In Focus - Developing your two-minute pitch
Article by Ian Mooers, Coordinator, Entrepreneurial and Business Development
Programs, George Mason University
Summary Points:
- An entrepreneur should be able to desribe
their company in 3 to 5 sentences. - Prep for networking events by practicing
your two-minute pitch. - Memorize your companies business
advantages over your competition
I recently attended a breakfast meeting that brought large government contract firms and small businesses together to form potential partnerships. The event was organized similar to speed dating with participants moving from table to table to network with one another. I was a moderator, and my role was to stay at the table and help people connect and keep the conversations flowing in the interest of time.
The first group of companies at the table came well prepared, and presented their business and the opportunities for partnership very effectively in less than two minutes! Almost immediately, the participants began to discuss plans for future contacts and other potential lines of collaboration. The successful two minute ‘elevator pitch’ had been deployed by the small companies, and it allowed the larger firms the chance to quickly grasp their potential as a partner.
It was the second group of companies that came to the table that made me decide to write this article. Almost the entire time allotted by the event for this second group to network was taken up by long-winded explanations of their businesses. As best as I could, I tried to get each company to articulate their value as a potential partner to the big firms. One of the representatives from a large firm, finally just asked, “What is it precisely that you think your company can do to help our firm meet demands of current and future contracts with the government?” Another lengthy answer was given. The opportunity was clearly lost.
This scenario probably occurs frequently at networking events across the Washington region. However, there are simple steps to take to avoid being the long-winded type and improve your message to the public. It begins with some simple preparation before going to a networking event:
- Dig out a blank index card. Yes, it is time to go back to paper and get this right! On that blank index card, write the 5 most important advantages of your business over your competition.
- Flip the card over, and select the top 3 from that list of 5 business advantages.
- Now, take out a new index card. Using the top 3 business advantages you identified, write a three sentence paragraph describing your business advantage. Stick that index card in your pocket to help you remember your core business advantages.
If just one of the long-winded company representatives that visited my table had done this simple exercise they might have found themselves some real partnership opportunities. In today’s business environment, your message needs to come across quickly and clearly. Otherwise, you fade off into the crowd and don’t stand out. At networking events you will find that some people really hit it off because they are able to make that connection. If you just listen to the conversations that take place, you will learn that a lot of people really have mastered the two-minute pitch. Is it not time for you to do the same?