Present Your Business Plan Successfully: 8 Surefire Tips

Written on March 24, 2008 by Amanda M. Gladden

Michael Margolis, a semi-final judge and new venture mentor to teams in the social enterprise track
of New York University’s 2008 Business Plan Competition is today’s guest blogger.

Over the last few weeks, I have had the opportunity to serve as a semi-final judge and new venture mentor to teams competing in the social enterprise track. Having coached several teams already, here’s what I’d say are EIGHT KEY LESSONS for teams eager to sell their business idea in a business plan competition.

1. Explain Why YOU
People invest in people, not ideas. So give the judges/audience a sense of why you’re the right person. illustrate your commitment, knowledge, and expertise. How many years have you been doing this? How has your life experience prepared you for this endeavor? Show the judges that you are real, genuine, and passion-driven.

2. Don’t Over-Describe the Problem
Most of us are aware of the overwhelming and intractable problems out there. Unless you’ve got a really unique take or identify a completely overlooked problem…don’t devote more than one slide (90 seconds) on this topic. The more targeted you can be here the better - e.g. “poverty” versus “18-25 year olds in urban communities with untapped talent and potential who seek job opportunities.”

3. Present a Focused Solution
This is what everybody’s waiting for. A simple yet elegant idea for a better mousetrap. The more tangible and clear your product or service can be the better. Most important - Why are you distinctively positioned to deliver this solution? Think really hard here…the “competitive advantage” question is one that I see teams fail to really address again and again. Don’t let a naive answer undermine your perception of credibility.

4. Make it Real
Describe how this is more than just an “idea”. Have you beta-tested the product? Run a demonstration project? Any evidence that there is both a need and demand for your solution? Let people know that you have already begun to experiment with implementation, and have some real on-the-ground experience and lessons learned to date. If so, share them.

5. Find the Emotional Hook
People buy based on emotion and then justify through logic. So how will you get your audience to self-identify with your message? What is it about your business idea that they can personally relate to? In order to find the emotional hook, begin with basic ego needs - who benefits from a transaction with your solution? Does it include any intangible benefits such as “status/prestige”, “feeling good”, or “belonging to something meaningful”?

6. Justify Your Model of Change
Since this is a business plan competition for social entrepreneurs, you’ve got to justify how your idea will generate social change. Get specific. How will launching a fair-trade business in Asia really alleviate poverty? More than superlatives, judges want to know how you will move the needle on this issue. What kind of social return on investment is generated - and can you substantiate it?

7. Describe the Critical Path
Show how you are ready to hit the ground running. Now that you’ve convinced people about the idea and the team, you need to build the judge’s confidence that know how to implement. Say you win the $100K prize, what will you do with this money? Describe your plans, including why you’ve chosen to prioritize certain expenses. How you plan to spend the prize money is DIFFERENT than your start-up or first year budget. You need to present both. Describe short-term milestones, and why these activities are key in scaling the business.

8. Remain Optimistic Yet Humble
Conclude with a passionate plea for why you deserve to win the prize - and what great impact can come out of your work. Don’t be afraid to discuss your remaining concerns or vulnerabilities - it shows a great deal of maturity and perspective. And lastly, reiterate your commitment to this idea, regardless of whether you win the prize. There are plenty of other potential sources of funding and support out in the audience.

Final Thoughts:

With just 15 minutes to make your pitch, PLEASE no more than 10 slides. You’d be amazed how many teams think they can get through 30-40 slides! It all comes down to who can tell the most believable story. Make sure you’ve assembled the pieces to present a coherent and compelling storyline that makes your idea come to life.

May the best story win!

___________________________________________________________
Michael Margolis is the President of THIRSTY-FISH – a boutique story
consultancy based in NYC. Since 2002, he has helped revitalize countless
companies and causes in the midst of growth, change, or turnaround.
His unique approach — “brand storytelling from the inside-out” — teaches
entrepreneurial leaders how to frame a coherent narrative that people can
believe in. You can learn more by visiting http://www.thirsty-fish.com
_____________________________________________________________

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