Yvonne English, Author at She Owns It

Crafting a Killer Elevator Pitch by @yvonne_english

November 8, 2016 by Yvonne English Leave a Comment

Photo Credit: wocintechchat.com Flickr via Compfight cc

by Yvonne English | Featured Contributor

The elevator pitch is a basic building block for any entrepreneur starting a business. You never know when someone might ask about your business, and you need to be ready as you never know where that conversation can take you. Whether that person is a potential customer, strategic partner, or investor, he or she expects you to be able to explain the basics of your business in an efficient and effective manner. This is the basic idea behind the concept of an “elevator pitch” – an entrepreneur’s 2-3 minute sales pitch (which is assumed to be the time it takes for the average elevator ride).

I have hosted and judged dozens of elevator pitch competitions and coached hundreds of students and entrepreneurs in the art of elevator pitching. In the course of these activities, I’ve studied what makes one elevator pitch stand out from the rest. Here are a few tips to help you to create a killer elevator pitch.

Consider Starting with a Story

While this doesn’t work for every type of business, the user story technique can really help to illustrate the pain that you are solving (or gain that you are creating).

Observe the difference:

Scenario #1: “I run a healthy family-oriented restaurant.”

Scenario #2: “As a busy mother, I noticed that my busy family never had time to eat together. With everyone running in every direction, I actually went for an entire week once without seeing my entire family together in one place! And forget about the quality of the meals…I hate to admit it, but I often stopped at fast food restaurants just to get dinner on the table on time. I started my business, Family Time, when I realized that my family was hungry for both connections and good food. We serve healthy (and yummy”!) meals in a fun environment where families connect and play games.”

The second scenario makes it clear what problem this entrepreneur is trying to solve, paints a picture of the target market, identifies the value proposition, and answers the question “why you?” all in one short story!

Start with the Basics

Your elevator pitch doesn’t have to be a wild fast-forwarded regurgitation of your business plan. You only need to cover the basics. The idea is to capture the attention of the listener so that person takes an action such as visiting your website, making a purchase, or asking for a second meeting to talk about the details.

The basic information that you should cover (in no particular order) includes:

Name of business (and your name…if you haven’t offered it prior to the pitch)
What is your product/service?
Competition – Who is it? Remember: There is always competition. Even if it’s simply the status quo.
Competitive Advantage – what makes your offering special/difference? Describe benefits, not features.
Customer/Market – Who will pay? Why will they pay? How are you solving a pain or creating a gain?
Business Model – How does your business make money?
Why you?

Know that One Size Does Not Fit All

You should have different versions of your elevator pitch for different audiences. For instance, your investor pitch will sound a bit different than your customer pitch.

You should also have different versions of the pitch with regard to length/timing. In some situations, you’ll have plenty of time…in others, you might truly be in an elevator…in a two story building…so you’ll need to grab the person’s attention pretty quickly.

Be Sparkly

Okay, so this tip is weird, right? What I mean here is that you want to allow your passion and excitement to show. I’ve seen entrepreneurs generate a lot of excitement for products and services that are, well, mundane and boring. They were able to do this by showing their true passion for the business. Their excitement was contagious and, frankly, people like to do business with people that they like. So, show your sparkle! But beware…be measured about your sparkle. You don’t want to be cheesy or creepy. There’s a fine line between someone who is enthusiastic and someone who is going to receive a restraining order in the next 24-48 hours.

Practice, Practice, Practice

You’re going to be tempted to skip practicing, but I urge you to reconsider. I don’t want you to memorize a script as that can come off as too rehearsed, but I do want you to work through the elements of your pitch so that you are able to deliver the pitch without thinking about it. That elevator’s not going to stop between floors so that you can try to remember your pitch!

Solicit Feedback

Practice your pitch with different individuals who will give you honest feedback. (Let’s face it, your grandmother would praise you if you pitched a business selling sand in a desert. Lesson Here: Don’t test your pitch with your grandma.) Make sure that your audience understands what you’re trying to convey. Make tweaks to the pitch as you receive feedback to make it more effective…and efficient.

That having been said, understand that you will receive contradictory feedback from different people. Filter the feedback and select what works for you.

Finally…

Remember your mission. Seth Godin summed it up nicely when he stated, “The purpose of an elevator pitch is to describe a situation or solution so compelling that the person that you’re with wants to hear more even after the elevator ride is over.” Go get ’em, Tiger!

