Module 5, Video 10: Making a Pitch (Part One)

Transcript
In this video, we will discuss the kind of information that will help persuade an investor. We'll also learn about how
conversations with a possible investor begin. Finally, we'll review an example pitch, which is a persuasive tool an
entrepreneur can use in a first conversation.

Persuading people to give financial support to a business can be very challenging. No matter what kind of outside
support an entrepreneur needs, the entrepreneur has to show investors that the business idea is clear, the product
is strong, the opportunity is real, the business owner is trustworthy, and the business will be managed well.

A strong business plan has a lot of this information. But, in most cases, a possible investor, a friend, a family
member, a bank, or a venture capitalist, will have a conversation with an entrepreneur about a new product
before agreeing to read a business plan. Therefore, the entrepreneur must first start conversations to get people
interested in the new product or business. These conversations can happen at any time. They maybe planned or
unplanned. Therefore, the entrepreneur should always be ready to give a short, persuasive speech about the
business. In other words, the entrepreneur should be prepared to make a pitch. A pitch is the words or speech an
entrepreneur uses to persuade someone to consider supporting a new product or business in some way.

Entrepreneurs often prepare different pitches of different lengths, so that they can be ready for any situation.
They might plan a very short pitch, as short as 30 seconds, and a longer pitch, maybe as long as 20 minutes. In our
work for this unit, we will focus on the elevator pitch. A speech that outlines an idea for a product or business in
just 30 to 60 seconds. Short enough to be given during the average elevator ride. This kind of pitch is often written
for a general audience that could include possible investors, as well as possible customers, employees, or even
suppliers.

This pitch could also be used in a video shared on a crowdfunding website.

An elevator pitch is likely to have four parts. A hook, a product description, an opportunity statement, and a
confident closing. Let's look at each part in detail. Part one, a hook. A hook is something that attracts someone's
attention, like a hook with a worm that attracts a fish. Often, the hook is about a situation that created the
business opportunity. The hook should be brief, just two to three sentences long.

Here's an example for the best bicycle delivery service:

In my local market, there is so much traffic that it sometimes takes people an hour to drive just a few
kilometers. Many local companies can't make deliveries because there is too much traffic.

In persuasive speaking, a hook might be an interesting fact, a question, or a story. We will review these strategies
in the next lecture video.

© 2022 by FHI 360 M5 T10: Making a Pitch (Part One) Transcript for the Online Professional English Network
(OPEN), sponsored by the U.S. Department of State with funding provided by the U.S. government and
administered by FHI 360. This work is an adaptation of Making a Pitch by University of Pennsylvania licensed 1
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license, visit https://creativecommons.org/licenses/by-sa/4.0/