When just starting out, it's imperative that entrepreneurs be able to pitch their business ideas succinctly to potential investors and customers. But with attention spans shorter than ever how do business owners get their point across fast enough to keep listeners engaged and also provide all the necessary information? This article from Inc.com recommends the three-minute "Rocket Pitch" as the most effective way to explain what sets a business idea apart from the thousands of others. The effective "Rocket Pitch" will address these three points:
1.) The opportunity: What hole in the market is your idea solving? If a product or service is not unique in any way then, chances are, it won't succeed.
2.) The market: How crowded is the current market? Just because there is a lot of competition shouldn't deter you completely but it's definitely a factor to consider when launching a new business.
3.) The business model: What's your plan? If you haven't thought your business plan through completely it will be obvious when you go to explain it to potential investors and customers.
Read the full Inc.com article here for additional tips to perfect your pitch.