An important part of being an entrepreneur is pitching or making the case for the product, project or idea you intend to sell. An elevator pitch is a condensed, easy-to-understand version of a business pitch, or pitchbook, delivered in the time it takes to ride an elevator. Entrepreneurs must be prepared to give a pitch at any time, including during an elevator ride.
Key elements of a successful elevator pitch include:
- Brief description: a brief description of the primary features of your product or service.
- Target market: target market, including size, for your product or service.
- Projected earnings: the profits you anticipate from sales of your product or service.
- Personal history: a synopsis of your qualifications and achievements.
- Competition and advantage: information about your competitors, highlighting features that make your product or service superior.
An elevator pitch should be concise, clear and interesting. If your elevator pitch is successful, a potential investor may request more information or even a meeting to discuss possible investment.