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Yvonne English is a self-professed startup geek who lives in Western Pennsylvania. Having founded several companies of her own, she has also coached multiple startups through raising millions, dealing with founders’ dilemmas, and maneuvering through acquisitions. She loves working with founders who are passionate about making the world a better place and serves a portfolio of startup clients that match that criteria.

Before finding her niche in entrepreneurship, Yvonne spent time in the corporate world in Canada and the US. While she made some great friends and learned a lot, she couldn’t come to terms with a lifetime career in a large company. After much self reflection, she made the leap and founded a business incubator in 2010 where she coached 21 companies during her five years at the helm. She is now the Executive Director of the Center for Entrepreneurship and Innovation at Grove City College.

Yvonne loves technology, teaching, theatre, traveling, and spending time with her friends and family. She’s married to an amazing guy, Kyle, and has a quirky little dog who prefers to be called by her full name – Juno English.

She also loves to meet new people, so please connect: LinkedIn | Twitter | Instagram | Website .

Yvonne English

www.yvonneenglish.com

Stupid Things People Say About Entrepreneurship by @yvonne_english

October 27, 2016 by Yvonne English Leave a Comment

by Yvonne English | Featured Contributor

“Do What You Love, and You’ll Never Work a Day in Your Life” and Other Stupid Things People Say About Entrepreneurship

I have the privilege of teaching entrepreneurship to undergrad students. One thing that really upsets me is when one of those students ends up in my office in tears because of the pressure that society puts on them to “follow their passion”. They get so worked up about trying to figure out what their passion is that they turn down solid internships and first job opportunities that might allow them to explore new areas which, ironically, might actually lead them to their passion. The students often become fearful, anxious, and depressed. Being a little (ahem) older than my students, I can attest that this pressure has spread to other generations as well. I’ve decided to dedicate this post to explain why certain common sayings about entrepreneurship need to disappear from our vernacular completely.

“Do What You Love, and You’ll Never Work a Day in Your Life”

Does anyone ACTUALLY believe that there is a path available here on Earth on which you will literally NEVER have a bump in the road? I left the corporate world in 2011 to follow my proverbial entrepreneurial bliss, and, while it was incredibly rewarding, it was also incredibly difficult. Don’t get my wrong, I’m not saying to do something that you hate, I am merely debunking the myth that doing work that you love will be easy every day. It’s not…and, believe it or not, that’s a good thing. You’ll grow and thrive in ways that you never thought possible by following your own bliss. (Just be prepared to work!)

“Being an Entrepreneur Means Being Your Own Boss”

Anyone who owns his own business will tell you that being an entrepreneur means that you answer to many “bosses”. How can this be?!?! (Gasp!) Well, the buck stops with you. This means that you answer to clients, employees, strategic partners, and vendors, just to name a few. All of these people will demand your time and attention. You, as a good leader and businessperson, will often be called on to serve the needs of others. The silver lining is that you get to CHOOSE these people. You rarely get to choose your boss in an organization, but, when you’re the boss, you DO get to choose the people that you serve and work with on a daily basis (and you can fire bad clients!). It’s a beautiful thing. THAT, my friends, should be the common saying that finally replaces the old “Be Your Own Boss” adage.

“Having Your Own Business Means You Are Totally in Control of Your Own Schedule”

Inventor, Investor, and Shark Tank star Lori Greiner has been quoted as saying, “Entrepreneurs are willing to work 80 hours a week in order to avoid working 40 hours a week.” While this seems contradictory, it’s how we spend those 80 hours that makes all of the difference. People sometime thinks of an entrepreneur as a person with unlimited freedom. False. Entrepreneurship can be grueling at times – demanding all of your time and attention. Many entrepreneurs struggle with life balance as they are launching their companies. But, before I scare you off completely, allow me to share a secret with you – most entrepreneurs love their businesses so much that it isn’t a sacrifice to work this much. Also, being an entrepreneur could be your path to more freedom in the future once the business is established, and don’t forget about the tremendous potential for the financial upside. Entrepreneurship truly allows you to enjoy the fruits of your own labor.

“Entrepreneurship is Too Risky – It’s Better to Work for A Large Stable Company”

In the corporate world, especially during the Great Recession, I saw round after round of layoffs within the companies where I worked. These companies employed tens of thousands of people. As a director within a large corporation, I myself had to lay off more than one person. Layoffs are devastating, and, most of the time, the people who are laid off are completely surprised.

