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Make The Perfect Business Pitch To Win The Right Way

This is what makes it one of the most important skills to be mastered by any entrepreneur.

Chivas

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Passion, self-belief and a desire to make the world a better place will see social entrepreneurs competing for part of a US$1 000 000 prize in New York. Their chances of success will hinge on a few minutes in which they must make the perfect business pitch – a skill that all entrepreneurs need to hone to perfection – and your vote.

So says Shelley Reeves, Marketing Manager: Scotch Whisky at Chivas Regal, while discussing the lead up to the global final of the Chivas The Venture competition, in which social entrepreneurs from 27 countries have earned the right to pitch their socially conscious business solutions to an expert panel in New York that includes actress and businesswoman Eva Longoria, economist Sonal Shah, social entrepreneur Joe Huff and Chairman and CEO of Pernod Ricard Alexandre Ricard.

“Generally described as an ‘elevator pitch’, the short business pitch rests on the presenter’s ability to interest a panel in the business, gain their understanding and support, and then turn that into investment,” explains Mrs Reeves.

“This is what makes it one of the most important skills to be mastered by any entrepreneur.”

The ability to deliver a strong pitch was a focus of one of the Oxford University-based workshops at The Venture’s Accelerator Week, in which all finalists, including South Africa’s national The Venture winner Jaco Gerrits, participated.

Related: Local Is Lekker Winning With Chivas And The Venture

To be in with a chance for a share of the US$1 000 000, finalists will have to keep several things in mind during their pitches. These are:

  • Understanding that the best business pitches are short and to the point. The more a presenter talks, the higher the chances are that he or she will frustrate or ‘lose’ the experts on the panel. The quicker the audience can grasp a concept and its worth, the better the chances of success are.
  • Telling the panel exactly (and briefly) what your company does, what its markets are and the benefits your product or service offers.
  • Concentrating on delivering facts and emphasising (if the company is already in existence), what its successes have been and what the future holds. Painting too positive a picture can lead to resistance by members of the panel. It’s best when talking about the future to present a best case, average case and worst case scenario, so the audience gets a full picture.
  • Keeping away from technical talk and business acronyms – it will just confuse matters.
  • Pitch a single product and its potential, rather than selling a panel on a company that has many products – especially if some or none of them are fully developed.
  • Letting those assessing your business know that you have a strong team on board. A diversified, skilled management team will always be favoured over a single ‘I do everything myself’ person. But, at the same time, the owner/founder should let them know his/her strengths and value.
  • Letting them know that the owner/founder has personally invested in making the business a success. Investors like to know that the people asking them for funding are invested in the business themselves and are committed to it.
  • Briefly describing who the competition is and what differentiates the enterprise’s offering. Putting this in a matrix slide showing strengths and weaknesses accomplishes this quickly and effectively.

“Finally, samples of a product or live service makes a pitch come alive,” says Ms Reeves. “If it can’t be demonstrated live in the time allocated, show them what they can expect.”

Having developed the CrashDetech app, Mr Gerrits exemplifies what it means to win the right way. The app detects car accidents and then immediately summons medical help for motorists in distress – a socially based product that is ideal for a country where road accident injuries and fatalities are a part of everyday life.

Whether he succeeds in winning a lion’s share of the million-dollar prize will be influenced by his confidence in his product, and his ability to communicate this to the judges. Knowing that South Africa is supporting him all the way will also make a major difference.

Related: Chivas Regal Wants You To Win the Right Way

All he really needs now is for fellow South Africans to begin casting votes, which will contribute to his enterprise’s funding. A total of USD250 000 is based on votes alone, and those who wish to support Mr Gerrits and his life saving service can vote once per week until 13 June 2016.

To do so, and for more information on CrashDetech, log on to www.theventure.com/global/en/finalists/crashdetech, look for the voting section further down the page and cast your vote. Be sure to vote weekly for Jaco as every vote leads to saving lives on our roads.

Chivas are looking for exceptional start-ups that use business innovatively to transform communities and solve global challenges. Whatever it is, if it's brilliant and can create real, positive change then Chivas want to hear from you.

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SAB Transforms Supply Chains

Supplier Development Programmes grow black-owned suppliers and create jobs.

South African Breweries (SAB)

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The South African Breweries (SAB) has invested more than R200 million into creating an inclusive supply chain that incorporates black-owned and black women-owned SMEs through its supplier development programmes, SAB Accelerator and SAB Thrive. In addition, more than 100 jobs have been created through these efforts.

SAB Accelerator and SAB Thrive aim to create a diversified and inclusive supply chain by supporting the growth of black-owned suppliers through business development support and funding. The programmes are two of four entrepreneurship development programmes run by SAB to help create 10 000 jobs in South Africa by 2022 — SAB KickStart, SAB Foundation, SAB Accelerator and SAB Thrive.

SAB’s agriculture programmes also contribute towards the aim to create jobs by growing emerging farmers.     

