The first step towards running your dream-business is pushing your idea, the right way.
In the status quo, the correlation between business ideas and successful entrepreneurs is way off the radar. With new and innovative product ideas on the rise, the words “elevator pitch”, “video pitch” and “business pitch” constantly hum across the business world.
Simply put, an “Elevator Pitch” is a verbal delivery of a business plan. It is an extremely concise speech about one’s business idea that will be rendered to prospective investors. The key to an elevator pitch is to keep it just as long as an elevator rides.
A prominent angel investor from the Indian entrepreneurial scene says “The key to delivering a good pitch is to be relatable and honest. Many businesses tend to get carried away while preparing their pitches. Keep it straight-forward and simple.”
And the founders of Pitchenvy.com agree with this. The first step towards capturing the wallets of potential investors is to keep an organized pitch deck.
A pitch deck is an array of slides that best enunciates why one’s business would be profitable, and could potentially be the next “IT” business.
“Pitching gave me confidence and what’s more is that when I was practicing my pitch, I could look through the eyes of an investor” says an aspiring entrepreneur whose business idea made it to the Top 25 business ideas in an Indian Business Competition this year.
Getting the perfect pitch might be a daunting task. A few broad guidelines can get an entrepreneur all he needs to run a Fortune 500 company. Firstly, less is always more. Make sure that your presentation is crisp, short and explains your concept straight away.
Entrepreneurial writer, Scott Gerber says “Investors need to be confident that your business will attract and retain customers. If they don’t grasp your concept in a short time span, they may presume that customers won’t understand it either.”
One too many mentors say “The next step is to make sure that you have tangible and real numbers to back up your idea”. The best way to win over investors is to bring hard facts to the table, and back the odds that one may have lined up in their favor.
Investors time and again look for one thing: Stability of the business. The more planned out and concrete the idea is, the more likely it is to get funded. One foolproof way to do this is to prepare a simple yet meaningful pitch-deck that includes everything the business idea stands for, be it you logo or five-year projections.
Avoid clutter and most importantly, emphasize on the solutions that the business is offering. Investors also keep a keen-eye on how entrepreneurs can make the most out of 100 Rupees.
Following this quote would help one-a-many, where Sonia Simone says,
“Don’t think of pitching, think of offering. The offer is always better than a pitch.”