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Get a glimpse of what it takes to start and successfully run a business in this candid interview with seasoned business coach and author Dave Crenshaw. Discover the secrets of managing priorities, working for your customers, bankrolling an idea, and investing in future success. The course covers tips from getting started as an entrepreneur to pitching to investors and researching the competition.
Jeff: Do you have any thoughts on pitching? Dave: The first thing to keep in mind if you are pitching someone is that you are the one pitching. Occasionally, entrepreneurs will say, well I am not very articulate, I can't really talk about my business. So I'm going to get someone else to do it for me. That's a mistake because what the angel investor or even the venture capitalist is truly investing in when all is said and done is you. And they want to see that you have a vision, that you have a plan, and that you are passionate about it, and you are committed to it.
Even if you are not the most eloquent person in the world if you can come from a place of commitment and passion, they are going to be much more likely to listen to you. So that's the first thing is that you make the pitch. The second thing is to be prepared. You must have a business plan. You must have financials. Now again from my experience working with those angel investors, they are going to look at your financials, your projections about how the business is going to do, and they are going to throw them out. They are not going to believe anything you say because honestly they are probably not going to happen that way. But they want to see that you did it, that you know how to do the process, and that you've gone through the decision making and the analysis necessary to see whether or not the business can succeed.
So you need to have a plan, you need to have the financials, and I would just say, you know, speak from your heart. Sometimes people feel that they need to practice and prepare when pitching to angel investors. I can guarantee you that you are not going to be prepared. They are going to ask you questions you did not want to hear; that you were not prepared to hear. So just come and be yourself, and just speak as articulately as you can from your own space. I actually know a business owner, a client of mine that I work with, and she was told about a pitching event for angel investors.
She showed up at the last minute, she didn't know what was going on, and she just started talking about her business that she had been running for many years, and she was passionate about it. She got I think was four or five offers out of that, which to me again illustrates the importance of representing yourself and just being yourself, and angel investors can see that.
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