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You really do need to have an elevator pitch!
After an idea crystalizes and before it becomes an actual start-up, there is a moment when it becomes an elevator pitch. You really need to be able to describe your new business to people you meet, whether out and about networking or from the comfort of your own workspace. You never know who you’re going to meet and you should always be prepared to pitch your business idea.
An elevator pitch should be clear, concise and punchy and is should typically cover:
- What it is. Whether an idea is very simple or very complicated, you should still be able to explain what it is in one sentence to anyone, regardless of their professional background.
- Why people will buy it. We know that you understand the appeal of your business idea but you should be able to get that across to people who might not be directly interested in it.
- How it is better than competitors. You should know who your competitors are and how your idea can either fill a gap in the market or improve on what already exists.
- How it will make money. This point can make or break a pitch, whether you already have their interest or you’re beginning to lose it.
What is the investment opportunity, or, in other words, how could they benefit from helping you.
Typically, this pitch should be 1 minute and if you work in a team, every core member should be able to make it. You should have an elevator pitch ready as soon as possible, but your pitch needs to mature with your start-up. Don’t think that you only need to pitch your idea once or that you only need to pitch it at the very beginning of your (ad)venture. Opportunities often come at unexpected times, so be prepared!
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