Dear WW: I have a project that I want to pitch to a Venture Capitalist that I know. But I know how busy she is so I’ll only have a minute or two to make my pitch. BLINK AND SHE’S GONE
Dear BLINK,
A gate agent at the airport told me a story about a friend who is an airplane captain. Seems that a woman on his flight accidentally hit the flush button while still on the seat. She was stuck. After a lot of heavy lifting, the pilot was finally able to get her free of the seat.
Suction is a powerful tool in airplane johns AND when you are making your pitch to a Venture Capitalist. What can you say that will suck in their interest? And this is not just a skill for entrepreneurs; any worker bee with a too busy boss often has precious little time to get information out to them. For more, check out Milo Frank’s book, “How to Get Your Point Across in 30 Seconds Or Less” (Pocket, 2000).
What is your goal? As an old friend used to say, “If you don’t know where you are going, any old path will get you there.” You must start with your goals. What do you need? How can this person help? What will success look like?
Who is your audience? A pitch to a Venture Capitalist should probably involve a bottom line (I did say probably, you need to do research to find out if there are other things that are also important, for example, creating the next killer ap, changing the world, etc.). Know what is important to your audience and build your pitch around it.
What is your hook? You’ve got to grab their attention immediately. A simple way to do this is to ask a provocative question, paint a picture of a better reality than currently exists or hit one of his or her hot buttons. A modest example of a provocative question, “What if we could turn something that we’re currently paying to throw out into an income stream?”
Do you keep it simple? Woody Guthrie once said, “Any damn fool can make something complex, it takes a genius to make something simple.” Resist the temptation to cross all the “t’s” and dot all the “i’s” in your initial pitch. If you do your job, they’ll ask you questions so you can fill in the blanks.
Are you genuine? People want to see passion. But watch going too far and coming across like a snake oil salesman. I have a simple philosophy here-show ‘em what got you excited in the first place.
Do you incorporate their feedback? When they start to talk, really listen. It’s important to show them that you not only can hear what they’re saying, but can incorporate it into your proposal.
Whatever that pilot’s salary, he certainly earned it that day. And you’ll earn yours if you can learn how to make your pitch fly.
Working Wounded poll:
What is the toughest part of pitching a new idea at work?
- Coming up with the idea, 20%
- Finding the right time to make the pitch, 22.2%
- Fear of being rejected, 24.4%
- Coming up with the right thing to say, 33.3%
Working Wounded strategy:
Our winning strategy for making a “pitch” is from Fred R. in Oklahoma City, OK. “The key to making a pitch is practice, practice, practice. I look for chances to practice at dinner parties, when I meet people on the street and with relatives. Some people say that I’m shameless. But I’ve found that it’s amazing what you can learn from all the people that you know. And don’t shy away from people who aren’t involved in your industry, I’ve found that it’s great practice to pitch people who don’t know all the jargon.”
Key Words: 18. Managing
29. Teamwork, 20. Motivation
How to make meetings more effective
Dear WW: In my new job I have to run a lot of meetings. I’ve never been a big one for committees, so what advice can you tell me to make my meetings worthwhile? MEET MARKET
Dear MEET,
Do you remember the Mars Climate Orbiter? If flew 416 million miles over 9 months. So far, so good. Unfortunately after all those miles, it got just a little too up close and personal with Mars and burned up-$125 million up in smoke. The reason? Lockheed Martin had sent in data for the mission in English units of pounds instead of in metric unit of Newtons. Oops!
And just like the Mars Orbiter; many meetings have gone up in smoke because people use different frames of reference during them. Use the Ten Commandments below to get everyone on the same page. For more check out “First Aid for Meetings” by Charlie Hawkins (Book Partners, 1997)
Have a reason for meeting. This is a special challenge for regularly scheduled meetings. You waste an hour before you realize you have no actual reason for meeting. Always start by clarifying what you’re trying to accomplish.
Send out info in advance of the meeting. Don’t bury them in paper or attachments; only send out the stuff they’ll need to see.
Start on time. Sometimes you have to wait for the big Kahuna, but most the time you’ve just got to take some lumps by starting without everyone in the room. Over time you’ll develop the reputation for having the one meeting that starts, and finishes, on time.
One conversation. Meetings that degenerate into a million side conversations are a waste of everyone’s time. Extinguish side conversations immediately or you’ll pay the consequences.
Separate idea collection from idea evaluation. Criticism makes a lot of people keep their opinions to themselves. Solicit ideas at one point in the meeting and evaluate them later.
Put facilitator in charge. Personally I like meetings where facilitation rotates rather than just going to the person highest up on the org chart, but this does require that everyone receive some training in how to do it.
Do you put in a bit of extra time to reach consensus? I think that we tend to vote too early in meetings. It’s often worth giving it a little extra time to see if everyone can agree on one way to proceed.
Acknowledge, acknowledge, acknowledge. Recognize people in every way that you can. Have refreshments, recognize people who contribute-my theory is that you can never put too much into rewarding people.
Give a homework assignment. Not for the sake of homework, but be sure to assign specific tasks to people so that your effort continues to build momentum.
Debrief. This is the step that everyone skips. I think it’s valuable to ask for feedback about the meeting before you break.
Having a good meeting shouldn’t have to be rocket science. All you have to do is practice the Ten Commandments above.
Working Wounded poll:
What song do you sing when it comes to attending meetings where you work?
- “That’s the Way I’ve Always Heard It Should Be”, 29.6%
- “That’s the Way (I Like It)”, 24%
- “That’s Where I Went Wrong”, 46.2%
Working Wounded strategy:
Our winning strategy for handling meetings comes from Jessica D. in Ohio. “I establish a ‘parking lot’ at the beginning of the meeting. This can be a flipchart, or an area on a white board placed so it is visible to all members of the group. We can then ‘park’ (record) important issues or ideas that we want to capture for later discussion, but may not be relevant to the discussion at hand. This prevents the meeting from being derailed by the introduction of important but unrelated topics or issues. However, it is usually better to ask the group whether an idea is relevant or a ‘parking lot’ issue rather than just arbitrarily placing it in that category yourself.”
Bob Rosner is a best-selling author, speaker and internationally syndicated columnist. Sherrie Campbell is a relationship and business professional, having applied her counseling background in a variety of challenging organizational settings. They’d love to hear your thoughts on this topic, especially if you have better ideas than they do. Also check out their complete column archive at workmash.org, “The Boss’s Survival Guide” and “Gray Matters: The workplace survival guide.” Send your questions or comments to bob@workmash.org.
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