Don't Bang Your Head | Helping Entrepreneurs Build Businesses

THE SECRET TO CRAFTING AN ELEVATOR PITCH (FOR YOUR COMPANY)

October 14, 2020

Reprinted from Startups.co 12.4,2017

Your elevator pitch is the most important piece of storytelling about your company you will ever do. And actually, you don’t need one pitch – you need many. Here’s where to start.

Stop us if you’ve heard this one before: a Founder and a VC walk into an elevator…

In all seriousness, if you’ve spent any time swimming in the startup waters, you’re probably familiar with the idea of the elevator pitch. But in case you missed that day in Founder School, the scenario is this:

Say you got in an elevator, and standing in that elevator was the one person that could make or break your business. You have the length of that elevator ride to convince this person to get on board. And no, the electricity can’t suddenly cut out and leave you with a couple of hours to fill instead of a handful of seconds.

Well — What the @#*! do you say?

Elevator Pitch

There’s a reason the elevator pitch has become such an icon of entrepreneurship. And it’s not because so many founders keep finding themselves in elevators with Mark Cuban.

Crafting the perfect elevator pitch is equal parts art and science. It’s an exercise in economy, and a master-class in making every word count. Most of all, an elevator pitch is about distilling the value of your company down to its absolute essence. And the ability to do that is crucial no matter who you’re talking to.

But let’s be real: You’re spending every waking hour of your life for months at a time trying to build this thing. Boiling all that blood, sweat, and tears down to a couple of words can feel like an impossible task. Right?

Wrong. In fact, writing a killer elevator pitch for your startup is more than possible – it’s essential. Your elevator pitch the most important piece of storytelling about your company you will ever do.

9+1 STEPS TO GET FROM IDEA TO SUCCESS

September 27, 2020

I frequently speak with entrepreneurs who believe that their idea, or expansion, will be the next Ring or Uber. They are ready to start writing their business plan, seek funding and find their development team. Their passion is palatable which is why I do what I do, but finding out if the idea is, as Lori Grainer of Shark Tank fame, says “ a hero or a zero” at this stage, would save a lot of time and money.

If you have an idea or want to add a new product to your existing business, I recommend completing these 9+1 steps. The 9 steps are part of a Lean Canvas created by Lean Stack. Lean Canvas (see sample below) is a one page planning tool that will help you define your venture’s key metrics (customer segments, problem vs solution etc) that, when completed, will either be the foundation of a solid business or a clear indication to try again.

The +1 step at the end is my addition and will be the most important step of all.

9 STEPS TO SEE IF YOUR IDEA CAN BECOME A BUSINESS:

The Lean Canvas is a living document and it will continue to morph over time. It might be interesting to print each version and hang them up; the evolution will be fascinating.

HOW TO GET YOUR MESSAGE HEARD IN A CROWDED WORLD

September 13, 2020

I was recently approached by a service company looking to develop messaging that would get heard. The company was growing but not enough to compete in their heavily crowded, competitive market.

After digging in, it became clear that their new customer acquisition was flat and they were too dependent on a few customers. The company had two challenges: to create a new story that highlighted it’s uniqueness and to discover a way to separate itself from its competitors.

A major challenge but one any company will relate to.

The first step was to review their services and team. It is hard for all of us to look into our weaknesses and vulnerabilities and it is no different with companies. What were the strengths and where were the weaknesses?

We started by speaking with all the stakeholders: owners, sales team, office staff and customer service reps. It is not uncommon for those with varying roles in the company to have different perspectives but in this case, there was a unanimity in their response. They talked about the technical tools that streamline their operations, the quality of the products they use and the training they provide their service personnel.

All excellent attributes but in this service game, nothing that differentiates them from their competitors.

Then we went to their customers and the conversation changed.

LOOK WHO IS TAKING YOUR INFO FROM FACEBOOK

August 23, 2020

IT’S NOT WHO YOU THINK.

FaceBook: We all knew that the creators of those engaging, fun and catchy apps were who knows who, from who knows where, aiming to do who knows what but we are finding out that there are serious ramifications from ignoring them. Articles are furiously being written on how to protect yourself whether for you individually or for your small business page (a good one can be found here from Techlicious) from these nefarious developers.

But what about the apps and sites we know? In this game of Whack-a-Mole where each side is trying to stay one step ahead, who thought to be wary of the established companies we know? I started looking at my privacy settings and found that the known is no better than the unknown.

A few surprising examples:

Both Twitter and Instagram want to post on your behalf without you knowing what they will post, in front of whom or when. Yet as absurd as this seems, it is one of the ‘permissions’ you gave them. You can turn it off but who would even check them out?

If you manage a group or business, you will give the NYT access to the content and members for each group.

And this is from the NYT!

Some apps take it one step further and do not allow you to make any changes to their settings. Take a look at what information Samsung grabs. On an app that I have no recollection of Liking!