When you work for large “established” companies, your future is in the hands of a management team several levels above you who, most of the time, have never even met you. You’re an employee number with a job title to the people who make layoff decisions. THAT, my friends, is risky. Yes, entrepreneurs fail…all of the time, but they should never be surprised. When you start losing customers or the bank account is getting low, you have time to prepare yourself. You can pivot your business model, take on part-time work, or decide to do something different. Yes, you may end up in the same place as someone who is laid off at some point, but you will have had more control over your own fate in the process. I’m not saying entrepreneurship isn’t risky. It is…but so is putting your future in someone else’s hands.

“Entrepreneurship is Awesome”

This one is true. If you’re realistic about your expectations, entrepreneurship can open doors and opportunities while allowing you to make a real difference in the world.

I try to end every class that I teach with my own mantra, “Go out and make the world a better place.” Entrepreneurship is a great way to do that.

Did I miss any? What saying about entrepreneurship would you like to eradicate?

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She also loves to meet new people, so please connect: LinkedIn | Twitter | Instagram | Website .

Yvonne English

www.yvonneenglish.com

It’s Okay to Quit by @yvonne_english

September 13, 2016 by Yvonne English Leave a Comment

Photo Credit: jeffdjevdet via Compfight cc

by Yvonne English | Featured Contributor

I was an overachiever as a kid. This fact did not stop my father from giving me a periodic speech on the virtues of not being a quitter. He would puff out his chest and say, “You’re a Korloch. Korlochs aren’t quitters.” He so wanted this mantra to be ingrained in every fiber of my being that he would just say this randomly…without context or reason. In fact, I heard these words so often in my childhood that I’m convinced that, if I looked up our family crest, I would find this very motto on the bottom (in latin, of course). My story is not unusual. Our culture revels in stories of people who don’t give up. I mean, “Winners never quit, and quitters never win.” Right? Weeeeell….yes and no.

I’m not saying that perseverance is wrong. In fact, I admire the stories of entrepreneurs who pushed through adverse circumstances and found success even though no one believed that they would. Not to mention the stories of human courage that leave you speechless. Terry Fox ran more than halfway across Canada with only one leg to raise money for cancer awareness and research, for goodness’ sake! I’d be a monster if I didn’t applaud his effort and legacy!

But, is it ever okay to quit?

I believe that the answer is yes, and, in order to convince you to join me to stop the campaign against quitting, I will list three situations that qualify.

Situation #1: Bad Habits.

I think that we can all agree that the act of quitting bad habits is a good thing. (Yes. I picked the low hanging fruit here to get us warmed up. I admit it…that was lazy.)

Situation #2: Your Business has run its course.

I once had an entrepreneur come to me with an amazing idea. I see a lot of ideas, and I don’t call many of them amazing, so believe me when I say that it was really really good. The idea was so amazing that an international retail chain wanted to lock him into an exclusive partnership. (See…I told you that it was amazing!) All of the pieces were in place, so I was confused by his visible distress. I asked him what was bothering him, and he replied that his wife would leave him if he started the business.

Sometimes entrepreneurs find that their spouses are not willing to take the ride with them, so I wasn’t surprised by his declaration, but, as I inquired further, I discovered that his wife was actually incredibly supportive. So supportive, in fact, that she had financially supported him for SEVEN years of his 9-year-old business. You see, he started a “fad” business to take advantage of a trend. He did extremely well for the first two years, but, as the trends changed, his business did not. It turns out that they spent all of the profits, all of their savings, maxed out all of their credit cards, and took a second mortgage out on their house to support the business. It was no wonder that she was wary of a new entrepreneurial venture!

In his case, quitting would have made a lot of sense, but he confessed to me that he could not stand the idea that he would be a “quitter”. This inability to let go when it makes sense can ruin you. In my entrepreneur’s case, it meant that he had to pass on the opportunity of a lifetime. Don’t let the fear of a negative label make you hang on to a business that is a dog.

Situation #3: Toxic Partners

I have seen a lot of bad partnerships and strategic relationships in business. I have personally worked in toxic environments in the past. It’s not worth it. Let me repeat that: it. is. not. worth. it. Working in a negative environment stifles your creativity, robs you of your sanity, and makes you miserable. It’s also an extremely unhealthy situation.

I understand that changing your circumstances may be incredibly difficult. You may have to have some uncomfortable conversations. It may cost you financially. Heck, you might have to start over completely. But ask yourself how much your happiness and well-being are worth, and I’m betting that the pros of making a change will most definitely outweigh the cons.

As the ancient Chinese proverb states, “Of all the strategems, to know when to quit is the best.”

So, let’s ignore the conventional wisdom (and my alleged family crest), and be open to the idea that, sometimes…just sometimes, it’s okay (and best!) to quit.

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She also loves to meet new people, so please connect: LinkedIn | Twitter | Instagram | Website .

