Posts Tagged elevator pitch
I remember when I started my first business how frustrated I became when everyone wanted to reject my business plan. Everyone wanted to say, “Your plan is not good enough, “You can’t do that,” “Your numbers don’t add up,” or some other lame reason to reject me. I don’t even remember them all. The average person might just say, “I’ve had enough,” I tried,” “I give up,” or “Maybe everyone else is right.” I thought who are these people who do not know the first thing about my business to make these disparaging remarks. Do these people even care?
After finally getting the loan I needed to start my business, these comments didn’t even make a difference to me. I was free and I could put my focus on my passion. Now is the time to prove the naysayers wrong!
Unlike some I am not a quitter. Think about it! Would you rather work with someone who is persistent, diligent, determined, vigilant, and deliberate or would you prefer to work with someone who quits? Do you want someone who helps take a project to reach its final conclusion or someone who simply walks away without giving it the effort it deserves?
I know what I prefer, and it’s not quitting. I know I have it in my DNA to never to give up. I yearn to achieve what I set out to achieve and do not let little setbacks stand in my way. I am energized by learning more about my business so I can serve my customers better. For me the fun is in getting to my goal, not settling into a comfortable position. If you want a comfortable position get a job. What I do is not a job; it’s an eternal fire I need to put out.
If you don’t have the fire, I suggest quitting now. Do you want to learn more?
I read a blog a few days ago that said you do not need experience to be a successful entrepreneur. So what do you need? Do you need a degree from an Ivy League school or a large pot of money from a notable investor?
Let me tell you a story from my personal experience. I once worked for a man who came from humble beginnings. Sam was the man. Sam’s family had a hard time putting food on the table coming over from the old country. Sam had a brother that did not fit in anywhere so the Sam felt a duty to take care of him. Sam did not make it through high school because he was pressed for his family’s survival.
So what did Sam do? Sam went into the screw business. Now your first thought might be, “who did Sam try to screw?” If so, you have the wrong idea! Sam’s business had to do with making screws in the fastener industry. Sam started in a small garage at home and at first started with selling products, but Sam often told me his success came not from selling, but from buying. Before starting his company Sam worked as a buyer for another company.
As Sam’s business grew, he started manufacturing screws and with a few of his friends formed a partnership and eventually a corporation. Sam had an absolute passion for the business and made it his business to learn every facet of the business. Over the years Sam and his partners grew the business in to an extremely successful business in the industry. The company grew out of the garage to a large manufacturing facility with thousands of high-profile customers.
Sam led the company from obscurity to a thriving business and Sam mastered every person’s position in the entire company. I kid you not! Sam was faster than a marathon runner and would see how every employee performed in their job. Sam followed this routine the entire day, each and every day. Sam showed his passion for the business and did not think of it as work.
I did not mention I came to Sam’s company late after his partners had left or retired. My role at the company was vice president of finance. By this time, the company was already a public company. By the way, Sam could do my job even though he did not have a high school diploma. Sam made it a point to know everyone’s job inside and out. Sam drilled me at lunch each and every day to keep me on track. Sam would let me know when I eventually mastered my job.
Sam started thinking about retirement and sold the company to a Harvard MBA. By the way the Harvard MBA’s name was Ned and he was a marathon runner. Ned bought the company with money inherited from his wealthy father. Every company that Ned bought he started to bring in his own people to manage the company and do everything by the book. One-by-one each company Ned took over started to lose money and eventually failed. Ned was a turnaround expert in the wrong direction.
Sam saw the handwriting on the wall and decided it was time to get out and semi-retire, but Sam loved the business too much and went back out on his own. During our final time together, Sam told me to look for another job because Ned wanted to bring in his own people after he left. I learned more from this job than any job I ever had thanks to Sam.
So why did Sam succeed? Sam did not graduate from high school, but admired others like myself who had a good education. Sam did not have a large pot of money to start. Yet, Sam grew out of his garage to a manufacturing facility and eventually became a public company. What do you think it takes to build a successful company? Did Sam have experience, and, if so, what role did it play in his success? Did Ned have experience in the companies he took over?
Do you have some ideas about why Sam could build a successful company? Do you want to know more about what I think it takes to start a successful business. Learn more.
One of the first things an entrepreneur needs is a good elevator pitch. An elevator pitch helps collaborate with others and build relationships. The ultimate goal is to create a competitive advantage through developing a network or resources to draw upon. The entrepreneur should clearly and concisely say who he or she is, describe the salient details of his or her business, and breed excitement about his or her ideas (Friar & Eddleston, 2007). The entrepreneur should say how he or she will turn the world upside down and do this in the time it takes to ride an elevator! A good elevator pitch is contagious and attracts others.
An effective elevator pitch is simple and easy to understand focusing on the entrepreneur’s strategy. The idea is for the entrepreneur to show passion and engage his or her audience. The author considers his or strategy, culture, people, and practices spawning organic growth (Hess, 2007).
Self-confidence is critical to show the entrepreneur has the drive to succeed (Florin, Karri, & Rossiter, 2007). The elevator pitch should exude self-confidence. The audience wants to see the entrepreneur has the drive to overcome obstacles. The way to become a success is to associate with other successful people.
Have you worked on your elevator pitch? Let us know what you came up with. Click here!
Florin, J., Karri, R., & Rossiter, N. (2007). Fostering entrepreneurial drive in business education: An attitudinal approach, Journal of Management Education, 31(1), 17-42. Retrieved from http://search.proquest.com/docview/195717403?accountid=35812
Friar, J. H., & Eddleston, K. A. (2007). Making connections for success: A networking exercise, Journal of Management Education, 31(1), 104-127. Retrieved from http://search.proquest.com/docview/195719778?accountid=35812
Hess, E. D, (2007). The quest for organic growth, Corporate Finance Review, 12(1), 28-36. Retrieved from http://search.proquest.com/docview/198765448?accountid=35812