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Small Business / Entrepreneurship News

Pitching Your Business vs. Planning Your Business
2012-03-06

pitching to the dragons, dragons den, investment pitch, pitching or planning, venture capitalists, business pitching

 

Sabrina Parsons identified the question that every startup wants answered on forbes.com; Do investors want you to write a business plan or do they just want you to wow them with a dynamic pitch?

 


Having a great pitch is vital for any startup wanting to impress Angel Investors or Venture Capitalists, but the idea of pitching without a business plan is ludicrous. Many people say that business plans are a waste of time because Venture Capitalists won’t read them, these people are wrong. Investors want evidence of in-depth planning and prepared information to look at.

 

A great pitch is based around the key points of your business plan (usually research and financials), so you will struggle without one. This doesn’t mean you have to produce a 30-50 page plan on your business, because no one would have the time to read that. But you do need something in writing, which is presentable to the people who are considering investing their money in you.

 

 

Anyone who has set up their own venture will understand that what you predict rarely ever plays out in the exact same way. But being able to compare the difference between what you said would happen in your forecasts and budgets and what actually happened will help your business move forward. A business plan is a fantastic monitoring plan, which will help you understand the critical metrics for your business.

 

 

To increase your chances of success you have to conduct meaningful market research before you do anything else. The more information you can gather about your business and how it relates to the market, competitors, pricing, bottom line and cash-flow the more likely you will be to succeed.

 

 

Do your market research, construct a precise plan and rehearse your pitch over and over again, so that when an investor asks you about the realism of your forecast, you can bounce into an intelligent response based on your research findings. If you are struggling to gather effective market research the experts at Marketest can help.

 

  
Read More:

Your Niche – 3 Criteria to Be Sure You’ve Got the Right One

How to Write a Survey - Effectively?

Market Research Process: 6 Steps to Project Success       
 

 

 

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