There are many occasions when you, as an entrepreneur, will be called upon to explain your business.
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These presentations will be given to many diverse groups including potential customers, bankers, suppliers, and investors. Each group requires different information about your business and it should be presented in a format appropriate to the situation.
To begin preparing your presentations, develop a ten-second, one-minute, and detailed description of what you do. Practice each presentation with people who know you as well as with strangers. Ask if you are providing the information they need to understand your business.
You will generally use the ten-second description on the phone with people learning about you for the first time and at networking functions. It should be informative and interesting so that the audience will ask for more detail.
The one-minute presentation should concisely describe your product/service and anything unique about your business, such as materials used or business philosophy. You will use this presentation on the people you hooked with your ten-second description.
Information provided in the detailed presentation will vary by audience. Before you begin talking, take into consideration whom you are are talking to and why they want to know about your business. For example, a loan officer is going to want to know about business stability, experience, and ability to generate revenue to repay the loan. Suppliers may want to know about the exposure their products will receive, your target market, and your ability to the supplier. Make sure you answer the following questions:
- Who are you?
- What do you want to do?
- When do you want to do it?
- Why do you want to do it?
- Who do you want to do it for?
- How are you going to do it?
- What is your experience to do it?
- What do you need to do it?
- What will it cost to do it?
- How much will you make when you do it?
Your appearance is at least as important as what you say and how you say it. Take a look at other business owners in your industry by visiting their businesses, attending trade association meetings, and reviewing trade publications.
Your audience will develop an initial impression of your business before you speak. Make sure you are conveying professionalism and expertise in your industry.