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This business coaching lesson teaches about the business plan summary.

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Featured Coaching Excerpt - Notes & Transcript, Part 1

 

-Now, the summary is that part of your business plan where you have to basically summarize your whole big idea. Now, have you ever done that deal where someone's asked you about what kind of business you want to do and you find yourself talking for like three hours, and then you look up, and they're asleep, and you're still going?

-Yeah.

CLAY: And I used to do that all the time, because it's hard to be succinct with it. OK? So I'm going to read this to you.

It says, "Summarize the key compelling facts of the company. Make sure you cover all the topics that are in the elevator pitch."

So make sure that you summarize the compelling facts of the company. Make sure you cover all the topics that are in your elevator pitch. Well, if you don't have an elevator pitch.

Now again, so we go to the next one here. We are going to have to have a sheet here. We need to summarize our elevator pitch. Do you have an elevator pitch?

DANIEL: I do not. I mean, like, if people ask me, I usually just say, I just create-- I create videos for businesses, so-- That is not a good elevator pitch. I know that already.

-No, it's OK. And you know, the great thing about mentorship is you can kind of learn from our mistakes and kind of avoid the pain, so to speak. But one of things he talks about is he says here-- I'm going to read this to you. He says, "The major components of the elevator pitch are traction, product, team, and social proof. Investors care about traction over everything else."

So your elevator pitch could be something to the effect of-- And the name of your company again is?

DANIEL: Endlessly Creative Media.

-OK. So I'm going to say at Endlessly Creative Media-- I'll say at ECM.

DANIEL: Yeah, that's perfect. That works, yeah.

-At ECM, we-- Well, let's talk about here. He says, make sure that you feature the traction. OK, so traction-- So have you made videos for other companies before?

-Yes.

CLAY: OK. So you could say, at ECM, we provide world class videos for business owners. And-- So that's kind of like your statement. And then you want to focus on your product, and your team, and your social proof. Have you been featured in any media at this point?

-Oh gosh. Not that I know of. I'm trying to think. I'm making sure. No, I haven't.

-We can help you do that too. So before you leave today, I want to walk you through how to do that. But what you'll do is you'll want-- In a perfect world, we'd say, we've produced--

DANIEL: I lied. Actually, I have been on the radio.

CLAY: OK, the radio. OK. So we've produced videos for-- And I'm going to say company X, company Y, and Z. You know what I mean? We've produced videos for companies such as boom, boom, boom, boom, boom, boom. And then you put like, we help companies boom, boom, boom.

But you want to be able to get it where it's like a three sentence deal. You don't want to go like a whole big old-- You have an 8 1/2 by 11 sheet of paper here, and you want to summarize it as succinctly as possible. So again, we provide world class videos for small business owners. That's kind of the main idea number one. Right?

Two, we have provided videos for companies such as A, B, C, or X, Y, Z. And we help companies by doing boom, boom, boom. And you just want to make sure that you summarise this so that anybody-- We'll make this a downloadable for you, so you can download it and look at it-- We just want to make it where anybody real quickly gets your idea. Think not super, super complicated. Making sense?

-Yeah, no. That's perfect.

-OK. We just don't want to get the blank stare deal where you explain to someone, and they're going, I don't know what you're talking about.

-No, I think that's really great. Like honestly-- Like what you're is that if we keep those three principles right there, it's going to help someone understand the basic principles of what my business is about and what I'm aiming for. Is that correct?

-Exactly. And I want to share with you. And this is big is because Steve Jobs has this quote where he says, "Details matter, it's worth waiting to get it right." What I find is the process of trying to distill your big idea into as few words as possible forces you to really think through it. And in college, which I-- I love college. So I don't-- If you're part of college, you know, I love you. I love college so much.

DANIEL: I dropped out of college.

-And I wouldn't-- I don't endorse that. Although, I did it as well. But anyway, the point is the thing I want to share with you guys is college typically, the pa-- the res-- the paper-- The professor will ask you to do a paper. And the paper will be like, hey, make it 12 pages long. Or they'll say, it has to be-- Do you remember the last one you did? It's like, you have to be a minimum of 21 pages

DANIEL: Yeah, it was a horrible.

-Yeah. So some like large number. Make a paper. It has to be a minimum of 21 pages. If you can think in the world of entrepreneurship the reverse of that. The investors--

DANIEL: The smaller, the better.

-Yeah. Seriously, they want as few of pages as possible. So you really do want to keep this simplified.

DANIEL: I mean, ask yourself. Like, do you want a huge document where you're like, OK, do I want to read all of this, read 21 pages about this person's business? I don't know.

CLAY: Well, most entrepreneurs that have given me pitch decks over the years, most of them are super verbose, because that's what they were asked to do in college. So I'm just saying, if you're watching this and you're wanting to get serious about making a business plan for yourself and for investors, make it is as small as possible. OK.

Featured Coaching Excerpt - Notes & Transcript, Part 2

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