Yvonne English

www.yvonneenglish.com

Cofounding with Family: How to Avoid #AwkwardHolidayDinners by @yvonne_english

August 9, 2016 by Yvonne English Leave a Comment

by Yvonne English | Featured Contributor

So, you’re going to start a business! Congrats! (Insert confetti here.) Assuming that you’re not going it alone, the next decision is whether or not you’re going to bring on a cofounder. Since you’re looking to partner with someone you trust and know well, it makes sense to choose a family member, right?

What if I told you that Noam Wasserman, a Harvard professor, researched 10,000 startups over a 10-year period and then…he wrote a book? (Wait…Harvard professor does research and writes a book? That’s a shocker.) In all seriousness, the real eye-opening conclusion with regard to socially connected founders was that, for each family tie that you add to a founding team, you increase something ominously called the HAZARD RATE (basically, the likelihood of a cofounder departing) by 28.6%? And you have to think that, when a cofounder departs under these circumstances, it’s not usually pretty.

Despite that fact and the practically universal belief that you shouldn’t do business with family, a lot of people decide to go into business with a family member. Why? The reason is that everyone believes that their familial relationship is different. It’s special. (“We’re not like everyone else!”) While I’m sure that your relationship is special in its own right, I need to refer you to a quote from one of my all-time favorite movies, When Harry Met Sally, “Everybody thinks they have good taste and a sense of humor but they couldn’t possibly all have good taste.” Are you willing to risk your special relationship?

Okay, you’re still reading despite a Harvard professor’s warning (Tough luck, Noam!) and a relevant witty movie quote, so I’m going to assume that you’re forging ahead. If you’re going to do this, allow me to provide you with a few words of advice.

Tip #1: Rethink doing business with your family member.

It was too easy. I really couldn’t resist.

Tip #2: Clearly Define Roles.

This is not a time to be shy. Have a long talk about what you’re each going to do. Create written job descriptions so that responsibilities are clearly defined. The more you are able to delineate roles, the more you decrease the likelihood of a misunderstanding occurring in the future. It’s also easier to get work done if everyone is on the same page with regard to who is doing what. Pro Tip: If the thought of having a long conversation about roles makes you uncomfortable, this is a red flag.

Tip #3: Build a Wall

Not a literal one…although, come to think of it, that might not hurt. (Ha!) The wall that I suggest here is a Chinese wall between your personal and business relationships. You need to create a safe space for your personal relationship. That means that you need to set aside sacred time where work issues are not discussed. No exceptions. You could choose a day of the week (“No Work Sundays”) or even a time of day (“No Work after 8:00 pm”). You must do this deliberately or your personal and business relationship will morph into a weird emotional Jabba the Hutt-like creature. Nobody wants that.

Tip #4: It’s all about the Process.

Define (again, in writing…notice the pattern here…) what happens if you disagree. Who has the final say? You may want to think about having a voluntary neutral advisor (or an advisory board) who can cast a tie-breaking vote. If one of you is clearly the majority owner, you may assume that this isn’t an issue, but, since you have the wrinkle of being related, the dynamics of your familial relationship will definitely affect expectations, so have this talk no matter what the equity split is.

Tip #5: Be Inclusive.

If you two aren’t the only ones involved in the venture, you need to go the extra mile to make everyone comfortable. Try to create a structure where everyone feels included. You and your family member have a super tight relationship (remember, you’re special!), and it’s easy to unintentionally exclude someone. When employees are involved, you should define reporting roles and have clear (dare I say “written”?!) conflict resolution policies to diffuse potential awkwardness due to perceived nepotism.

Tip #6: Start with the End in Mind

I know, your business relationship is going to be awesome. This belief is exactly why you’re an entrepreneur. However, you need to discuss what to do if the unthinkable happens, and the relationship and/or business suffers. You need to agree (now…not when it happens) on a plan of action if one of you decides to leave the company. This is uncomfortable. I’m basically telling you to get a pre-nup for your business, but this conversation (and subsequent written agreement) is vitally important. It might just save your relationship and/or your business. Be explicit about what happens to company shares, assets, etc. You can revise this agreement as time passes and your roles/contributions to the business change, but you absolutely need to have this discussion before any equity is assigned.

I’m not trying to scare you, and (confession time) the truth is that I have worked with my husband in the past, and, while it wasn’t easy at times, we love working together. When it works, it’s an amazing thing. However, I have seen many companies and families torn apart by misunderstandings and bad working relationships, so proceed with caution. Hopefully, the tips above can get you started on the right foot so that your family holidays are only awkward for the usual reasons. 😉

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She also loves to meet new people, so please connect: LinkedIn | Twitter | Instagram | Website .

