If you’ve seen the show Shark Tank, you know the tension and drama surrounding a business pitch — the nervous entrepreneur, the keen investors, the five-minute presentation.
If you want to succeed in the face of these challenges, you need to know how to impress your audience. Investors need to know you can be trusted with their money. To give an effective business pitch, you need to demonstrate that you are secure, experienced, capable and coachable.
With that in mind, we have learnt the following things running several business idea competitions at Tangaza University College.
1. You can’t put lipstick on a pig. If your idea isn’t that great, or your business model isn’t compelling, or your market isn’t big, or your team isn’t good (or you don’t have a team), then it’s going to be tough to convince the audience that you’re a serious entity. At this stage, you don’t have to absolutely nail each of these, but do not try to sell flying elephants.
2. Understand your audience. When giving any kind of pitch, it is very important to know your audience and what roles they play in the decision to invest in you and your idea. You need to give a pitch that will get them excited. To do this, you need to understand what makes them tick. You need to speak their language and give them the information they want to hear. Make sure you use data points and stories that will increase their trust in you and make your idea sound promising.
3. Passion, Passion, PASSION! When you’re up on stage presenting your company, your goal is to get the audience excited about what you’re doing. This is impossible if it’s not clear that you are excited about it. Be excited! Just as energy is infectious, so too is a lack of energy; if you seem bored, your audience will definitely be bored.
4. Build trust by avoiding mistakes. Making mistakes can lead to investors losing confidence in you. Even the smallest of errors can cost you a pitch — a spelling mistake might indicate to your audience that you are careless when it comes to the details. No matter how great an idea is, investors often deny investment to entrepreneurs who appear disorganised, inconsistent or directionless.
5. Present yourself the way you want to be seen. Always remember you are the most important part of the presentation. Make sure you present yourself as a smart and grounded individual. Key factors to keep in mind are posture, purposeful hand gestures, appropriate pauses, the energy and tone of your voice, and strong eye contact.
6. Practise until you can give your presentation in your sleep. The best way to avoid mistakes when the big day rolls by is by practising. Make the presentation to your friends and family. Time how long it takes to get your key points across, and ask your test audience to point out any mistakes.
— By David Cheboryot, MBA manager, Tangaza University College
Do you have an impactful business idea? To participate in the upcoming MBA e4impact Challenge, visit www.e4ichallenge.tangaza.org. Send in your application by May 20.
