Here's a quick five minute interview with Bambi Francisco and Charlene Li on what to do when pitching a potential investor or member of the media.
Always remember to focus on the following 3 steps:
1. What's the problem?
2. How are you solving that problem in a differentiated way
3. How are you going to make money
Normally, these pitches can be done with a few slides and in 5-7 minutes.
Also, Charlene mentions that most entrepreneurs try to do to much. I absolutely agree with this. When we started TakeLessons, we wanted to do everything from sports to personal development to tutoring and anything else you could think of. We found out quickly that it's just simply too much to do – especially with limited funds.
A couple years back when we focused just on solving problems in the music lessons space – and truly limited our focus – we started getting traction.
Also, Charlene mentions that when you start integrating your social networking tools, it is imperitive that you clearly define in your own mind what type of relationship you want with your visitors/members. Map it out over time how you will get there, and then find the technologies that will help you get there.