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Get Others Happily Involved In Your Vision Before You Throw Your Business Plan At Them
Author: Joel Block
Website: http://www.growmyrevenue.com
Added: Tue, 05 Sep 2006 10:29:03 -0700
Category: Home Business
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Get Others Happily Involved In Your Vision Before You Throw Your Business Plan At Them
by Joel Block, http://www.growmyrevenue. com
I recently met with an entrepreneur who had an idea for building a computer consulting practice. He planned to create a software that could revolutionize the way pharmaceutical companies manage the process of collecting data for clinical trials. All he needed was an investor to back him.
When this entrepreneur opened his computer and started to make a PowerPoint presentation to me, I told him clearly that I had no interest in the PowerPoint until I was ready for it. I asked him, first, to briefly describe his business concept so I could decide whether sitting through the presentation would be of interest to me.
As soon as he shut down the PowerPoint, the entrepreneur froze. He simply couldn't tell me why his business was so revolutionary in the hour we spent together without that PowerPoint. For him, like so many other entrepreneurs, PowerPoint is a crutch rather than a supplement to the story that he should be telling.
I told him that before he could successfully raise any capital, he would have to share his vision before explaining how to get there. Otherwise it would end up being nothing more than a solution looking for a problem.
I explained exactly what he needed to do in order to begin the hunt for capital and how to craft his story so it would get an investor's attention. I told him he would also need to develop different versions of his story: one for prospective strategic partners he might collaborate with in the future and one for the buyers who might need his software.
He was excited! We ended our meeting with the agreement that he would go home and think about how he wanted to proceed.
A week later, he called to tell me that he did not want help constructing his story or defining himself as an expert pharmaceutical software developer. He had everything he needed right there - in his PowerPoint presentation. All he wanted was introductions to investors. He was certain that this alone would ensure his success.
Now, I'm not any kind of expert in software or the pharmaceutical business. But, I am an expert at helping entrepreneurs lay out their business structures so that investors will sit up and take notice. In the process of successfully raising tens of millions of investor dollars, I've learned how investors think. They look for the vision. Every year I watch hundreds of entrepreneurs take the PowerPoint approach and fail. Why? Because they start in the middle!
When you get in front of an investor, you have ten seconds to convince them that you're doing something truly exciting. There are no second chances. If you can't articulate your story in those ten seconds, you will lose their interest. You'll never get the opportunity to start that PowerPoint presentation.
The bottom line: Building a successful business is the same as building a house. An architect, workmen and lender may be able and willing to help you build your dream house but you need to tell them what it should look like first. If you've got a dream that's big and exciting and you're looking for people and money to help you build it, make sure you can describe your vision from beginning to end so others can see it, too. Don't underestimate how important this foundation is. If you start with the door - you're going to fall on your face.
This article was written by Joel Block, http://www.growmyrevenue . com
About the Author:
Joel Block is called the Growth Architect by his clients and he is well-known and respected in his field both nationally and internationally. Joel delights in the challenge of starting businesses, growing them, and helping them realize their highest potential. To grab your own free copy of his Successful Entrepreneur's Toolbox ($79 value), visit Joel's site at: http://www.growmyrevenue.com.
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