Principals of efficient Pitch ???
The aim of a pitch is to present a business idea successfully and to help attract necessary resources, like investments, partners, or employees. Though there is no single formula of how to make a selling presentation, there are important principles you should follow.
Prepare more than one versions
It’s preferable to have several pitch variants as sometimes there is no possibility to communicate with investors directly. Frequently you have to speak through a third party: their colleagues, partners, or even a personal driver. It’s important to convey your pitch to all of them.
According to scientific research, a human brain processes information primarily via instincts. Therefore, in order to attract one’s attention and make people listen to you, come up with an interesting and creative beginning. Additionally, formulate striking statements and jokes in advance. This will help you perform charismatically.
Rehearse the performance
Test different versions of your pitch. You can present it to your relatives, friends, or colleagues. It’s necessary to feel more assertive and less nervous.
Choose the frame
Frame is a point of view that creates a communication tone. There are 4 frame types: a power frame, time frame, analytics frame, and reward frame. If you own the frame, you run the communication.
Speak about competitors
Competition is everywhere. It’s important to tell the investor about your competitors. Otherwise, when saying you don’t have any, it signals businessmen that you have not examined the market thoroughly.
Bet on your team
A team is the chief asset of your project. You should tell the investors about the team members: what experience they have, what projects they have participated in, what way each of them is unique. It’s worth sharing not only achievements, but also mistakes, specifying how the team corrected them.
Mind the time
As the saying goes, in order to draw one’s attention, it’s better to speak less. You may use a 7-word strategy within which it’s possible to formulate an idea in 7 words. Remain only the main message of your speech. Don’t overload an investor with details in attempt to tell them everything. It’s better to set concrete examples and memorable statements.
MVP: notion, benefit, stages??
The main factor of business success is the understanding that your product is going to be in demand. Let’s work out how MVP can boost product efficiency.
MVP (Minimum Viable Product) is the earliest version of a product. It has a minimal set of functions, which is adequate for going public and testing on consumers. However, such a product must demonstrate a sufficient value for consumers.
MVP differs from a prototype in that it’s a work product which must perform a particular function in the best way. It can be a beta-version of company’s site, whose functionality will be enhanced further.
MVP provides direct and indirect financial advantages, which allow businesses to:
⁃ get a feedback from the target audience in order to finalize a product before entering a larger market;
⁃ release a product faster and get profit even before finishing its development;
⁃ convince investors of more serious funding for finalizing;
⁃ save money on the analysis of market and target audience.
In order to make up a successful product, you have to create a detailed plan. Reaffirm basic MVP principles, which your team is going to follow throughout the whole process. There are the following stages to verify an idea and turn it into a product:
1. Identify the problem for a solution. Think of why the product is needed.
2. Define your target audience and narrow it as much as possible. Prepare a precise client description: identify their age, sex, kind of job, and income.
3. Analyze the competitors. Find out the strong and weak points of their products in order to define the functionality of your own.
4. Identify a user flow. This is a path which a customer goes through when interacting with a product.
5. Define MVP volume. First, it’s necessary to create a product with essential functions.
Why do you think MVP is important? Share in comments ?
Gautam Adani: Story of the Richest Man in India ??♂️??
There are only seven people on earth richer than Gautam Adani, an Indian entrepreneur. According Bloomberg, his fortune exceeds $100 billion which makes him the wealthiest person in India.
However, Adani didn’t inherit all these riches from well-off parents. Indeed, he was born in a poor family of textile sellers. His life is also far from peaceful — it rather resembles a crime drama.
How did Adani manage to overcome all the challenges and become a famous entrepreneur? Let’s find out.
Adani was born in an Indian town Ahmedabad in 1962. His dad was a modest seller of textile who wanted to develop a family business. But at the age of 16 Adani claimed he wouldn’t run the textile store and set off to Mumbai to establish his own company.
Soon, he got a job as a diamond sorter at Mahendra Brothers. Having understood the product, Adani tried his hand as an intermediary in the sale of precious stones and acquired good deal-making skills.
In 1988, he founded a trading company, which served as a basis for his further business empire. Adani started by importing PVC and therefore needed a permit, the so-called LoAs. Then he collected LoAs from small plastic manufacturers and made bulk orders.
Nevertheless, PVC prices fluctuated greatly, and if they soared, competitors offered the customers to pay more than stipulated in the contract. Adani kept his word and sold PVC at a pre-agreed price even at a loss.
Therefore, he gained a good reputation, which helped to find new customers when expanding the range of goods. Agricultural products, textiles, and metals were added to PVC.
The economic liberalization of 1991 in India turned out to be a real boon for Adani. Among the measures was the reduction of export-import barriers which contributed to his Adani Group development. Moreover, the state authorities launched a program of public-private partnership and port development. This enabled Adani to complete the project for exporting salt to Japan.
In 1999, the entrepreneur became involved in the coal trade. A few years later, a special economic zone was opened near the port of Mundra. In 2006, Adani engaged in the construction of coal-fired power plants, having experience in this field.
The energy business was turned into Adani Power, while renewable energy sources became Adani Green Energy. In total, Adani Group has seven "daughters" listed on the stock exchange and Adani Enterprises has included such businesses as coal mining, road construction, airports, data centers and more.
Interestingly, Adani's empire could have been left without a founder twice. In 1998, Adani and his friend were abducted by a group of men. Luckily, a few days later a ransom of $2 million was paid, and the guys were set free.
In 2008, Adani was also on the verge of death, when terrorists shot civilians at public facilities. Fortunately, he was able to escape.
Adani managed to create a business empire because he always strives to take big risks and at the same time can hold a punch. Adani's traditional strategy is to get loans, establish a new business and, as soon as he shows a small profit, get into debt again for the sake of a new startup.
Another important feature is the ability to win people over and the desire to maintain good relations with everyone. When some of his employees made mistakes, he took this understandingly without scolding them.
In 2015, Adani founded Adani Green Energy, a renewable energy company that won a state contract for the development of solar energy.
In 2020, Adani acquired a total of 74% of shares in Mumbai International Airport, the second busiest in India. Now his holding already has eight airports providing at least 20% of the total passenger traffic across the country.
What do you think helped Adani succeed? Comment below ⬇️