On the 20th of July 2019, I attended the Engen Pitch and Polish workshop. This workshop was tailored for entrepreneurs who are startups and those who already are in business but need funding to scale their business. I learned much in that workshop.
I learned that some businesses do not need funding, they simply need customers and the entrepreneur needs to know how to pitch to his ideal customers.
There are four questions that one has to answer when pitching to a customer and there additional four questions to answer when pitching to potential investors.
- What are you selling?
- What makes you different?
- Who do want to sell to?
- Who are you?
In case you are pitching to investors these are additional questions you may need to answer.
- How much do you need?
- Why do you need it?
- How will you pay it back?
- When will you pay it back?
If you cannot answer these basic questions, then you will not be able to convince your customers to buy your products or your services, not to mention the inventors.