2. Know Your Business

Be Able to Succinctly State Your Business

As you can see from the elevator pitch example, it's critical to be able to succinctly state your business. Let's say that again, since it's so important: in the minimum number of words, what do you do?

Here are two fun examples:

Sony makes the electronics that match the needs of active lifestyles, from televisions and stereo systems to MP3 players, laptops and handheld organizers.

Federal Express ships packages worldwide with guaranteed delivery and a 99.99% on-time delivery record. When it absolutely has to get there, FedEx.

This should be even shorter than an elevator pitch: it's the ability to answer questions like "but what is your core business" coherently. Indeed, one common mistake is to present yourself in an unfocused manner, leading to just this question. Be able to answer it!

Exercise: state your core business concept in no more than 15 words. Oh, and make sure you use the fewest buzzwords possible!

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