5 Mistakes to Avoid When Opening a Business

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  Opening a business can be an frightening journey filled with opportunities and challenges. However, numerous pitfalls can hinder your progress. Here are five critical mistakes to avoid when embarking on your entrepreneurial endeavor: Neglecting Market Research: One of the most common mistakes new entrepreneurs make is pitching into a business idea without thoroughly understanding the market. Failing to conduct comprehensive market research can lead to a disparity between your product or service and customer needs. Analyze the demand, competition, target audience, and current trends. Understand your customers' pain points, preferences, and purchasing behavior to tailor your offering accordingly. Ignoring a Solid Business Plan: A well-crafted business plan is a roadmap for success. Skipping or hastily drafting this crucial document can impede your business's growth. A solid plan outlines your objectives, target market, financial projections, marketing strategies, and op...

Elevator pitch

Do you know what the elevator pitch is and how it can help you generate business opportunities? The famous elevator encounters with personalities of interest in which we only have the time it takes to introduce ourselves do not just happen in the movies. Nor do they have to be in an elevator.

However, surely now you imagine the protagonist of the film giving his best to achieve his goal. Do you think it could happens to you at the business level?  bacobolts.yictic

Rehearsing what we would say exactly in an elevator pitch can help you in many cases to capture the attention of your interlocutor and arouse their interest. But if there is something particular about it, it is that it is more effective in a face-to-face conversation. So find out in this article how to make an elevator pitch and get inspired by some examples .  construction-bolts.tockhop

What is an elevator pitch and what is it for?

An elevator pitch is a short, easy to understand and powerful description of what you do in your company, an introduction to your business proposal and a very quick way to show why the person you are addressing should be interested. It is about offering a speech in a limited time of 30 seconds to 2 minutes with the aim of winning a second conversation . techqueer

In the elevator pitch, it is not so important to describe in detail the product or service offered as to capture the attention of the recipient, who may be a potential client, a job recruiter, an investor or, for example, a representative of a media outlet.

When did the elevator pitch appear?

The origin of the elevator pitch is uncertain . Many allude to its appearance when the inventor of the first elevator safety system, Elisha Otis , gathered a crowd to make his presentation at New York's Crystal Palace. Others, on the other hands, speak of the experience of Philip B. Crosby in his speech in the elevator, when he had the opportunity to present his proposal to the CEO of his company. This was explained in the book The Art of Getting Your Own Sweet Way, published in 1981. tc-bolts.dyifo

What is evident is that this concept is typical of this era, in which we always live in a hurry, and our attention time is worth gold.

What is the elevator pitch for?

The objectives of the elevator pitch is to awaken the interest of the person you are addressing so that they want to have a more in-depth conversation , make an appointment, a meeting, an interview or request more information by any means of contact.

Surviving in a changing, competitive environment, oversaturated with information and in which time is scarce, you have to awaken the interest of the audience as if it were an occasion that will never be repeated, and this is the perfect opportunity to seduce.

For your speech to be memorable, you need to convey the message clearly and inspire confidence , presenting the main ideas in a concise and forceful way.

Pitch types

Depending on the type of audience you are addressing, we must clarify that there are different types of pitches or speeches. These are the most frequent:  bolts.answerhop

1. Commercial

It is the most conventional situation. It is about a company-potential client discourse in which we can use the strategy of empathizing with the problem and offering the solution. To do this, you have to know what the potential customer's problem or need is and how you can demonstrate that your product or service is the solution.

2. Investors

As in the previous speech, when dealing with investors it is also important to know what interests them. However, the important thing is to talk about how profitable your project can be, what differentiates you from your competitors and what you could achieve with it.

It is common for this type of pitch to take place in a meeting achieved through an elevator pitch.

3. Deck pitch

This type of pitch consists of selling the product or service through a generalized presentation of it, usually supported by slides and aimed at investors. For this, it is important to define what the product or service consists of, and how it can solve the main problem of the target audience. In addition, if we address investors, we must make it clear to them how profitability will be obtained and what the main lines of income will be. It should not exceed 10 or 15 minutes.

4. Elevator pitch

This is the pitch we referred to at the beginning of this article, which owes its name to the encounters that originate in the journey of an elevator and, therefore, the speech must be very brief and precise.

The ideal time for an elevator pitch is between 45 seconds and one minute.

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