The Savvy Entrepreneur

I’m a major sucker for reality shows like CBC-TV’s Dragons’ Den, a show where entrepreneurs pitch a panel of five potential investors, for a stake in their company. I guess I like to live vicariously through the Dragons’ who get to tell awesome entrepreneurs how great their idea is, and tear into the ones that just don’t get it (I’m more like Arlene, though, not a hard-ass like Kevin).

Plus, I love hearing each business’ pitch. Most of of them are absolutely horrendous (you’ll often hear me say “What in the heck were these guys thinking?“).

For example, a presentation this week, where the company, Bandthology, Inc., was asking for one-hundred-fifty-thousand dollars for a twenty percent share.

The problem was their business and offer was all over the map. Their pitch started something like “We’re a company specializing in music games and live entertainment for corporate and live events.”

OK, let’s just stop right here… (are you ready for it?) How can you say you SPECIALIZE in something, then sprinkle the word ‘and‘ all over your pitch??? If you SPECIALIZE in something, that means you’re really good at ONE thing…

Moving on…

As the presentation went downhill on, the Dragons’ failed to grasp what they were selling, exactly. They were talking about a music-themed board game, a digital version of the game (in development) for mobile DJ’s and other forms of events, a live show… and I can’t remember the rest…

That’s the point, isn’t it? If, at the end of a presentation, I (the pitchee) still can’t tell what in the heck you’re selling, how can you expect me to take action? Much less hand over hundreds of thousands of dollars of my money to finance your company.

Robert Herjavec summed up what everyone in the room (and watching) was thinking:

I’m completely confused. I hear you talking about a board game, a live show, I hear you talking about intent of a software product, then you’re talking about a DJ. Like, I’m really confused. This is all over the map.

But, Arlene Dickinson said it best:

Why aren’t you focused on doing one of those things extremely well before you go into other markets? Because, really, I think by diversifying so quickly and being underfinanced to do it, you end up doing a lot and doing nothing very well.

Sound familiar???

I’ve said it hundreds of times before: If you want to make your mark in this great big entrepreneurial world, you’ve GOT to stick to ONE thing — the one thing you’re really good at, the one thing no one else does as good as you, the one thing you want to be remembered by.

What’s your thing?