Don’t Let Excuses Prevent Success

“I coulda had class. I coulda been a contender. I coulda been somebody, instead of a bum, which is what I am…” line by Terry Malloy (Marlon Brando) from the movie “On the Waterfront”

I am lucky; every day, I get the chance to meet bright, enthusiastic young entrepreneurs just beginning their journey as well as those who have mastered the art of being a business owner and are enjoying the fruits of their labors. Whether they are just starting out and are driven by the hope of success or reflecting on their accomplishments, whether they are young or mature (I hate old), they all share one common trait – – they never let excuses hold them back. Every obstacle is only a challenge; every failure a learning experience. Unlike Terry, they never lamented over what could have been; they made their way and remained focused on what they wanted. So, a valid question is why do I wax nostalgic at this point? Like most ideas I share, the roots are in the commonality of my experience.

Many of us who offer guidance to entrepreneurs try to be as practical as possible. We all create lists of dos and don’ts. I am guilty of this as well; my blogs include the Top 10 Points of Focus for Success as well as the 10 Reasons Why Startups Fail. We believe that making it simple and formulaic somehow makes it easier to comprehend and perhaps spurs a reader to action. But as one of my favorite clients used to say, “Says easy; does hard.”

So in keeping with this, simple is better approach, I offer the following for your consideration. Most accept the theory (I know I do) that most problems can be solved with a combination of three resources – – time, money and people. We can always use more of each to help us through the day, but I am discouraged when I see entrepreneurs falling back on the lack of resources as an excuse. Just some examples.

I met with a startup tech company that was looking to raise money. Table stakes here are developing a Minimum Viable Product (MVP). They apparently had the capability and resources at hand to achieve this milestone but were so focused on the “raise” they did not take the time to take this important first step. Needless to say, their timeline to raise funds (if they ever do) is now much longer. Their view; investors just don’t get it. If I only had the time…

Entrepreneurs at all stages can always use additional money. When the topic comes up, I am sometimes amazed at the responses when I ask two simple questions: how much do you need and what for? Believe me, I have heard more than one lament as to how fussy or ignorant potential investors are for asking. Really?

Mature businesses often do not take the time to recruit/develop the next generation of managers, and then are shocked when they try to exit and potential buyers shy away. I hear how potential buyers just “don’t appreciate the value I have created.”

So if this sounds familiar, I suggest you take a deep dive and find out what is really preventing you from getting to the next level. We all know that with additional time and money we could have “been something,” but isn’t the real question, “How come so many others are?”

Getting Your Pitch on the Right Page

“I am them, they are me, we are all singing, I have the mouth.” – a line from Fabiola, a Mel Brooks character.

So another week of reviewing pitch decks has passed, and as the saying goes, “The more things change; the more they stay the same.” I like to reflect on my comments on decks from the last week or two and search for commonality. This week seemed to indicate that founders are struggling a bit expressing their vision.

Here are some ideas that may help:

  • Don’t be too esoteric. Much like the Mel Brooks character above, don’t hide your vision by burying it in language which makes the reader feel like they have to interpret Plato’s “Allegory of the Cave” in order to get your point. Instead, state clearly the nature of the problem you are solving. You may think the correct interpretation of your pitch will result in investment, but be careful. That sound you hear may just be indigestion.
  • Try to avoid repeating. Once you have outlined the problem and solution, assume the reader can follow and will move on. Having to repeat your key concepts more than once (save for in the body and closing) may not add value to the investment thesis.
  • Less is more. Related to the previous subject, a deck should be no more than 20 or so slides. It is a vision piece, not courtroom evidence or a master’s thesis. I would suggest a useful exercise from my college communications course – pretend each word costs you $1,000; then review your pitch with the goal of cutting costs.
  • Acronyms can confuse. In an attempt to show your market prowess, using abbreviations may showcase your industry knowledge, but is every investor as in tune as you are? You want people to know when you use AI that you are talking about artificial intelligence and not aortic insufficiency, so words may trump abbreviations.
  • Show a picture. I do believe a picture is worth 1,000 words but I believe value is conveying the right ones. Have a simple visual of the customer, your product and the problem with limited notes that highlight the interplay. When I explain succession planning, I now find it is easily understood when I show three intersecting circles representing family, management and ownership. We relate better to something we can see.
  • Practice, practice, practice. You have to start by making your pitch in front of family, friends or advisors. Start with the request that they point out at least one or two things they would do differently if they were making the pitch. Honest feedback is worth its weight in gold.

Please keep in mind that the more eyes who see and honestly comment on your pitch, the better it will be. It is crucial to make sure that while you do not want to lose your vision; if others cannot see it (aka be on the same page), you will probably be disappointed in the value your deck brings. Simple steps like the above can bring you an improved result.