While it’s not always the case, most likely you will need to find an investor for your startup. You have an idea, but it needs money to make the idea comes true. And since you just start, you might not have your own money to put into your startup. That’s why you need to find investors who are willing to put money into your startup in exchange of a portion of the ownership.
Sometimes you will find potential investors at unexpected times. That’s why you need to always be prepared to introduce yourself and your business. Moreover, you need to do it in the limited time available. You might have just a couple minutes to explain your business and because of that you need to prepare an elevator pitch.
The purpose of an elevator pitch is to rise interest of your business so that you can make further contact with the potential investor. The important thing here is to build interest. You don’t have time to explain your business in detail so don’t do that. You just need to make the investor interested enough to keep communicating with you. You can explain the details later when you already secure an open channel of communication with her.
So learn to explain your business in a concise way. Make sure to include all the points that make your business different from your competitors. Make sure to explain that there is demand for your product and that the demand will grow. Explain how your idea can solve your customers’ problems.
After preparing a pitch, practice it with your friends and ask for their feedbacks. Keep revising your pitch until you and your friends are satisfied with it. Now you are ready when those opportunities come.