This infograph details the 12 key components of a winning investor pitch deck — if you have an idea worth investing in!
Any time is a good time to get your idea off the paper and into reality. If you think you have something great, take the following tips from Robert Herjavec and go out there and make something happen (I love number one — essentially innovate rather than create):
1. What makes a good business idea great?
There are lots of good ideas but most great business are built on better execution of an existing idea. I am not a big believer in “create a better idea and the world beats a path to your door.”
2. What do you think are the traits of a great entrepreneur?
Many – but most important is the ability to be relentless as the sand shifts around you. I always say “quick is good – relentless is better.”
3. How do I know if there’s a real need for my product or service?
Ask the only people who matter – paying customers – emphasis on the word paying. RIM (the makers of Blackberry ) never develop a new product until they have a client who will pay for it.
4. What are the most important first steps a new entrepreneur should take?
Find a customer!
5. How do you create a business plan that works?
People spend way too much on a business plan. When you start – it is important to have vision but a business plan is theory and when you are starting there is very little room for theory. At the beginning, any plan beyond the next quarter is a dream; after you get bigger the next quarter becomes the next 2 and so on. As you grow, size gives you some predictability.
6. Where can I get help creating a business plan?
Spend less time on your plan and find more time talking to people who will actually buy your product. I never had a business plan for my first four businesses.
7. How do you compete against the big guys?
The smaller you are the more laser-like your focus needs to be. A single man cannot defeat an army unless he finds their weakness and attacks them at that point one on one.
8. How do you build a great team?
Lots of ways – but the first thing is be a great leader. People naturally want to be lead and not managed. Look in the mirror – are you the one who can lead?
9. What makes an investor put their money into a deal?
A great probability of a healthy return on the capital – and the likelihood of capital being returned (element of risk ).
10. How do I find investors and business partners and what’s most important in my presentation?
First step make sure you need investment – or do you simply need a loan. Most people that want an investment simply need a loan – keep in mind if a bank will not give you a loan – you are going to have a hard time with investors also. They are out there – this is the greatest time in history of concentration of investment capital in cash. Build a great business – everything else flows from that.
If you’re reading this in preparation to fine-tune your pitch deck, good luck. I hope you get every dollar you need!
Main image by Laura D’Alessandro