Phil Romano and the Elevator Pitch

There were a lot of different activities this week that opened my eyes to a lot of various skills and knowledge that is needed to start a business. I certainly knew that starting a business wasn’t easy and that it would require a large amount of my time and monetary resources, but there is just so much that someone has to understand to help mitigate the risks associated with entrepreneurship.

I really liked the advice and comments from the Acton Hero, Phil Romano. He said that when you are starting a business, you have to focus in on a market need and build a business around that need. It seems that there are a lot of businesses that start without ever asking if anyone even wants their product or service. They want to be their own boss and make some good money in the process. Unfortunately they don’t do either for very long (if at all). Phil emphasized the fact that if you will meet a need, you will never have to worry about profits. You will make twice as much as the guy who is just trying to sell something.

The elevator pitch was also a really good activity for me. Having to describe the value of your business in less than 2 minutes is tough and you have to really get down to your business’ value proposition. What is it that makes you so special? Why would people buy from you instead of from your competitors? Then being able to hear what classmates (and potential customers) had to say is great. Something can make complete sense in your head but is pure confusion to everyone else, so getting that feedback is important. Honestly, I think that the elevator pitch activity should be a part of the very earliest stages of venture creation to ensure that you and everyone else understand why it is you are pursuing the business.

My $100 Challenge business is going well. I have been able to contact a few more potential customers, but I still haven’t landed that first customer. I’m in the process of putting together a modified resume to provide to these potential clients, so they don’t think I’m just some crazy kid who wants to mess with their email campaigns. I think this will help lend credibility to the business.