Financing a small business is difficult at best, and very few people get to pitch to an Angel Investor during an early stage of their business.
For instance, of the 20,000 businesses that apply to appear on Shark Tank each season—only 60 are accepted.
With those odds, you would think that anyone accepted to appear on the show would prepare, rehearse, ask for critiques—and then practice and practice until it became second nature.
Following is a perfect example of what happens when one of the select few who get to appear on Shark Tank is not prepared to present their “pitch”:
Also, it is not only the Shark Tank presenters who need to prepare their pitch—the same is true of every entrepreneur who needs startup financing from someone, somewhere.
It doesn’t really matter whether you are pitching your Aunt Edith, or an A-list Venture Capitalist—you need to prepare, prepare, prepare … and then do it all over again.
As Mr. Wonderful said: “Don’t worry, it’s only the biggest moment in your life.”
If you can’t give a concise, and exciting, description of your new business venture in (2) minutes or less—you really don’t know your business very well, and whoever you are talking to will quickly know it.
If you have trouble pitching your business … you should look for a partner to help you start the business and be responsible for getting information about your business across to other people.
Have you ever had a “brain freeze” like this poor guy had?