The Four C's for Entrepreneurs

When starting an entrepreneurial venture, there are four key pillars that must exist, in order for you to create and sustain your business.

Concept: Why are you in business? What product or service do you offer, and how is it unique, desirable and/or better than what’s currently in the marketplace? What results or outcomes does your business offer, and how can you demonstrate the value of your solution? Please phrase your answer in terms of a customer.

Communication: Leveraging the value of your solution means that you have to tell the marketplace about your product or service. What is your message, from a marketing perspective (product, price, promotion and place/distribution)?

And don't forget the fifth "p": PERSONALIZATION.  How do you make every customer - or potential customer - experience that feeling of being special and unique (even in a mass market business model)?

Clients: Who are your target customers? How will you communicate with them, and how will you engage those customers to buy (distribution methods)?

Don't forget the fifth "p" - PERSONALIZATION

Cash Flow: While “cash is king”, you must first have a compelling offer,  correct pricing, and a method of presentation that makes your audience say, "Tell me more..." What investments will you make to acquire customers? How much do you expect to spend, to attain your first customer? Are your prices both competitive, and profitable? What is your path to break even, and how will you tend to your “burn rate”, before that first customer puts their money down? Then, what will you do to maintain and expand your results, creating relationships with other customers?

Starting a business is a complex endeavor, and each business has its own unique challenges. Creating a communication plan, based on an innovative concept, is the key to creating successful relationships, a bulletproof brand and positive cash flow.

About the Author:

Chris Westfall is the US National Elevator Pitch Champion, and he's coached entrepreneurs onto Shark Tank, Dragon's Den and Shark Tank - Australia.  His strategies have raised millions for entrepreneurs on four continents.  Find out more on his website, westfallonline.com