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Communicating Your Business Idea

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This presentation, discussing four important aspects of communicating a business idea, was given during the 2012 Entrepreneurship Day in Idaho.

This presentation, discussing four important aspects of communicating a business idea, was given during the 2012 Entrepreneurship Day in Idaho.

Published in Business , Economy & Finance
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  • Business Plan: Every business needs one. It’s often the last thing an investor asks for, but should be the first document you put together.

Transcript

  • 1. Communicating Your Business Idea Business Plans Executive Summaries Elevator Pitches Investment Pitches by
  • 2. The Elevator Pitch
  • 3. You are a human.Talk like one.
  • 4. Be Succinct.• Your first two sentences are the most important.• Your listener has already decided whether to continue listening or tune you out.
  • 5. Get to the point.• It’s not about you. Focus on your business.• Mention values and goals, not a laundry list of skill sets.
  • 6. Watch your words.• Cut out unnecessary words and passive verbs.• Leave out the jargon and platitudes. • CRM, SEO, SKU, OMG – they have no place here. • Every business is “customer-oriented” and “results-driven”.
  • 7. Be creative!• Have fun with what you say. Fun is infectious.• Describe what you do in unique terms.
  • 8. Practice, practice, practice.• An elevator pitch does no good staying on paper.• Words may sound different in your head than they do aloud.• Practice with family and friends. Get their feedback.
  • 9. ExercisesHarvard Business School’sElevator Pitch Builder: 140 charactersTry the Twitter Challenge or less!
  • 10. The point of the elevator pitch is not to answer theirquestion, but to inspire them to ask for more.
  • 11. The Investment Pitch
  • 12. What investors want to know: Why should I invest in this idea? How will this become a profitable venture? How is this a unique opportunity? Where’s the proof?
  • 13. The problem• What is your product or service solving?• Empower your audience to empathize and understand the need.
  • 14. Market size and competitors• How big is your market? Who are your competitors?• How are you doing things different?• What is your “unfair advantage”?
  • 15. Business model and management• How are you going to make money?• Who are your key team members?
  • 16. Marketing and promotion• How will you get the word out? What mediums will you use?• What are your distribution channels?• Have you formed any partnerships?
  • 17. Financials• How much do you need and how will you spend it?• How does this translate to the investor?• How soon will their investment pay off?• What are your sales projections? Graph jam!
  • 18. Expect it.• Don’t let smart phones, iPads or lunch steal the show.• Make your pitch engaging.• Prepare to be interrupted with questions.
  • 19. Know your deck.Know your business.Know your audience.
  • 20. The Executive Summary
  • 21. Executive summariesSummaries are for people who don’t want their time wasted. people who are for don’t want their time wasted. “The purpose of the executive summary is to sell, not to describe.” --Guy Kawasaki
  • 22. Set the stage• The first two sentences will set the tone for the rest of your summary.• Grab your reader or listener’s attention.
  • 23. Answer their questions• Why is this important?• What is your solution?• How will you get there?
  • 24. The Big Ask• How much do you need to reach your next milestone?• Give your audience a clear idea of what you need. Include down-the-road projections, too.
  • 25. Other considerations• Four pages. Max.• Use positive language. Negativity does not inspire.• Write different summaries from different audiences.• Seek advice from others!
  • 26. What’s yours?
  • 27. “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” - Lao Tzu
  • 28. 2010 Survey of 3,000 Business Owners 64% Grew my business 43%Secured investment 36% capital Business Plan 18% No Business Plan 36% Secured a loan 18% Source: Palo Alto Software (http://timberry.bplans.com/2010/06/real-data-on-the-success-of-business-planning.html)
  • 29. Essential Elements Executive Summary Financial Company Analysis Market Organization Analysis Business Plan Products & Operations Services Marketing Competition Strategy
  • 30. Seek advice from others.Use your plan as aninternal resource.
  • 31. Communication is key.Christy RezaiiWeb Strategist. Digital Copywriter.Rooter for the Underdog.me@christyrezaii.com@crezaii