Sometimes short and sweet is the right way to give advice and SharkTank’s Kevin O’Leary offered up a great short video on how to give a successful startup pitch to potential investors:
The Three Elements To a Successful Pitch
I’m gonna tell you the secret of a successful pitch because I’ve heard thousands of pitches now. There are three elements to it and you have to have all three in order to get an investor to write you a check. It doesn’t determine the outcome of the business but these three are found in every case where an entrepreneur is successful in getting money.
1. Explain the Business in 90 Seconds
You have to explain exactly what the business is in less than 90 seconds. If you can’t do that you’ll never be successful.
2. Make Me Believe You Are the Right Person to Lead It
You have to explain why you’re the right person to execute the business plan. You have a great idea now who’s gonna run the show? Is it you? You’ve got to tell me why? What have you done in the past that makes you particularly good at this opportunity? Did you come out of the industry? Did you work for a competitor? Did you fail before and now know the mistakes you made. A great idea with a great entrepreneur with executional skills are the first two elements.
3. You Have to Know Your Numbers
Now here’s number three and this one is the killer. You have to know your numbers. How big is the market? How fast is it growing? How many competitors? What is your break-even analysis? All of those things you have to know cold.
So Start Practicing…
If you get the first two right and you don’t know your numbers you deserve to burn in hell in perpetuity and I will put you there. Those three together define leadership in business. If you want to be an entrepreneur and you want to be successful you have to do all three. So start practicing…