August 24, 2006

Prepare to Pitch

Your business model is ready, your plan is posted on, and you are anxiously expecting a phone call or an e-mail from potential investors. You’re done, right? Not quite. You need to practice, practice and practice to refine and tweak your elevator pitch.

An elevator pitch is a succinct synopsis of your business plan. The purpose of the pitch is to prepare a short presentation about your company that can quickly be given over the phone, in an email or explained at moments notice.

It is crucial to develop and perfect your elevator pitch. The pitch should include two or three sentences on the following items:

  • Company’s name
  • Identify what problem you solve for customers
  • Product/service
  • Current success
  • Market opportunity
  • Any other genius your company has to offer (i.e. a primo management team/advisory board, a great network, a great location, etc.)

If you don’t have an elevator pitch ready begin writing one ASAP. You will need to have this pitch ready every time you introduce yourself to investors or other interested parties.

In Guy Kawasaki’s book, Art of the Start, he advises entrepreneurs to pitch to an audience. The audience could be your spouse, friends, family or co-workers. After your pitch is over, ask the audience to write one sentence describing what your company does. Use the responses from the audience to further fine tune your pitch. Guy also suggests part of practicing a pitch should include videotaping yourself. If you can watch your pitch without cringing then you are ready.

For more tips on pitching read Art of the Start or contact at 877.638.3616.

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