As an entrepreneur, who wants to present their startup in the most impressive and adequate way, it is essential to prepare your pitch very carefully. Before you meet with the potential investors, you should be ready to answer many important questions about your startup. Most of the time, the entrepreneurs underestimate the importance of pitching to investors and overlook their pitches. Don’t miss any opportunity and be ready to present your business according to the circumstances and depending on the timing, the place and the investors, who you are meeting with.
Before you begin to prepare your pitch for the investors, you should be able to answer to yourself the following five questions. By doing so, you will be not only more prepared, but also more confident and flexible in your answers.
Who am I pitching in front of?
Prepare your pith according to your audience. You can’t always present the same pitch style in front of different people. You should be ready to pitch investors, your customers, potential business partners and so on depending on the situation. Make sure that you have prepared your pitches for the different situations if you want to maximize the effect and to justify your efforts.
How am I different than others?
Let’s focus on pitching to investors, whom you would like to impress. It is understandable that you want to be remembered and to be more memorable than the rest of the entrepreneurs. Many entrepreneurs overdo their pitches and achieve unwanted results – they can include too much information and loose the attention of the investors, or they can include too little information, which can leave many unanswered questions. Emphasize on what makes your business unique and your pitch will also become unique.
Who is my competition?
Many entrepreneurs prefer to exclude from their pitches the fact that they have powerful competition and not to even mention the other strong players on the market. This can easily backfire, and often does, because the investors may take it as a warning sign: if there is no competition or the market is too small to be filled or you don’t know it well enough. Both ways it is bad for your pitch!
How important is my team?
Many investors say that the key to startup success depends on the team that works towards building and growing the company. Be prepared to introduce your startup team to the investors and make sure that you give specific information about the positions, which the different team members fill. Teams are important and you should build a strong one if you want to make your entrepreneurial journey more effective.
How much money do I need?
Many entrepreneurs don’t include this important clause in their pitch, which can be taken as unprofessional by the investors. Be prepared with and ready to name numbers, to talk about rate of return and to answer the financial questions, which most definitely you will be asked. Remember that the investors meet with many entrepreneurs on daily basis. They need to be sure that you know what you will do with their investment so they can trust you with it.
