Top three mistakes when pitching your business

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Subject: Top three mistakes when pitching your business

10X Funnel Hackers

At this year's 10X Growth Con, Kevin O'Leary from Shark Tank let us know the top 3 mistakes made when pitching your business.

Not articulating the opportunity in 90 seconds or less

"All of the companies that got funded in all 23 countries in multiple geographies in multiple languages. All were able to say here’s my idea in 90 seconds or less, 'Hi, I’m Sarah I crystallize detergent and I eliminate the plastic bottle and I ship it to you, to your home, and we don’t waste plastic.' That’s like 17 seconds."

Not explaining why you are the right individual or team to execute on this idea

Investors want to know that their risk is mitigated by taking a chance on you because you are the right person to bring this idea to market.

Not knowing your numbers

How big is the market? How fast is it growing? What are the gross margins? What’s the break even analysis? You HAVE to be able to answer those questions.

“If you don’t know your numbers. I will personally put you in hell myself, because you deserve to burn in hell because you’ve made it. You have made it past 50,000 applications. Only maybe 300 get considered. Only 220 tape on-air. There you are, with your opportunity. You’ve beat the odds. And you don’t know your numbers?!!”

Kevin also spoke about the importance of truth and trust in business and relationships: "Always tell the truth, and you’ll never have to remember what you said." To learn more, click here to download my notes from his talk.

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Subject: Top three mistakes when pitching your business