
- Employees
- Customers
- etc.
What would you feel and do in their position?
Avoid the Hidden Lies
Forget about:
- hype
- hard sell
- buzz
- and bullshit in general.
Fun, Shaky and Easy
Are you nervous? You will transmit it to them quickly! If you do not OWN the stage, you don't know your business model.
Are you boring them? Don't blame them, just think how would you feel if you were in their position. Engage and entertain, elevate and reduce the speed of conversation, surprise them… do anything rational and prudent that will stick their attention to you.
What are they looking for?
It is not IDEAS.
Once I heard about an interesting phrase:
The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.
Les Brown
Definitely, a sad but true realisation. So, how to secure yourself that your idea doesn't end in the graveyard?
It is preferable to have value propositions that seduce your clients and investors.
It is not Products and Features.
Forget about stuffing your ideas and projects with content that make them dizzy. Instead, focus on highlighting the benefits and differentiators that your projects embodies. How does it stand out among competitors? How customers will benefit from this product or service? Do sell the feature or do you sell what it can be achieved with it?
people don’t want a quarter-inch drill… they want a quarter-inch hole
Theodore Levitt, 1962
You can learn more about differentiation here.
It is not Market Calculations.
Don't focus on extraordinary and complicated market research since it works like a distraction. The basic question to answer is: is it a problem worth solving?
It is not Business Plans.
Yeah, it helps but it is your business and your problem. But what investors are looking for is a validation way to know if it is ACTUALLY going to work this business idea and how risks can be reduced.
A business plan is a document that banks make you write that “no one” reads.
A business model is a critical thinking exercise to depict value creation and delivery.
It is not Superstars CVs.
Did anybody say “a paper filled with history facts”? Ok, let's not exaggerate too much.
Curriculum Vitaes (CV) or resumes are great as introduction to an employee, but forget about it when dealing with investors. If you want to communicate confidence in your skills and throughput, assemble a performant team instead.
Yeah, a good comparison! Right??!! (I was being sarcastic).
It is not Pitch & Overpromise.
We get easily stuck in the promises since we try to make it as good as possible. But actually, investors and clients would love to see actions rather than words. You could argue with words but with evidence of work and results, the discussion is over. Overdeliver whenever you can.
Final Thoughts
Write easy and speak easy. Be sure that you add value while communicating.
Calm down and speak slowly.
Float like a butterfly, sting like a bee.
Muhammad Ali
Duration
Be mindful with the time of others. You don't need 60 minutes to transmit the background reasoning why you think this project is great. If you are showing it to investors, you can be sure that they have heard many other proposals before. Skip the refill of “gray content” or keep it as low as possible.
Get to the point!
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