Related: SAB-Commissioned Research Shows SA Poised To Reap Entrepreneurship Rewards

“From rural entrepreneurs to big business, SAB has laid the foundation to support entrepreneurs and to contribute towards government’s efforts to grow the economy and reduce unemployment in the country,” says Ricardo Tadeu, Zone President, SAB and AB InBev Africa.

“We recognise that one of the major hurdles for SMEs in South Africa is the ability to gain entry into big business and form part of their supply chains. This requires a symbiotic relationship with big business working alongside smaller suppliers.”

SAB Accelerator and SAB Thrive cohesively solve the challenges of creating a healthy pipeline of suppliers that represent the demographics of the country. SAB Accelerator has piloted ten businesses that have created 29 permanent and 79 part-time jobs in a period of just six months, and is currently incubating 24 businesses as part of the official post-pilot intake. SAB Thrive has invested R100 million in seven businesses, which have created 46 new jobs. In addition, the programme has contributed R140 million in new B-BBEE preferential spend.

The SAB Accelerator is an in-house programme dedicated to developing black-owned and black women-owned suppliers. Geared towards fast-tracking participants’ growth, the programme employs ten highly experienced business coaches and ten engineers, offering both tailored business and deep technical coaching to the participants.

It has a three-phased approach consisting of:

  1. Diagnostic: Screening the business’s current situation and systematically identifying gaps and opportunities for growth.
  2. Catalyst: Proposing an intensive three-month coaching intervention addressing key business functional and technical areas of improvement or growth.
  3. Amplify: Providing additional business development to support graduates of the Catalyst Programme.

The SAB Accelerator strongly focuses on enhancing market visibility and access of its participants.

Eligibility criteria:

  • Existing black-owned or black woman-owned suppliers currently servicing SAB’s supply chain at the time of application.
  • Existing black-owned or black women-owned businesses that have potential to join the SAB supply chain based on their product or service.

The SAB Thrive fund is an enterprise and supplier development (E&SD) fund set up to transform the company’s supplier base. The fund was established in partnership with the Awethu Project, a black private equity fund manager and SME investment company. The aim is to invest in and transform SAB suppliers to represent our country’s demographics. SAB Thrive investees benefit from 100% black equity capital and business support.

Related: 6 SAB Entreprenurship Programmes That Provide Business Management And Support

The fund invests growth equity capital into SAB’s existing high-growth black-owned suppliers, furthering their profitable expansion into the SAB supply chain without diluting the black-ownership of these businesses.

Existing white-owned suppliers are provided equity capital to support the enhancement of their black ownership, while facilitating the introduction of black entrepreneurs to their business. The intention is to apprentice the individual to take over the business in the near future.

Eligibility criteria:

  • Black-owned suppliers in the SAB supply chain that want to grow their business through access to black-owned growth equity capital.
  • Existing white-owned suppliers in the SAB supply chain that want to transform their B-BBEE ownership.

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3 Ways To Find Ideas For A New Business

Every business starts with an idea, a vision for a product or service that the business then brings to life.

Harald Merckel

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Every business starts with an idea, a vision for a product or service that the business then brings to life. Sometimes, the greatest ideas and the most successful businesses can spring from some unlikely places. So if you’re hunting for some fresh ideas for starting a new business, try these tricks to get the wheels turning.

1. Ask People What They Need

A good product or service will fill a gap or meet a need that is not being met yet. So if you need a fresh idea, start by asking people what they need. Of course, you don’t just want to stop random people at the shopping mall and ask them what kinds of products they’d like to see. You need something a bit more targeted than that.

Related: 10 Business Ideas Ready To Launch!

So start by picking a niche group of consumers that you would like to reach. For example, you might decide you want to create a product or service to help make teachers’ jobs easier. So reach out to some teachers and ask them what kinds of problems the encounter most, and what kinds of things would help them. Odds are, they’re going to have a lot of answers.

Entrepreneur Sam Ovens started his first business out of his parents’ garage, and he did it by solving a problem for a very specific group — property managers. He reached out to this niche of consumers and learned that they spent a lot of time juggling notes and photos for the various properties they managed. So, Sam created an app that made it easy for property managers to take photos of properties, add notes, and send the documents out to their clients. The app, SnapInspect, was hugely successful and launched Sam into a multi-million dollar business career.

2. Find Something That Bothers You

If you don’t have someone else to ask, ask yourself what some of your pet peeves are. What’s something that you put up with, just because it seems to be the norm, but that you secretly wish you could fix? Find what that one thing is, and fix it. Odds are, there are other people who have the same problem, and they’ll pay you to fix it for them too.

Related: The 10 Best New-Age Business Ideas You Haven’t Heard About Yet

For example, one young college grad was irritated by something very simple; he didn’t feel like there was a quality no-show sock for men. As a young professional himself, he wanted something that he could wear with his slacks and dress shoes, but it seemed that the only option for professional socks were long. So he started a Kickstarter campaign, and he raised $50,000 to start producing quality no-show socks.

