This week I had the opportunity to listen to some new business ideas and be pitched to by the undergraduates in the Business School at the @UEA. I did this with a couple of other experienced angel investors.
We got together afterwards to examine the pitches. Together we generated some insights to share that will be useful for those of you studying entrepreneurship at the undergraduate level. So, here are a few tips on how to ace your future pitches to business angels!
These guidelines are beneficial not only to undergraduate students studying entrepreneurship but to any entrepreneur seeking funding for their venture.
1. Balance Passion with Realism:
Demonstrate your unwavering commitment to your business idea while acknowledging the potential challenges and risks. This approach will convey your passion and understanding of the realities of launching a successful venture.
2. Craft a Compelling Narrative:
Your pitch should tell a story that captivates your audience while providing essential information about your product or service. Explain how your offering addresses a genuine problem and can positively impact people’s lives.
3. Master Your Financial Metrics:
A comprehensive understanding of your financials is crucial when pitching to angel investors. Be prepared to discuss key metrics, such as the cost of customer acquisition, customer lifetime value, and your break-even point.
4. Highlight Your Unique Selling Propositions:
Clearly articulate what sets your business apart from competitors and why it is uniquely positioned for success. Emphasise your competitive advantages and showcase your strengths.
5. Assemble a Strong Team:
Investors often seek well-rounded teams with complementary skills and expertise. Build a dedicated and diverse group of individuals who share your passion for the business idea and have the skills to bring your vision to life.
In conclusion, the entrepreneurial journey can be both challenging and rewarding. By diligently following these recommendations, you will increase your chances of securing the funding you need to propel your business to new heights. So, embrace the learning process, stay curious, and be prepared to navigate entrepreneurship’s inevitable ups and downs. Good luck in your endeavours, and may you succeed in your entrepreneurial journey.