I recommend your taking he time to review your FaceBook settings but please, when you are tempted to download an app, take a fun game, contest or quiz from the known and the unknown, READ THE PERMISSIONS BEFORE YOU GIVE AWAY YOUR PRIVACY TO TOTAL STRANGERS!!!!!!!!! And realize that it’s not just your information you are giving away, it’s everyone of your contacts.

“The term “Whac-a-mole” (or “Whack-a-mole“) is used colloquially to denote a repetitious and futile task: each time an adversary is “whacked”, it only pops up again somewhere else.” Sounds about right but at least we can give it our best shot.

6 QUESTIONS TO FIND OUT IF YOUR NAPKIN CAN BECOME A REALITY.

July 7, 2020

You have an idea for a new business, a new app, service or product or want to push your existing business in a new direction and you can taste the excitement. You’ve talked to friends and family and their responses are encouraging.

But, as Shark Tank followers know, not all ideas turn into good businesses. 50% of all businesses fail in the first year but as depressing as that might sound, it means that half succeed. There are any number of reasons why some fail, some succeed and a few soar but there is no simple formula that guarantees success.

Working with start-up founders and established companies looking to branch out, I found the following exercise a good first step in evaluating whether you can turn that napkin into a successful business. There are many excellent guides that will walk you through creating a business plan, or you can hire an expert to write one for you, but don’t. Our outline will help you do the basic research and analysis that will help you determine whether your idea is viable and whether this is the right time to proceed.

PHASE I ON THE ROAD FROM NAPKIN TO SUCCESS:

Take a single piece of paper and create your ‘pitch’, an outline of 6 key factors that will help you determine if your idea is an opportunity.

5 STEPS TO BUILDING YOUR STARTUP BOARD OF ADVISERS

February 15, 2018

To quote Confucius, “True wisdom is knowing what you don’t know”. Taking that napkin idea and turning it into a successful venture, requires multiple disciplines, especially in this highly technical and challenging social media landscapes. The most successful entrepreneurs know what they know and surround themselves with people who know what they don’t know. Building your Startup Board of Advisers allows you to draw on your expertise and tap into the skills of others.

Think of a Board of Advisers as an ATM of experience and ideas.

Does it really matter? One startup failed because they didn’t know how to deal with a surge in sales that bankrupted them. Their trajectory was so fast they didn’t have the time or the experience to deal the resulting crisis. Their story might have had a different ending had they been able to tap into a team of advisers who had traveled this road before.

I can hear the objections: “I don’t have the time”, “they will steal my idea” and “I don’t have these connections”. Make the time, they won’t and you do. Time is irrelevant when starting a new venture; you will never have enough but will find a way to get everything done. Don’t be afraid of telling your story to the right people. Even if they turn your invitation down, you are on their radar and these connections often pay off in the long run. And your network is larger than you realize. Start by looking at your LinkedIn network and than your networks network. People are flattered when they are asked for their expertise and those who have reached a level of success are all too happy to ‘pay it forward’.

I’ve outlines 5 steps that will guide you in building your Board*

THE 5 STEPS IN BUILDING A BOARD OF ADVISERS..

WHAT TO DO WHEN SUCCESS KILLS YOUR START-UP

February 7, 2018

Imagine it: your start-up launches and starts to blow up. Sales were projected to see a growth rate of 10% month over month but instead, sales started to spike, month over month. Cash was flowing in which allowed the company to put fuel on their marketing budget. And they were just entering the holiday season. Their success story was being written in real time.

But sadly, this storybook tale doesn’t end with a happy ever after, as it was success that killed the golden goose. The evil character was played by the credit card companies which are cautious and skeptical by nature. All credit card processing companies hold back a small percentage of charges, to protect themselves. But when sales spiked so much faster than expected, they got to thinking that the sky might be falling and started holding back just when the company needed access to their capital to fulfill their orders. Learn how to avoid a credit issue here.

The next chapter is predictable and in hindsight, avoidable. Cash became tighter and tighter which made it harder and harder to place orders to fulfill goods sold. Deliveries got backed up, customers started to cancel orders, customer service employees were overwhelmed, chargebacks increased which made their credit card companies even jitterier.

Remember that gasoline fueled marketing initiatives? Sadly, it was brilliant. More orders came in since the website was still promising that the goods would be delivered before the holidays. The owners started borrowing on their personal credit cards to pay the bills while sales kept exploding. The success they had dreamed of was killing their business.

I don’t need to finish reading the rest of the story; the ending is apparent.

9 STEPS TO SEE IF YOUR IDEA CAN BECOME A BUSINESS:

IT’S NOT WHO YOU THINK.

PHASE I ON THE ROAD FROM NAPKIN TO SUCCESS:

Think of a Board of Advisers as an ATM of experience and ideas.

THE 5 STEPS IN BUILDING A BOARD OF ADVISERS..

HOW STARTUPS CAN CHANGE THE ENDING OF THEIR STORY