Enterprise & Business Development Lecture Notes

Enterprise & Business Development Session 8 Lecture Notes

Introduction to Pitching

  • "MAKE LOTS OF MONEY" Concept

    • Introduction to the idea that while monetary return is fundamental, a business plan requires more depth and detail to convince stakeholders.

Understanding What Interests an Equity Investor

  • Key Factors that Attract Investors:

    • Trustworthy and Credible Team

    • Owner-manager and team must be perceived as reliable and trustworthy.

    • Business Understanding

    • A solid comprehension of the business model and market landscape is essential.

    • High Growth and Returns

    • Investors look for opportunities that promise substantial growth and high return rates.

    • Sustainable Business Model

    • Importance of having a durable business model that can withstand market fluctuations.

    • Risk Identification and Mitigation

    • Clear identification of potential risks and corresponding mitigation strategies.

The Elevator Pitch

  • Definition of an Elevator Pitch

    • A concise presentation aimed at selling the merits of a business in 1-2 minutes.

  • Purpose and Content of the Pitch:

    • Overview of the Proposal

    • Identifying a Problem

    • Clearly articulate the problem being addressed.

    • Market Description

    • Need to elucidate the market and size of the opportunity.

    • Inducing Interest

    • Craft the pitch to stimulate intrigue and a desire to know more about the business.

Components of an Elevator Pitch

  • Key Elements to Include:

    • Who am I?

    • Problem being solved.

    • Your solution.

    • Rationale for success.

    • Requests from the audience.

    • Vision of mutual success.

  • Time Management

    • Draft a response for 30 seconds that succinctly encapsulates these points.

Formulating Your Story

  • Engagement Techniques

    • Add enthusiasm through body language, energy, and a smile.

    • Incorporate storytelling elements for relatability, ensuring it resonates with the audience.

  • Call to Action

    • Conclude with opportunities for connection, such as exchanging LinkedIn information or business cards.

Personal Reflection and Preparation

  • Personal Accomplishments and Traits

    • List your top three accomplishments and significant characteristics relevant to your business idea.

    • Contemplate the ultimate outcome desired from your pitch to best frame your narrative.

Speaker Example - Parisa

  • Introduction

    • Name: Parisa

    • Position: Business and Management teacher at the University of West London with a focus on promoting enterprise.

  • Problem Identification

    • Issues faced by aspiring entrepreneurs: need for training, advice, material, and financial resources.

  • Proposed Solution

    • Creation of a University Enterprise Hub:

    • An incubator to support students in materializing their venture ideas through resource provision.

  • Expected Success Factors

    • Access to educational resources, student engagement, historical success of entrepreneurial hubs in educational settings.

  • Requests for Support

    • Potential collaborations through:

    • Joining the hub.

    • Providing promotional contacts.

    • Assisting in securing initial funding.

  • Mutual Success Vision

    • Greater participation in entrepreneurship leads to a stronger network; enhances university reputation in the entrepreneurial field.

  • Future Success Impact

    • Aim to develop entrepreneurial skills among students and nurture future businesses that contribute positively to society.

NABC Framework for Business Presentations

  • Components of NABC:

    • Need: Identifying customer needs and the market gap; assessing market size.

    • Approach: Articulation of the unique solution to meet the specific needs.

    • Benefits: Detailing customer benefits, such as cost efficiency and superior service.

    • Competition: Understanding competition and communicating clear advantages.

  • Iterative Development

    • Emphasize continual refinement on the NABC model to enhance competitive edge.

Structuring a Business Plan Presentation

  • Key Presentation Strategies:

    • Display confidence without arrogance. Acknowledge risks with strategies for mitigation.

    • Showcase in-depth knowledge of customer and market dynamics.

    • Illustrate competitive advantages clearly.

    • Engage auditors through dialogue and maintain eye contact to foster connection.

    • Be prepared to acknowledge knowledge gaps gracefully and assure follow-up.

    • Importance of rehearsal for fluency and confidence during delivery.

End of Session

  • Session Concluded with a Q&A Invitation.

  • Acknowledgement of the public and private stakes involved in nurturing entrepreneurial ambitions within academic settings and the broader public arena.