Making the Pitch and Vision and Characteristic of Entrepreneurs Flashcards
Explain the relevance of “Start with Why”
A critical question that each person, especially leaders, should constantly ask themselves. When it comes to entrepreneurship, marketing your product effectively requires that you ask yourself why others should want to buy your product. A lot of your competitors might sell superior gadgets at the moment, but without a vision and a belief that motivates them to sell better and to innovate, your competitors will not fare so good twenty years down the road. Your competitors, like you, know what they’re doing, but they don’t know why they’re doing it. The reason why Apple has consistently been successful has to do with their communicating from the “Why” part of the Golden Circle. They believing that by challenging the status quo and empowering the individual, not only are they setting themselves apart from their competitors, but that gives people more incentive to buy Apple and to perceive Apple as authentic.
Who are stakeholders that entrepreneurs have to consider?
Businessmen and women who already have success in the kind of business you are trying to start. Smart investors who actually have a good understanding of the marketing world and are happy to share their insight with you. And of course, customers who’s needs and wants can be addressed and met by your product/service.
Tips from Mr. Wonderful -
Entrepreneur should articulate pitch in 90 seconds or less
Successful in convincing investors team has what it takes to execute business plan
Know their numbers in and out and grasp their business models
What are the 3 overarching areas that entrepreneurs should focus on? How do they relate to each other? Give examples
People (stackholders)- each person on the team acknowledges their strengths and weaknesses; they have to work well together and listen. Great People & Moderate idea are better than Great Idea & Moderate People
Process- increase efficiency in all areas; look for opportunities to scale
Product- evaluate marketing characteristics; consider customers’ feedback
