Pitching to the Elusive Investor

Today, I succeeded in ticking off one of the items on my MBA Bucket List: Speak in public.

Theory

Dr. O shared some interesting insights on how to prepare an elevator speech. An elevator speech is a speech given to persuade a potential investor in 30 seconds or less (the estimated time it takes to move from one floor to another in an elevator). Things to keep in mind when developing an elevator pitch:

• Clarify your target
• Write it down
• Answer 3 key questions (Who are you? What do you do? Why your product and not another?)
• Tailor it to the audience
• Simplify terms (no jargon)
• Practise

Practice

Then came the interesting part. We were asked to develop a 30-second elevator speech for Fola Adeola (a popular Nigerian businessman and politician) and 10 volunteers got to pitch to a trio of investors (fellow classmates, not real investors).

The tension was high and you could hear a pin drop in the classroom.

At the end of the presentation, the class voted for each business idea. Here are the results:

• Shipping management (27 votes)
• I.T business (5 votes)
• Cocoa export (5 votes)
• Pepper canning (2 votes)
• Farming (2 votes)
• I.T company (2 votes)
• Foreign-exchange transfer (2 votes)
• Expansion of training institute (1 vote)
• Leadership training (1 vote)
• Microfinance (0 vote)

Insights

What interested me about the voting pattern is that the social enterprises (training and microfinance) got the least votes while the purely commercial ventures (shipping and cocoa exports) got the most votes. It raises the following questions:

• Does this mean that social entrepreneurs are better off seeking grants from ''benevolent'' international organizations rather than pitching to ''profit-conscious'' business investors?
• Should venture capitalists embrace good corporate social responsibility practices by establishing a fund specifically for social entrepreneurs?
• Can social entrepreneurs increase their chances of getting funds by getting their numbers right?

If you're a social entrepreneur, where do you usually source your funds?

My MBA Bucket List: 50 Things to Do Before I Graduate

I like challenges.

Whether it’s in my personal or professional life, I like setting goals and objectives and holding myself accountable for achieving them. So, I figured my MBA experience should not be an exception.

I created a ‘Bucket List’ of 50 things I want to do before I graduate. As can be expected, I have already started off on some of them. Nevertheless, I intend to share my progress on this blog every fortnight from now until December 2017.

Here’s my list of 50 things I plan to do before I graduate:

1.     Win an election

2.     Attend a conference and make 5 new contacts

3.     Join a study group

4.     Read a book on Communication

5.     Give a speech in public

6.     Get a LinkedIn recommendation from a staff

7.     Decide: Wunderlist or Nozbe?

8.     Give a tutorial

9.     Find a mentor – faculty

10. Read a book on Personal Finance

11. Learn speed reading

12. Reach my ideal weight

13. Become proficient in Evernote

14. Read a book on Consulting

15. Read a book on Business Creation

16. Subscribe to a business magazine and read it every day

17. Celebrate Mass in the chapel

18.  Learn how to tie a tie

19. Attend a recollection

20. Do a physical review during  Wellness Day

21. Use Google Drive

22. Read a book on Value Creation

23.  Attend the Christmas Party

24. Take the MBTI

25. Use Focus@Will

26. Wake up at 5 a.m for 66 days straight

27. Read a book on Marketing

28. Use StayFocusd

29. Publish an article in a management journal

30. Use Say it & Mail it Recorder

31. Use EggTimer

32. Engage a total stranger in small talk for 1 hour

33.  Attend a dinner party

34. Learn more about myself – Life Project

35. Discover personality type – Strengthsfinder

36. Track my daily habits for 66 days straight

37. Read a book on Sales

38. Get a LinkedIn recommendation from a faculty member

39. Write a book about leadership

40. Get a LinkedIn recommendation from a classmate

41. Read a book on Value Delivery

42. Launch a CM book

43. Complete a CSR Project

44. Complete a Consulting project

45. Take a course in strategy

46. Read a book on Productivity and Effectiveness

47. Find a mentor – alum

48. Travel abroad

49. Write a Business Plan

50. Store all my notes online Subscribe to MyLBSEMBA blog to get fortnightly updates!

Ask the Harvard MBA

Nice little website.