Whether you are looking for new clients, investors or networking, there will come a point where you have to answer the question, “What is that you do?” Small business owners need to be ready and able to quickly answer this question or they could run the risk of losing out on a business opportunity.
In a world where everyone is constantly on the go and accessing data through mobile or cloud technology, most people tend to want the necessary or important information right now. That means business owners need to be able to give a detailed overview of their company in a matter of a few sentences or minutes. Brad Feld, managing director for Foundry Group and co-found of TechStars, believes that business owners should be able to adequately explain what they do in one paragraph.
In his blog post, “If You Can’t Explain What You Do In A Paragraph, You’ve Got A Problem,” Feld explains that in one paragraph, owners need to include “three sentences: (1) what we do, (2) who we do it to, and (3) why you should care. Sometimes this can be two sentences; sometimes four, but never more than a paragraph.”
Check out Feld’s blog, Feld Thoughts, for more insight and business tips.