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Running a business in South Africa is often a daunting task and you may, at some point or another, find yourself wanting to give up when you hit what feels like an insurmountable challenge. Small- to medium-sized businesses in this economy find the toughest hurdle is usually funding. In a cash-strapped economy, you’re going to hit up many people for money – your family, friends and banks or other financial institutions. No matter who you turn to, these potential resources are all going to have the same question: “Why should I invest in your business?” So how should you go about convincing them and winning their trust? The answer lies in perfecting your pitch!
“To achieve success as an entrepreneur in business, you need the ability to effectively pitch your business to clients and investors. Without a polished pitch, you’re wasting time and you’re likely to lose out on funding,” says Allon Raiz, CEO of top business incubator, Raizcorp. He believes you should forget everything you’ve been taught about pitching your business – you’re doing it wrong.
Bombarding an investor with numbers and future projections right off the bat is how you prove to them that they will make their money back (and more). Right? Wrong! You’ll only end up boring them. Having a precise, perfectly plotted strategy neatly laid out on paper must be the way to convince them of your imminent success. Wrong again! “Investors look for important details in a business pitch. For example, do you and your team possess the skills and experience needed to actually execute and deliver your business model?” says Raiz.
A judge and the creator of the annual Engen Pitch & Polish competition, Raiz sees the same mistakes being made by entrepreneurs at all experience levels. “Often, entrepreneurs are in denial about the state of their business. Glossing over the hard questions or not being realistic about what risks you and your business pose both now and in the future is to do yourself – and your potential investor – a disservice.”
If you’re thinking about entering this year’s Engen Pitch & Polish competition, we recommend that you listen to Allon Raiz’ new weekly podcast series The Successful Pitch where he walks entrepreneurs through preparing the perfect pitch. Listen here https://www.raizcorp.com/the-successful-pitch/.
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