Entrepreneurs: Take Flight!
Entrepreneurs are a special breed! And investors can sometimes drive you mad. For every 10 investors you talk to, you might get 10 different ideas as to how to change your business idea. Not only that, the relationship can become a power dynamic with you feeling less a power broker than an ant hoping not to get squashed. Coming up with the business idea may seem like a cakewalk in comparison to pitching before investors. This is especially true when pitching to angel investors. There's not a lot of proof points or revenues yet and the investors have to really believe in your ability to make them a lot of money. I developed tips and a template to pitch to investors but first you need to get inside their heads and understand what it takes to be successful which, in turn, will make them successful.
Saras Sarasvathy, PhD, Darden School of Business, University of Virginia, researched really successful billion dollar entrepreneurs, the kind you dream of becoming. What she found was the following characteristics of what it takes to be uber-successful and she calls it "Effectuation". If you follow the principles she outlines, investors will be eating out of your hand. Taken from https://innovationenglish.sites.ku.dk/model/sarasvathy-effectuation/:
"Saras Sarasvathy’s theory of Effectuation (2001) describes an approach to making decisions and performing actions in entrepreneurship processes, where you identify the next, best step by assessing the resources available in order to achieve your goals, while continuously balancing these goals with your resources and actions.
The fundamental world view for Effectuation is called the Pilot-in-the-Plane, which describes the future as something you can influence by your actions, i.e. you can create your own opportunities.
The four principles of effectuation are:
Interested? Go to https://www.effectuation.org/ and learn more. Then talk to me! I can help you build the "Perfect Pitch" to close the deal. Check out the-perfect-pitch-template-presenting-to-angel-investors.html
Saras Sarasvathy, PhD, Darden School of Business, University of Virginia, researched really successful billion dollar entrepreneurs, the kind you dream of becoming. What she found was the following characteristics of what it takes to be uber-successful and she calls it "Effectuation". If you follow the principles she outlines, investors will be eating out of your hand. Taken from https://innovationenglish.sites.ku.dk/model/sarasvathy-effectuation/:
"Saras Sarasvathy’s theory of Effectuation (2001) describes an approach to making decisions and performing actions in entrepreneurship processes, where you identify the next, best step by assessing the resources available in order to achieve your goals, while continuously balancing these goals with your resources and actions.
The fundamental world view for Effectuation is called the Pilot-in-the-Plane, which describes the future as something you can influence by your actions, i.e. you can create your own opportunities.
The four principles of effectuation are:
- Bird-in-Hand: You have to create solutions with the resources available here and now.
- Lemonade principle: Mistakes and surprises are inevitable and can be used to look for new opportunities.
- Crazy Quilt: Entering into new partnerships can bring the project new funds and new directions.
- Affordable loss: You should only invest as much as you are willing to lose."
Interested? Go to https://www.effectuation.org/ and learn more. Then talk to me! I can help you build the "Perfect Pitch" to close the deal. Check out the-perfect-pitch-template-presenting-to-angel-investors.html
