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.
@tipu curate
Upvoted 👌 (Mana: 12/20) @swap.app - quick steem <-> sbd swaps
Dear @uyobong
Another interesting choice of topic. Solid read.
Thanks for sharing your experience as an entrepreneurs.
I also have few years of experience. Maybe not so much as an entrepreneurs but as a small-business owner. Which seem to be quite very alike.
And my impression has been, that sometimes it's easier and faster and less stressful to actually earn and safe money (having regualr job) than to seek for investors. Especially if all we have is "an idea". In that case investors will usually assume that risk is very high, so their cut will have to be very high as well.
I remember suggesting partnership to someone last year. I explained what project.hope is about and I suggested that some % from ph-fund beneficiaries would go to this person and in return I would be financially supported for a year. So I could focus my efforts on PH.
Since at that time this project was still only an general idea - he expected future profits split: 70/30 (70% him, 30% me). Right now if I were to talk to him again and show already working project and explain that I want to scale it - then our deal would be probably reversed (30% him, 70% me).
I would say, that there is no need to seek for investor if our business is just an idea. LEt's always wait until this idea has been proven to work. Let's wait until we would need to scale our business.
Enjoy your weekend,
Yours, Piotr
Dear @crypto.piotr,
Thank you for this awesome addition. Your comment just inspired my next blog on personal funding.
This is quite a solid example and I solicit your permission to cite it in my next PH post. It is true that every idea must be proven to be working and financially viable before anyone would risk an investment.
Investors like businesses that are already standing and have some form of experience already this way they are sure the business has target audience, an idea is usually too much of a risk to venture into for them, not so easy to get anyone to support at this level.
This is so educative @uyobong. Very necessary to us startups. Quite unfortunate that most of us don't sit down to analyze these questions, before venturing into business.
This is really very educative and informative, anyone who wishes to be a great entrepreneur should be able to answer most of the given questions even though the questions may look very technical.
Thanks for sharing this great post with love from @hardaeborla 💕❤️💖