Selling Your VisionAn Entrepreneur’s Nightmare

SELLING YOUR VISION: The Nightmare

Your greatest nightmare as an entrepreneur is having to sell your big idea to the world. Every idea must face criticism and this is the ultimate test of being an entrepreneur.

Your ability to fight for your idea will be determined by the strength of your character first as an individual.

SELLING YOUR VISION

• Convincing others to help you pursue your goals is essential to your success as an entrepreneur. An inspiring long-term vision is one of the best ways to garner support. 

• Unlike a strategic business plan, a vision offers a broader picture of how your start-up will affect change in the world. It is your job to come up with a vision in which people feel driven to invest in your business, or buy your products. 

• A vision outlines the values you hold and the more meaningful contribution people can have as they pursue that vision

SELLING YOUR VISION

The ability to sell your vision entails a combination of different factors:

1. Character: Track record, Credibility

2. Communication: Presenting your vision

3. Extras: Research, Charisma etc.

CHARACTER

• Entrepreneurship is about surmounting varying degrees of difficulties in order to make something worthwhile happen.

• It requires more than just having a great idea; it requires a strong character developed as a result of accumulated life experiences.

• These life experiences serves as a foundation on which to build the much needed credibility through which your idea is brought to life.

COMMUNICATIONStructure your presentation to touch on salient points which are relevant for informed decision making.

Suggested structure:

1. Overview2. Problem/Opportunity3. Solution4. Team5. Market6. Sales + Distribution7. Competition8. Finance9. Customers

COMMUNICATION: OVERVIEW, PROBLEM/OPPORTUNITY, SOLUTION

Overview: Explain what you do. Your “Elevator Pitch” should be succinct and powerful. This is where you get their attention or lose it.

Problem/Opportunity: Explain the problem you solve.  List statistics that support the opportunity.

Solution: Explain how you are going to solve the problem in a unique and defensible way. How is your solution better? What is your unfair advantage?

COMMUNICATION: TEAM

• Describe why your team is qualified.

• What have they done in the past that makes them credible? 

• Remember: investors invest in people, not companies.

COMMUNICATION: MARKET, SALES + DISTRIBUTION, COMPETITION

MARKET: How big is your addressable market? Conduct a bottom up analysis of you market. List the potential markets and attach the financial value that it represents.

SALES + DISTRIBUTION: Explain your sales process. How do you plan to get money out of your customer’s pocket?

COMPETITIVE LANDSCAPE: List your competitors. Explain why you are better. Never list that you do not have competition. If you product or service is a novel idea, you will want to list alternatives to your offering.

COMMUNICATION: FINANCE

FINANCE: Remember: investors are investing for a return. You need to convince them that you are going to make money and deliver a healthy return. Show your assumptions, make sure they are well researched and believable.  

How much capital do you need? How will you use it?  A well-detailed financial model will help you be clear in your goals.

CUSTOMERS: Show that you have identified future prospects and explain how you are taking steps to win their business.

EXTRA TIPS

Connect: Research your audience and relate to their interests.

Research: Know your industry inside and out.

Be likable: Smile. Make eye contact.

Practice, practice, practice: You should know your story so well that you do not need to look at your slides. When raising capital, you never know when you will meet a prospective investor. Always be prepared to sell your vision.

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