So this is not exclusively about starting your own business but it comes from the same starting point: The successful pitch. I use this as an example for interview prep for example.
Here are some relevant timestamps:
I don't give a crap about your backstory. (2:19) Unless it's relevant to the pitch, don't include it.
I don't give a crap about your inventory system either. (3:18) Do not spend your time pitching or regurgitating industry standards. Show off what makes you unique.
Pillars are not hooks. (4:51) Mention the unique thing that makes the you stand out from your competitors, not the pillars that enforce it.
You never mentioned your glaringly obvious tech risk. (8:54) It's okay to do something dangerous and hard, but not if you don't explain how you're going to pull it off. You need to acknowledge the big risk(s) and tell people how you're going to handle such risk(s).
Your proof of concept doesn't prove your concept. (9:49) When prototyping your product, don't focus on the easy stuff or things that already are standard. Focus on the aspects of your product when that will be unique and different and hard when reaching market and then polish off that.
You just pitched a phone game to a console publisher. (15:04) Know who you are pitching to.
You have no idea how much money you need to make this thing (or how many people or how much time). (18:46) Don't go into a pitch without knowing what your scope is going to be.
You don't have a team. (19:43) Of course if you're just starting your business you may not have the capital to already have a team but have a good idea of the resourcing that you will need to get it off the ground.
Your business plan is based on outliers. (20:28) Exactly as said. Don't project your business off market leads and outliers.
You seem like you'd be a huge pain in the ass to work with. (21:19) I strongly doubt this will be a problem for you but it always bears reminder don't be an ass to your future prospects.
You're annoyed that I'm asking questions. (22:42) Don't get annoyed if being asked questions even if your script does eventually answer them. Being asked questions is a good sign that people are invested and interested in your idea.
Good luck.
25 days ago
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