5-4-3-2-1 Countdown for Entrepreneurs (5/10/23)
5
Motivations of entrepreneurs
In this commentary, I dig into the five major motivations that inspire and sustain most entrepreneurs.
4
Elements in your pitch deck
No two ventures or products are alike, so startup pitch decks should not look alike. But there are four common elements in presentations to prospective investors -- story, solution, scale, and strategy -- with each element usually requiring multiple slides.
Let’s quickly review those elements.
Story. Define the “problem” in a narrative style.
Solution: Explain how your product solves that narrow problem.
Scale: Take your narrow problem/solution and explain how you will get it in front of a broader audience, i.e., turning it from a solution into a business.
Strategy. Define the ultimate “big” market you’ll reach over time, but also the narrow subset of the market you’ll attack first. Explain why this market will choose your product over alternatives (competitors as well as no action at all). And explain why you and your team are uniquely qualified to make this work.
You’ll then go on to other elements, like how, why, and when the venture makes money. (By the way, keep the financials/projections in the appendix.) And you will get explicit about what you want – aside from money, this can include advice, connections, etc.
But before you ask for money and other help, you must explain the four basic elements. So, think analytically and creatively about each element: story, solution, scale, strategy.
Think from the POV of investors yet stay true to your convictions about what customers want and deserve. Your sincerity is an invisible, fifth element. It won’t be expressed as a slide, but it can be persuasive too.
3
Ways a startup CEO should be “visionary”
In this commentary, I discuss how Chief Entrepreneurial Officers need X-ray vision about product, profitability, and people.
2
Leaders chat with me about their AI success story
I recently sat down with Dan Hess, co-founder and CEO of Squark, and Chris Selland, the venture’s new CEO.
This video captures our discussion of the the evolution of their business. And I think the conversation helps reveal the great, practical advantages of Founder-CEO collaboration.
1
Update on my idea that startups need to develop their own “Unique Money Model”
I’m working on a piece for the next newsletter about “I.C.E.” -- Investment, Cash-flow, Earnings. It will explain why and how startup CEOs need to see clearly into those realities to figure out the best ways to achieve profitability and scale. $o plea$e $tay tuned.
Stay safe, stay happy, stay in touch!
Adam
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