While most of our class was enjoying accounting, I had a pleasure of taking Charlie Goetz’s Entrepreneurship class. Charlie is a fascinating person – full of energy and entrepreneurial spirit , he could survive anywhere. He is also extremely successful, building multiple business from the ground up and selling them to wealthy investors for large sums of money (including a business that exclusively sold french fries). While working on a project in his class, I finally realized that it is not just about ideas and execution – Charlie’s pitch and presentation were keys to his success. One might have the best idea and great execution – but if you can’t sell it to real people, especially people with money and connections, all those ideas will be worthless.
One presentation that each entrepreneur hopes to have is a pitch to a venture capitalist – that means your idea made it past the idea stage, and you have an opportunity to make it big. If you can sell your idea to a venture capitalist, you can sell your presentation to anyone, whether it is your boss, Professor Noonan, or even Dean Lewis. So how does one prepare for this presentation – “the Money Game” section at WSJ has few tips:
– Present Yourself:
Modesty does not pay. Each presentation, whether to a venture capitalist or to your classmates, is a lot like a date. People want to know something about you, they want to know why they should listen to you. Going to straight to your presentation is a lot like like going on a date and saying “Let’s get it on”.
– Tell it to mom:
Keep is simple. Steve Jobs once said:
“Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.”
When making a presentation, keep it simple and understandable. It is always easier to send more information to ones who need more details, but once you loose your audience, it is impossible to get them back. One caveat – the assumption needs to be clearly explained, and your pitch needs to be grounded in reality.
– Don’t Play with numbers:
Integrity is paramount. Whether pitching to a VC or your Boss, you cannot undermine their trust. A lot of presenters try to focus on the positive, but what one needs to show is they have though of the negatives and have a plan to address it. It absolutely necessary that your audience can trust you.
– Stay on the radar:
In class, the presentation may end on the day of the class. Yet in the real world, this is just a start – persistence pays off. Even if you receive a no at the first pitch, you should keep in touch with the investor.
Your can read the rest of the article at WSJ.
PS. Accounting is crucial to business, and multiple accounting scandals of the 2000s certainly proved that. However, the is always a CPA when you need an accounting advice, but you are the one who needs to make the pitch.
