Mastering the Elevator Pitch: 5 Tips to Entrepreneur Success

Mastering the Elevator Pitch: 5 Tips to Entrepreneur Success

Posted: Mon, 12 Nov 2007 16:27:30 GMT
Author : IdeaCrossing

CLEVELAND, Nov. 12 /PRNewswire/ — Imagine you step into an elevator and find yourself face-to-face with a venture capitalist. It’s a rare chance to dazzle this funding source. Are you prepared to effectively and concisely deliver your elevator pitch in under a minute?

Mastering your elevator pitch is a key to success for any entrepreneur pursuing funding, partner opportunities and maximum profitability.

"The ability to present a clear, succinct and compelling elevator pitch is essential to securing financing and growing your business," said Ray Leach, CEO of JumpStart Inc., the organization behind IdeaCrossing, a free Internet resource for entrepreneurs and investors. "First impressions are key so make certain that your pitch is well prepared to ensure the best possible reception," Leach added.

The elevator pitch originated from sales professionals who realized that riding elevators with prospects was the perfect chance to make an impactful presentation to a captive audience. These sales veterans gleaned valuable lessons in delivering their elevator pitch; lessons still highly applicable to today’s entrepreneur, regardless of whether you are in an actual elevator or in another time-limited social situation.

Here are a few tips to remember when thinking about your elevator pitch:

1. The goal of your elevator pitch is not to make a sale. Instead your
plan should be to hook your audience and secure some type of follow-up;
whether it’s an email, phone call or personal appointment.

2. Present the problem you are solving and do so in a brief and concise
fashion. Your intro pitch is not the time for technical details, nor is
it the time to share your extended biography. Explaining your product
and the marketplace need in a simple manner is critical to setting
yourself apart.

3. Appear spontaneous through careful rehearsing. While the best elevator
pitches will appear to be off-the-cuff, they are actually carefully
written, refined, and rehearsed. Don’t forget to time yourself.
Commercials are 30 seconds long for a reason – attention spans wane
rapidly in today’s information-overloaded society. Brevity is your
greatest ally.

4. The meat of your pitch should include your idea or solution upfront,
like the title of a book. This is not a mystery novel, so be perfectly
clear about what you do. Mention the status of your venture and explain
your market opportunity and unique advantages. Then highlight your
revenue model (e-commerce, wholesale, etc.) and drop a name or two if
applicable. Lastly touch on your long-term vision (acquisitions,
profits, investor returns).

5. Above all else, keep it simple. Maybe your product employs innovative
technologies allowing pet owners to track their lost pets through
synching of embedded microchips, WI-FI technologies and cell phone
alerts. Put more effectively: You offer peace of mind for pet owners.
This simple message focuses on the market problem, not the underlying
technology.

For more information about securing funding, please visit IdeaCrossing online at http://www.ideacrossing.org/AboutUs.aspx.

About IdeaCrossing

IdeaCrossing (http://www.ideacrossing.org/)
is a free Internet resource available to all individuals and
organizations with an interest in supporting and promoting
entrepreneurial activity. IdeaCrossing helps entrepreneurs find the
assistance and investment capital they need to launch promising new
business ventures. Additionally, IdeaCrossing serves the Angel and
Venture Capital community by identifying and screening new investment
opportunities. Simply stated, IdeaCrossing is about creating the
connections that build businesses.

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