Question

Explain the process of creating and presenting an elevator pitch. Include the allocated time for each component of the process.

Answer 1

Process of creating and presenting an elevator pitch-

1. Define the problem- identify a problem that is worth solving. As an entrepreneur you are solving a problem that customers have, you can build a business. Entrepreneur should be able to describe the problem in one or two sentences or potentially a few bullet points.

2. Describe your solution- make sure as an entrepreneur you are solving a real problem that customers actually have before define your solution. A clear problem statement will help you to focus your solution on solving that one specific problem.

3. Know your target market- think about potential customers who have this problem for which you have solution.

4. Describe the competition- analyze competitors and existing alternatives and then what advantages your solution offers over the competition. Describe the key differentiators from competitors and ensure that you are building a unique solution that customers will hopefully choose over other alternatives.

5. Share who is on your team- team should be effective and if you recognize any gap in your team then find the right talent to fill that gap.

6. Include a financial summary- tell about from where you get revenue and what kind of expenses you will have.

7. Show traction with milestones- talk about upcoming milestones in your pitch. It illustrates how well you have thought the detailed steps that are going to take to open your business.

Put all together into a presentation and show that in 30-40 seconds or 75 words presentation. Pitch can be for investors and customers.

1. Allocate 7 seconds for defining the problem

2. 8 seconds for describing the solution

3. 5 seconds for competitors and how unique your solution is

4. 5 seconds for describing your team

5. 3 seconds for financial summary

6. 2 seconds for next upcoming milestones in your pitch

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