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How can you effectively address potential risks and challenges in your pitch?

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Pitching your small business idea to angel investors or venture capitalists (VCs) can be a daunting task. You need to convince them that your product or service is worth their money, time, and trust. But how do you handle the inevitable questions and objections that they will raise about the risks and challenges that your business faces? Here are some tips to help you prepare and deliver a confident and credible pitch that addresses potential issues and shows your resilience.

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Maria Camins

Art Collector @ Promoter | New Business Development | #AI Artist | Fashion Designer

1 Know your audience

Before you pitch, do some research on the investors you are targeting. What are their backgrounds, interests, and preferences? What are their criteria for evaluating startups? What are their pain points and goals? By knowing your audience, you can tailor your pitch to their specific needs and expectations. You can also anticipate the kind of questions and concerns they might have about your business and prepare your answers accordingly.

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Maria Camins

Art Collector @ Promoter | New Business Development | #AI Artist | Fashion Designer
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When you pitch a project to a potential investor or collaborator, it is of utmost importance not to sound like you are pitching the project ??????. In my experience, it is better to be very nonchalant and to naturally inspire the investor by the strength of your conviction. You can use your own personal struggles and how you overcame them using the elements that are in the product or in the systems of the proposed project. For instance, if you have been scammed before (who hasn’t?) and the reason was because the emails you needed to prove your case, have been deleted from a server… then, you can easily propose using the blockchain as a solution. That’s just one example of how record-keeping can be trusted. ??????

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Daniel Andersen-Tuffnell

Helping Leisure, Sports & Events companies Thrive in Business & LinkedIn ? Strategies, Systems & Mindsets to Deliver Clarity, Accountability & Guarantee ROI ?? – Oh, and I'm Splendidly Dyslexic Too!
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To effectively do anything when in a sales meeting, tell stories, embed the star framework What was the SITUATION What was the TASK What were the ACTIONS What was the RESULTS Your audience will have straightaway clear insights Understanding who you're pitching to is like having a map in unfamiliar territory. Tailor your approach based on their interests, concerns, and industry knowledge. This ensures your message resonates and builds trust. ?????

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2 Highlight your value proposition

One of the most important aspects of your pitch is to communicate your value proposition clearly and concisely. Your value proposition is the unique benefit that your product or service provides to your customers and how it solves their problems or satisfies their needs. You need to show the investors why your solution is better than the existing alternatives and how it creates a competitive advantage for your business. You also need to quantify your value proposition with relevant metrics, such as market size, revenue potential, customer acquisition cost, and customer retention rate.

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Daniel Andersen-Tuffnell

Helping Leisure, Sports & Events companies Thrive in Business & LinkedIn ? Strategies, Systems & Mindsets to Deliver Clarity, Accountability & Guarantee ROI ?? – Oh, and I'm Splendidly Dyslexic Too!
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Your value proposition is your North Star, guiding your audience through the pitch. Make it compelling and clear why your solution outshines others, addressing potential concerns head-on. ???

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3 Acknowledge the risks and challenges

No business is without risks and challenges, and investors know that. They want to see that you are aware of the potential pitfalls and hurdles that your business might encounter and that you have a plan to overcome them. Instead of avoiding or downplaying the risks and challenges, acknowledge them upfront and explain how you intend to mitigate or manage them. For example, you can mention the regulatory, legal, technical, operational, or financial risks that your business faces and how you have addressed or minimized them. You can also share the lessons learned from previous failures or mistakes and how you have applied them to improve your business.

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Daniel Andersen-Tuffnell

Helping Leisure, Sports & Events companies Thrive in Business & LinkedIn ? Strategies, Systems & Mindsets to Deliver Clarity, Accountability & Guarantee ROI ?? – Oh, and I'm Splendidly Dyslexic Too!
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Transparency about potential hurdles shows you’re realistic and prepared. Share what you can do and share what it's not possible or not in the scope of the project. Keeping it focused, again creates confidence, promising everything does not work It's like acknowledging the weather might change during your trek but showing you’ve packed the necessary gear to proceed safely. ?????

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4 Demonstrate your traction and validation

Another way to address the risks and challenges in your pitch is to demonstrate your traction and validation. Traction and validation are the evidence that your product or service has been tested and proven in the market and that it has generated positive feedback, results, or outcomes. You can use different types of traction and validation to show the investors that your business is viable, scalable, and profitable. For example, you can show your customer testimonials, reviews, or referrals, your sales figures, revenue growth, or profitability, your user engagement, retention, or loyalty, your partnerships, endorsements, or awards, or your media coverage, press releases, or social media buzz.

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Daniel Andersen-Tuffnell

Helping Leisure, Sports & Events companies Thrive in Business & LinkedIn ? Strategies, Systems & Mindsets to Deliver Clarity, Accountability & Guarantee ROI ?? – Oh, and I'm Splendidly Dyslexic Too!
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Showing evidence of your success is like leaving markers along your trail, proving you know the way. Share customer testimonials, sales data, or milestones to illustrate your progress and reliability. ?????

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5 Show your team and culture

One of the biggest risks and challenges that investors look for in a startup is the team and culture. They want to see that you have a competent, committed, and cohesive team that can execute your vision and strategy. They also want to see that you have a positive, productive, and adaptable culture that can support your growth and innovation. You need to show the investors that your team and culture are your strengths and assets, not your liabilities and weaknesses. You can do this by highlighting your team's skills, experience, and achievements, your team's roles and responsibilities, your team's collaboration and communication, your team's values and beliefs, and your team's feedback and learning.

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6 Be prepared for questions and objections

Finally, you need to be prepared for questions and objections that the investors might have after your pitch. Questions and objections are not necessarily a sign of rejection or criticism, but rather an opportunity to clarify, elaborate, or persuade. You need to answer the questions and objections confidently, honestly, and respectfully, without being defensive, aggressive, or evasive. You also need to avoid giving vague, generic, or irrelevant answers, and instead provide specific, factual, and relevant answers. You can also use questions and objections as a chance to restate your value proposition, reinforce your traction and validation, or emphasize your team and culture.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you effectively address potential risks and challenges in your pitch?

1

2

3

4

5

6

7

1 Know your audience

2 Highlight your value proposition

3 Acknowledge the risks and challenges

4 Demonstrate your traction and validation

5 Show your team and culture

6 Be prepared for questions and objections

7 Here’s what else to consider

Small Business

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How can you effectively address potential risks and challenges in your pitch?

1

2

3

4

5

6

7

1 Know your audience

2 Highlight your value proposition

3 Acknowledge the risks and challenges

4 Demonstrate your traction and validation

5 Show your team and culture

6 Be prepared for questions and objections

7 Here’s what else to consider

Small Business

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