In the beginning, the chances for success of a startup are often not clearly foreseeable. The startup team works hard on building the business and has at least a subjective feeling about whether they are on track for success with their idea. To make this feeling measurable, so-called “key performance indicators“ (KPIs) are used. But what exactly are KPIs? How do they shed light on progress? Continue reading
Whoever dares to take the step of starting their own business from a business idea often has to rely on supporters and advocates. Especially in the search for capital, one has to convince investors of the idea and business model. But how to convince major investors and multipliers of the idea?
The most important step: The potential investor needs to get to know about the idea; the founders must introduce him to their business concept. In a very brief time, the investor should understand the idea and realize the market potential. This presentation situation is known as “Elevator Pitch”: In two minutes, at the most, the prospective entrepreneurs present their business idea, waking the potential investors’ appetite for a promising investment. Here, the decisive factor is the first impression that the entrepreneur leaves with the investor. In this important moment, the founder must succeed in selling his business idea and himself as good as possible and make the investor curious. If you believe the elevator pitch, the chances for an invitation to a follow-up meeting are not bad at all. In an in-depth discussion, the comprehensive business plan can then be submitted and the business idea discussed in detail. A well-prepared pitch is therefore the “entry ticket” to key contacts and opportunities for further development.