Pitch Deck for Business Funding: A few Questions to Answer
Happy weekend friends. My thoughts and experiences on entrepreneurship are to help upcoming entrepreneurs to succeed. Every society needs entrepreneurs to develop at a fast pace. However, when ideas are not funded, the impact of an entrepreneur may never be felt. Having given insights on several techniques to adopt for funding including bootstrapping, bartering, the TTP Code, borrowing, crowdfunding, the R-currency and Venture capital, it is imperative that we look at a practical way of reaching out to the several sources of investors.
Having a good idea is as good as being able to communicate the idea. This is all that pitching is about. An entrepreneur who is expecting any investor to fund must be able to present is idea that wins the investor's trust and makes him feel safe to give out his funds.
To pitch a project involves being able to answer some salient questions that every investor is expected and answering them in your presentation. There are several contents on how to pitch a project, however, this blog is unique as it helps the layman to easily understand by asking the very salient questions that would inspire answers that meet up the requirements of a good project pitch.
I did put up these 9 questions that in attempting to give answers, an entrepreneur would be able to pitch an irresistible project/business that would catch the eyes of every investor. They are explained below:
- What need do you intend to meet? This question addresses the problem or solution gap that was spotted by the entrepreneur that inspired a solution. Note that every entrepreneurial creation may not be out-rightly "new". Sometimes, all we need is to spot a "gap" in an existing system.
- How would you go about offering the solution? This is a call to the technical and functional description of your solution which is the product or service to be offered y the entrepreneur.
- What makes your solution different from other alternatives? This question address the value proposition of the product/service pitched. It must be conscise and easy to understand.
- Is your product/service marketable? This is a crucial question that must not be answered in a hurry. Some ideas are just wonderful but not marketable. We have to know what would make people want to "buy" that product.
- What is your target market? Every product/service that wants to sell must be targeted at a sect. This would help the tailoring of the product to be need-meeting and more specific. However, updates could be made to accommodate a larger class.
- How would you manage Competition? Every entrepreneur must know that a new product in the market is coming as an alternative to what was available. In answering this question, the entrepreneur must be able to be careful.
- What is your strong feature to gain market acceptance? This is the selling point for every product. This question queries the advantage that the new product would have over the existing.
- Who are you working with? The people that makes the capacity-ring of the entrepreneur are crucial to the value of a product that should earn an investor's funding. Professionalism and character should be considered in attempting to answer this question.
- What are your Milestones so far? Before seeking project funding, startup founders must gain some early traction. In answering this question, an investor wants to know the growth that the entrepreneur have so far put in so far in the build of the product and how a new funding round might expedite that growth.
- How will investors profit from their investment? The reward of every investor is "profit". It is grand that they know how profitable their engagement with the entrepreneur and product would increase their finances.
I would be glad to share thoughts with you on this subject. Let's maximize the comments section of this blog post.