This simple desire to fix his own pet peeve led Kory Stevens to found Taft Clothing. The line now produces high-fashion men’s shoes, and the business now boasts millions of dollars in sales. Plus, Kory has those no-show business socks he wanted for himself.

3. Make a Cheaper Product

Certain products and services simply have a high price tag. But if you can find a way to take an existing product or service and provide it for a steep discount, you have a recipe for a successful business. Consumers always want to save money, and if you give them the chance to save money on a product they already use, they’ll take it.

Related: 11 Uniquely South African Business Ideas

One example of this is an eyeglasses company called Warby Parker, which was launched in 2010 by four friends who attended the same business school. They looked around and noticed that most prescription glasses were selling for $300 or more. So they decided to offer the same kind of product for just $95. Since the company’s launch, Warby Parker has grown to 100 employees and is still expanding.

The opportunities for new business ideas are all around you. If you know where to look, you could end up with the next big thing in the business world.

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Cash Flow

Entrepreneurial Balancing Acts with Debt

Young South African entrepreneurs face many challenges when it comes to debt-related financing. Small and medium enterprise (SME) owners typically require extensive debt financing from bank and non-bank lenders.

Harald Merckel

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Young South African entrepreneurs face many challenges when it comes to debt-related financing. Small and medium enterprise (SME) owners typically require extensive debt financing from bank and non-bank lenders. Unfortunately, many South African entrepreneurs are limited in their ability to access capital markets. Among others, the major challenges facing entrepreneurs include lack of credit history, no collateral, shaky credentials, and unformulated business plans.

Regardless, SA entrepreneurs are forging ahead and using multiple resources at their disposal such as payday loan providers, non-bank lenders, family and friends, crowdfunding and other economic empowerment initiatives to raise the necessary seed capital for investment purposes. Given the staggering unemployment rate in the country (+25%), the only way out for many people appears to be entrepreneurship. The 2008 global financial crisis threw the economy for a loop, and now the hopes and dreams of many South Africans hang in the balance.

Related: Every Tough Choice Has Management Debt – Are You Accounting For Yours?

ISM Study Sheds Light on SA Entrepreneurial Pros and Cons

An intensive study conducted by the University of Cape Town’s Unilever Institute of Strategic Marketing (ISM) found that the country is experiencing ‘a crisis of aspiration’. Simply put, many South Africans are struggling to attain their career objectives in an economy that has been ravaged by corruption, mismanagement, and scandal. Despite tough economic times, South African entrepreneurs are determined to try their luck. Pressing challenges in the form of rising unemployment, and an economy mired in failure are challenging entrepreneurs to be more inventive than ever before. The most volatile component of the economic spectrum in South Africa is the middle class.

Many South African families have lived the high life, or ascended the rungs and then been knocked down a peg. This instability is creating added volatility in a country where high crime, mismanagement and political rancour pepper the scene. For many entrepreneurs, any access to credit is a godsend. Banks and non-bank providers offering personal loans, business loans, or credit card funds invariably expose themselves to debt default. For entrepreneurs, it’s important to know where to draw the line. Access to lines of credit in a crippled economy is significantly more valuable than the equivalent access in a developed economy.

How to Know when you are Overstretched as an Entrepreneur

Debt is considered a prerequisite for investment purposes. Most South Africans simply don’t have the necessary capital to start up a high-tech venture, fund a new business, or conduct marketing and advertising activity. As such, lines of credit are increasingly being used to propel business activity among SMEs – both in the formal and the informal sector. However, once debt reaches untenable levels, the tough questions need to be asked. For example, if multiple loans and multiple payments are required monthly, revenue streams need to be evaluated against expenses to gauge whether this is a feasible status quo.

Related: How To Handle Your Post-Holiday Debt

Many entrepreneurs find it difficult to manage multiple loans simultaneously, although it is necessary to acquire the capital from multiple sources. One of the ways to deal with these types of exigencies is a single loan from a low-cost lender in the form of debt consolidation loans. Simply put, these loans are provided by bank or non-bank lenders at lower interest rates than the prevailing interest rate on other lines of credit. By taking out a debt consolidation loan, the entrepreneur has more disposable income over time by not paying the higher interest on credit card debt.

Escape Debt Before Debt Consumes You

There are several other ways to know when your personal financial situation has reached critical mass. For starters, the nature of your business may require you to continue dipping into lines of credit to maintain business operations. If you don’t have the requisite discipline to stop indebting yourself, you may not be able to get out of debt. Debt consolidation is only effective insofar as you have the necessary discipline to put an end to debt financing of all business-related activity.

Credit should be used sparingly, and profits should be generated to allow your business to prosper. In a tight economic climate, costs are the bugbear that need to be attacked. Lavish trappings are unnecessary for business functionality – modest budgets, and high-quality goods and services are far more effective than window dressing at a premium.

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