Who Is Your Target Customer?
Identify them. There are no mass-market products or problems. Trying to please everyone pleases no one.
Find your niche and fill it. Become a badass in that space. Then and only then can your company think of expanding to serve a larger market.
How you help is important too
Con artists overpromise. Entrepreneurs do the same. In essence, we are all salesmen.
But to sell, you can’t smell like bullshit. Bold claims had better be backed up by something ’cause these days, investors won’t fall for anything.
An idea and fancy pitch deck won’t get you funded. This isn’t the ’90s. A catchy idea needs a clear business model and a strong team to back it up.
How do I help start-ups? How do you help your customers? That is the question every start-up must answer in its pitch. The devil is really in the details.
You could take ten minutes to explain your company, or you could take ten seconds. Attention spans being what they are, you need to hammer home fast. You have ten seconds to grab my attention, 30 seconds to wow me … What is your plan?
What About Why?
Why you are building this business is often key. Why determines whether investors and employees get on board.
And, FYI, to make a lot of money isn’t a good reason. It does not drive emotions, only dollars. And why is what drives you.
Passionate entrepreneurs solving personal or large-scale problems are more driven and motivated to win. They deal with the highs and lows of entrepreneurship and keep fighting. Folks looking for the quick cash don’t.
As an investor and advisor, I avoid the latter. The money matters. It matters a lot. But without a bigger driver, your business will almost surely stall. And burnout can be a big problem.
Your company should be a mission
What is your vision of the world? What are you working to create?
This captivates people. It pulls them into your brand. And investors look for that fire.
For me it is freedom. Corporations and governments have failed. A desk job would kill me.
And I believe entrepreneurs change the world. Not countries. Not corporations. Innovation isn’t exactly their forte. What drives you?
Why Now?
Investors are sharks. They are looking for opportunities and unfair advantages.
What makes your start-up different? Why will you succeed where others failed? Why is now the perfect time?
These are the critical questions that your pitch must answer.
It is a bit much for 30 seconds. That is okay though. If someone is interested enough, they will keep listening.
So why now? Why is this a now-or-never opportunity?
Scarcity sells. This is a limited time offer. People are afraid of missing out.
You are a salesman, so sell.
Are markets changing? Has a new technology opened up an industry? Is a change in legislation creating an opportunity?
It is now or never. It has to be. So do not miss out on the next Uber, Facebook, Google, etc.
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