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Yvonne English

www.yvonneenglish.com

Welcome (a)Board: Advisors 101 by @yvonne_english

July 26, 2016 by Yvonne English 1 Comment

by Yvonne English | Featured Contributor

If you’re like most entrepreneurs, I probably don’t need to convince you that you need good advisors in order to reach your potential. The problem is that most entrepreneurs have no idea how to find that elusive figure: the perfect advisor.

Step One: Identify the Type of Advisor Needed

Identify your needs. Are you looking…

(a) To fill a position on your advisory board
(b) For a mentor
(c) To fill a seat on your corporate board
(d) Wait…there are different types of advisors?!?

If you picked (a)-(c), then move on to Step Two. For (d), read on.

Advisory Board (Member): An informal advisory board can fill knowledge gaps and serve as a sounding board for you as you grow your business. You’ll need to identify the areas of knowledge and experience that your organization is missing. For instance, if you have a retail product that you’d like to expand to the mass market, you may want to add someone who has experience with selling to larger stores and chains. Once you decide what roles to fill, you’re ready to start your search. The nice thing about an advisory board is that you can take or leave their advice.

Board of Directors (Member): A corporate board is a more formal entity. There are legal documents that need to be drafted in order to create this governing body. While the benefit of this formality is having a team in place with more “skin in the game”, be aware that you can’t ignore the advice of this type of board – they have voting rights. If you’re looking to grow your board of directors, the process is dictated by those aforementioned legal documents.

Mentor: A mentor is an individual who may or may not serve on the company advisory board. Whether or not that is the case, a mentor fills the role of “coach” by asking probing questions and listening carefully to your responses. A good mentor doesn’t necessarily tell you what to do…she or he helps you to figure it out for yourself. Mentors can either be people who help you in a general sense or in specific areas such as spirituality, fitness, volunteerism…you name it!

Step Two: Find Your Match

When you’re thinking about the specific traits of your perfect advisor, remember that diversity is important if you’re looking to add to an advisory or corporate board. You want to have a collection of individuals with different skills and experience. It also helps to have different backgrounds, ethnicities, ages, and both male and female perspectives represented. The level of diversity that you’ll want to achieve will depend on the nature of your business and goals.

Once you have an idea of traits, background, and experience to target, create a “job description” – just like you’re hiring to fill a position in your company. Don’t worry about defining benefits and compensation yet. (We’ll address that in Step Three.) Then, you need to get the word out that you’re looking for a new advisor. This is where the written job description will come in handy. Use all of the marketing tools at your disposal.

Blast it out to your company email list – someone who already knows your company might be the perfect fit!

Do an Advanced LinkedIn Search using relevant keywords to see if you are already connected to any potential advisor candidates. If you find candidates that are 2nd or 3rd degree connections, ask your 1st degree connections to introduce you.

Tweet out a link to your advisor job description.

Reach out to local organizations such as SCORE, the SBDC, business incubators, accelerators, and colleges and universities. Individuals who are looking for new projects often reach out to these organizations first.

Send an email to your contact list asking for their help in your search.

Reach out to your alma mater. Alumni offices often keep lists of alums who have indicated that they would be willing to mentor or advise graduates from the institution.

Post news of your search on Facebook.

Attend networking events and get the word out!

Step Three: DTR (Define the Relationship)

This is the most crucial (and most often forgotten) step of the process. You need to do three things as you’re defining the relationship with your advisor.

1. Define Compensation. You need to determine whether/how you will be compensating the individual. If it’s a formal board position, this is in the legal documentation. Otherwise, you’ll need to agree upon what’s fair with regard to compensation. This could be cash, equity, in-kind services, free products and services, etc. Ask your candidate what he or she expects in return for filling the role. Some individuals may volunteer their time and services while others will expect some form of compensation.

2. Manage Expectations. You’ll need to agree upon the responsibilities and time commitment (weekly? monthly?). You’ll also need to discuss how long you expect the advisor relationship to last – one year, three years, forever?

3. Paper It. A formal written agreement of all of the points discussed above helps to alleviate confusion in the future. The Founder Institute has this handy template that you can customize for your situation.

Step Four: Sail Into the Sunset

Always remember to show appreciation for your advisors, and don’t forget to pay it forward! Someone out there might need your advice someday!

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She also loves to meet new people, so please connect: LinkedIn | Twitter | Instagram | Website .

Yvonne English