What questions should your elevator pitch answer and how should you go about it? Here are your answers.
Once you have completed a business plan for your new business, you feel an enormous sense of accomplishment. You will have learned more about your ideas, your target market, the risks involved, and your strategies than you could have possibly imagined you would know before you completed your plan.
Now that you’ve drafted this plan up in one form or another, you’re going to use it to guide you through your business development. This plan is now your ‘bible’. If you are not in a position to self-fund your new project, you’re going to also use this plan to raise money, and that means presenting your plan to investors. You need to become that master and omniscient creator of your new ‘bible’. You need to be a quick-witted expert on all things ‘new project’.
The fact is, regardless of whether you are seeking out venture capitalists, angel investors, or even raising funds from friends and family, these prospective investors aren’t going to read all 50 detail heavy pages of your plan. Hopefully they’ll read your executive summary, but in order to get to that point you need to excite and hook them. These questions will help you form your elevator pitch. Every time you meet a stranger at the coffee shop, in the elevator, at the gym, or pumping gas, you should be answering these three questions for them before they ask and before they even know that they care. Yes. Introduce your baby to everyone you meet, as often as possible, and with confidence. It is your job.
If you can easily and skillfully answer the following questions with the confidence of the omniscient creator of the ‘bible’ of (insert your project here), then you will be well on your way to leaving your prospective investors with seemingly no choice but to be a part of your team or a future customer/client. And they thought they were just running to get their morning coffee…
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