Scott Duffy on: What NOT To Say To Investors

Hi, my name is Scott Duffy, and today what I want to do is help you to avoid some of the biggest mistakes that entrepreneurs make when pitching investors. So let's say you've got that big meeting. Here's a few things that you don't want to say you want to avoid in your pitch. The first is this. We're first to market. Because as soon as an investor hears that, they immediately think that you either don't know your market, you don't understand your market, or you just haven't done enough research because the odds are somebody came before you. The second is we have no competition. Because again, the same thing, if you say you have no competition, it typically is translated by the investor as, these guys just haven't done enough homework. They really don't understand who could jump in and compete. The third thing, we need a million dollars to get started. I mean, honestly, there's got to be a simpler way to test your idea. What the investor wants to know, is there a faster, simpler, cheaper, easier way for you to get to market and test what it is you're telling them is going to work? And the last thing is if you build it, they'll come. Usually what happens is entrepreneurs are so excited, they're so passionate about what it is that they're doing that they just assume that everyone else will be just as excited. So when they build it, people will flood, they'll flock, they'll run to their doors. But what most entrepreneurs hear when they get started. Crickets. Nothing. No cash registers ringing, no website traffic. And so again, you need to avoid the mistake of believing if you build it, they'll come. Instead, what you need to do is build a solid plan that shows an investor that you know it's going to be work in order to build traffic, in order to build an audience, in order to build sales. But, man, you've thought through that and you have a sound strategy for crushing and achieving that goal. Now, for more, go to scottduffy.com and have an awesome day. Bye Bye.