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Perfecting Your Pitch – 7 Questions in 60 Seconds

Perfect Your Pitch“What do you do?”  It’s a simple enough question, and for many, the answer is simple and easy.  If you work at a job, for example, it’s easy enough to say, “I’m an HR manager for Sears,” or “I’m a cashier at the Piggly Wiggly.”  Even for some entrepreneurs the answer can be short and sweet.  But if you’re interested in truly communicating what your company does in order to gain interest from a potential customer – or more importantly, a potential investor – some thought needs to go into your answer.  In fact, whether you encounter a potential investor in an elevator and need to give your “elevator pitch” or you’re planning on attending a networking event, having your pitch prepared and memorized is a must.

When formulating your pitch, it’s important that it be clear and concise and that you’re able to communicate it in a likeable, passionate, compelling, credible manner.  Oh, and you need to do it all in a minute or less.  A tall order?  Maybe, but it can be done – no matter how complicated your business is.  Remember, you’re not presenting your whole business plan.  You’re simply answering some basic questions.  If you generate enough interest with your 60-second pitch, you’ll have plenty of opportunity to go into more detail later.  To help formulate the perfect pitch, here are the seven questions your pitch must answer:

1. What is your business idea?
In the most basic terms possible, simply state your business concept.

2. What’s the status of the idea or business?
Tell how long you’ve been in business – five years, startup, etc.

3. What market does the business target?
State who your customers are, and how your concept serves them.

4. What advantage do you have in the marketplace?
How are you different from whatever else is available? Tell why people will pick your company over others.

5. What’s the competition in the marketplace?
Demonstrate that you know who the competition is and where you stand in the market.  Do this without being too negative about the competition.

6. What revenue model will you follow?
Explain whether your business is strictly e-commerce, retail, wholesale, etc.

7. Who have you assembled as the team that’s going to make the business succeed?
hether you’re a one-man-show or a team, briefly describe the experience of your management team.

Note: If you are looking for financing, you’ll add information about what you need the money for, how much you’re looking for, and the projected return on investment.


You can change the order of these points to suit your strengths and make your presentation flow properly.  While it looks like a ton of information, two or three questions can sometimes be answered in a well crafted sentence, so it’s not that hard to get it into a one-minute pitch if you work on it.

Once you’ve formed your pitch, it’s time to practice, practice, practice.   The trick is to memorize it so well that when you say it the words come out naturally – not like they’re memorized.  You’ll only get one chance to present this mini-speech to any one person, so it pays to polish it and have it down pat.  In fact, your confidence in delivering the pitch is at least as important as the words you’re saying.

How will you know if your pitch is working?  People will start asking you for more.  When you hear, “How can I get more information,” you’ll know for sure your time has been well spent!

Matthew Toren
 

Matthew Toren is a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Adam, of Kidpreneurs.org, BizWarriors.com and Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right (Wiley).

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