Hi there -
Here is this week’s “1 principle, 2 strategies, and 3 actionable tactics” for running lean…
1 Universal Principle
“Getting others to see what you see.”
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The #1 reason why products fail is building something nobody wants. The #2 reason why products fail is not getting others to see what you see.
Pitching is a key skill all entrepreneurs need to learn because you don't just pitch for investment. You pitch to acquire customers, advisors, and investors and even recruit co-founders and team members.
The good news is that pitching is a learnable skill.
2 Underlying Strategies at Play
I. Good pitches match your audience’s worldview.
The mistake many entrepreneurs make is trying to pitch their ideas the same way to everyone.
Different audiences share different worldviews and require different pitches to get them to see what you see.
Good pitches are NOT about brute-forcing your idea or solution but rather framing a business model story in terms of your audience’s pre-existing worldview.
🎬 See the video at the bottom of this post for more on these different worldviews.
II. The four foundational pitches every founder should master.
Here are four pitches every founder should master.
1️⃣ The Elevator Story Pitch: Used to provide a 30-second overview of your big idea and get anyone to ask for more. Think movie trailer.
2️⃣ The Founder Story Pitch: Used to tell your origin story and build credibility. Think why you.
3️⃣ The Customer Story Pitch: Used to acquire customers. Think problem/solution fit. Think mafia offer.
4️⃣ The Business Model Story Pitch: Used to acquire advisers and investors. Think why now.
3 Actionable Tactics
I. Start with the elevator pitch.
The elevator pitch is the foundational pitch that I recommend everyone start with because all the others build upon it.
Think of it as the hook for all your other pitches.
II. Aim to open versus close the conversation.
The job of the elevator pitch isn’t to close the funding round or secure the sale but to open the conversation.
When you can get someone to pay attention and then ask for more, that’s measurable success.
III. Always be iterating.
Like any skill, deconstruction is possible, and practice makes perfect.
Always be practicing.
Always be measuring.
Always be refining.
That’s all for today. See you next week.
Ash
Author of Running Lean and creator of Lean Canvas
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P.S.
All entrepreneurs tell stories.
If you’d like to level up your story-telling skills, consider joining my business model design challenge, where I show you how to deconstruct your big idea, stress-test it for each worldview, and then assemble these different story pitches.
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P.P.S.
For more on the different worldviews of startups, check out this video: