An elevator pitch can be described as a short summary of your business that defines it in essence ,viability and direction. An elevator pitch can be useful in pitching business ideas to potential investors as it enables them capture the business in a short time. Depending on the time available,you should be able to deliver your elevator pitch in less than 2 minutes.
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These are 7 elements that guide an elevator pitch
1) Identify and state a real problem your customer has that your business (product/service) is solving. Simplify the problem so that it is easily understood in as few words as possible.
2) What solution is your business offering to the problem? how is the business (product/service) providing solution?
3) Define your target market ; Who has the problems you are solving? how many potential customers exist in this space? try to find out how much customers spend on current alternatives .What is the size of the market you are targeting and how much can you possibly make from this market within a specified period?
4) Competition ; what are the existing alternatives to your products/service in the market? What makes your solution better than that of the competition; why would a customer pick you over competition?
5) Team; this should be a list of people you are working with to actualize the vision your business has. It is important that these people have the right skill set to get the job done.
6) Financial summary ; this should include the sources of income (revenue streams) of the business as well as expenses within the business.
7) Milestones – this talks about goals set within the business with timelines attached to them. Be sure to include milestones already achieved within the business.