What partners do you need to successfully grow and build your business? You’re going to need suppliers, for a start. These are the people who provide the materials you need for creating your product or delivering your service. You’re also going to need vendors — from consultants and lawyers to software providers and office supply companies — to support your operation.
Other partners you will eventually need to bring in might not be as obvious. Continue reading
Podcast: Play in new window | Download
One of the biggest places founders stumble during the pitch is in establishing the size and scope of their market. They either think too big, or they don’t think big enough. Nailing down the best estimate for the size of an opportunity, and demonstrating that you have what it takes to capture that opportunity, is the cornerstone to building a convincing “go to market” strategy.
In this episode, host and business coach Tom Ryan talks about the common mistakes entrepreneurs make as they determine their potential market size, and their misconceptions about their ability to reach that market. As always, Tom is joined by producer and co-host Jason Pyles. Continue reading
Podcast: Play in new window | Download
“How will I get my customers to give me their money?” While there are more eloquent ways of describing the function of a business model, that’s it in a nutshell. Having a clearly stated, easily understood business model is a key part of creating a power pitch for your company. This isn’t the time to be highly specific or granular about your company’s methods or organization. You just want to quickly explain how the business will make money.
In this episode, host and business coach Tom Ryan explains the basic structure of a business model, and what their function is during the pitch itself. As always, Tom is joined by producer and co-host Jason Pyles. Continue reading
Who do you need on your team when building a great startup? As with so many things in the entrepreneurial world, there is no one easy answer. Every company’s needs are different, but that doesn’t mean that creating your team needs to be a roll of the dice. Here are six guidelines to keep in mind as you build an exceptional team around your startup. Continue reading
Podcast: Play in new window | Download
Serious investors all want to see the same thing when they look at your business. It isn’t a great idea, although can certainly help capture their attention. It isn’t a great business plan, or a brilliant marketing campaign. What investors want to see is traction.
What is traction, and why does it matter so much. In this episode, host and business coach Tom Ryan explains the basic forms of traction — from sales to user adoption — and why they matter when it comes to creating a killer pitch. As always, Tom is joined by producer and co-host Jason Pyles. Continue reading
As a business coach, I’ve talked with countless people about their dreams of owning a business. Along the way, I’ve encountered some deeply rooted misconceptions about what entrepreneurship is really like. It’s easy to see these fallacies when you ask people a simple question: “Why do you want to own your own business?”
Almost universally, people who are considering taking that entrepreneurial leap give the same answers: I can set my own schedule, and I’ll have all sorts of flexibility; I’ll make money for myself instead of other people; and I will be my own boss.
It’s not that those things aren’t true, or that they don’t happen. They do, and they are definitely perks of the job. But they don’t tell the whole story. As someone who has owned several businesses, I can tell you that this view isn’t quite what it’s cracked up to be. Continue reading
Podcast: Play in new window | Download
How is your product or service better than the competition? What is it about your business model, product or service that gives you an edge no one else in the market has? From exclusive contracts and patents to great user experiences and special sauce, your company has something that gives it an unfair advantage over the competition. That special something needs to be a big part of your business pitch.
In this episode, host and business coach Tom Ryan talks about the many forms an unfair advantage can take, and how it can make all the difference as you pitch your company to investors and customers. As always, Tom is joined by producer and co-host Jason Pyles. Continue reading
Podcast: Play in new window | Download
How does your product or service make your customers’ lives better? Now that you’ve established the “problem” and the “solution” your business provides, it’s time to talk about the value your company will provide for those people who do business with you. The more succinct your answer, the more compelling your pitch will be.
In this Thanksgiving episode, host and business coach Tom Ryan takes a look at why value statements work, and how they can function as a simple cost/benefit analysis for potential investors. As always, Tom is joined by co-host and producer Jason Pyles. Continue reading
There is nothing more rewarding than starting your business. At the same time, becoming an entrepreneur takes a big leap of faith. It’s a tough job, and it’s not for everyone. Some people just aren’t cut out to be entrepreneurs, and that’s perfectly OK.
How do you know if you have the kind of personality, drive and perspective that makes for a great entrepreneur? There’s no one answer to that question. Entrepreneurs come from all walks of life, and from every background imaginable. The only reliable way to know if you have what it takes to successfully start and sustain your own business is to ask yourself some tough questions, and to be honest and real with yourself about the answers. Entrepreneurship is an experience you need to go into with your eyes open. Continue reading
Podcast: Play in new window | Download
To be successful, your business needs to solve a problem. That problem might be something specific and logistical within a given industry, or it might be something more along the lines of addressing an anxiety in the marketplace. A great pitch is all about delivering that perfect one-two punch of a succinctly stated “problem” and “solution.”
In this episode, host and business coach Tom Ryan talks about the ingredients common to great business solution pitches. As always, Tom is joined by producer and co-host Jason Pyles. Continue reading