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One of the hardest presentations to make is the successful entrepreneurial pitch. You have a great idea for a business, and you want someone to give you money to make it happen.
The problem? Venture capitalists, angel investors, and even rich uncles are heavily predisposed against you. Why? Because 99% of the pitches they hear sound like sure-fire prescriptions to lose money!
If you want investors to fund your new venture, you must subscribe to these 10 golden rules:
10 Tips for a Successful Entrepreneurial Pitch
1. Explain Your Business in 30 Seconds
Explain exactly what your business does within the first thirty seconds. Many entrepreneurs waste valuable time giving loads of data and background info. All the while, investors are left scratching their heads thinking, “What does this business actually DO?”
2. Paint a Vivid Picture of Your Customer
Tell your audience exactly who your customers will be. Paint a vivid, specific, and clear profile of these people so investors can see the market.
3. Define the Value Proposition
Explain why your customers are going to give you their hard-earned money. What problem are you solving for them?
4. Know Your Competitors
Explain who your competitors are. Never say you have no competitors! If you do, it is a certain sign that you are unsophisticated and deserve no investment money.
5. Prove Why You Are “The One”
Explain why you are the absolute best person to make this vision happen. Investors back the jockey, not just the horse.
6. Pitch with Infectious Enthusiasm
Deliver your presentation with confidence and energy. Investors want a founder/CEO to be a chief salesperson. They need to see that you can convince the world of your dream—not just them.
7. Hitch Your Ride to a Star
Do you have an established player on your side? For example, has a major retailer agreed to distribute your product? Investors feel much more comfortable knowing you have a powerful strategic partner willing to distribute your wares.
8. Ask for a Specific Amount
Ask for a precise amount of money. If all you do is ask for “money,” you cannot complain if an investor gives you $3.25 for a cup of Starbucks coffee.
9. Show a Clear Budget Breakdown
Tell prospects exactly what you are going to spend the money on. (Hint: A luxury trip for you and your friends will not impress them). Show a professional breakdown of operational expenses.
10. Project Strategic Confidence (Don’t Act Desperate)
Dress well, act confident, and project the air that you don’t desperately need their money, but are willing to accept it if they bring enough value to the table. It is a sad but true fact of human nature: people are much more likely to give you money if they feel you don’t desperately need it.
Final Thoughts: Iterate and Improve
Finally, make each pitch presentation serve as a focus group for your next one. When investors ask you questions, write them down. Make sure those exact questions are answered during your next pitch so the next group doesn’t have to ask them.
Keep pitching, keep improving, and you will eventually get funded!
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