You're in an elevator with an investor and you have 20 seconds – between the ground and 17th floor – to pitch her on your innovative startup idea. How do you do it? According to one media executive, every would-be entrepreneur should be able to formulate a business pitch in that short amount of time.
In an interview with the New York Times, Catherine Winder, president and executive producer at Rainmaker Entertainment, affirms that communication is critically important when developing your business plan. First, you should start with the "big picture," moving down to the more granular details as the business plan comes into place.
Winder asserts that when she is talking to someone about either a job at her company or one that he has come up with, she looks for "an innate passion for what we're doing because it's a long haul. And they need to also inspire their team. So if they can get me excited, then I believe that they're going to be enthusiastic enough to keep many people focused."
Currently, Winder is working with her own employees to hone their ability to pitch ideas in concise language. The main initiative, she says, is to encourage her staff to "describe their ideas in 15 to 30 seconds." If she likes the "core idea," she then works with them to make the vision a reality.
Winder contends that the short table of time is essential in the business world: "If you can be concise and come up with your idea in a really clear way, it means you're onto something. In my experience, if you give someone a minute, you're going to get five minutes."