KOTA KINABALU: Budding entrepreneurs’ business pitching skills were honed at the 3-days V Creator Ignite Entrepreneur Camp held from last Friday to Sunday at the UMS Postgraduates Centre to start off on their entrepreneurship journey with right customer care attitude.
“Go deep, not only wide,” exhorts PUMM Sabah head and motivator Dato’ George Lim to Sabah’s start-up entrepreneurs and a participant from Johor on mastering their business knowledge, for ability is what they are capable of doing, motivation determines what they do and attitude determines how well they do it.
The judges who attended include Datuk Chua Soon Ping of Sabah Housing and Real Estate Developers Association and Datuk Alan Ang of the Federation of Sabah Industries.
“Business success is a process, like thought is a process. Know and talk about your customers’ needs and wants,” said expert business speaker Vincent Chew, who also emphasized the importance of using the English language for their business pitching presentation if the participants aspire to internationalise their business market reach in the real world.
Such knowledge is invaluable for them to persuade bankers, investors, crowd funders and others to support their business endeavours in the real-world ecosystem of trade and commerce.
The 50 participants learn how to put themselves into the shoes of their target market and look from the viewpoint of the potential customers asking, “I don’t know who you are. I don’t know your company.
I don’t know your company’s product. I don’t know what your company stands for. I don’t know your company’s customers. I don’t know your company’s record. I don’t know your company’s reputation. Now- what was it you wanted to sell me?”
After the professional mentoring and guidance, the participants were wiser on how to enlighten their clientele and targeted audience about themselves, their companies, and their products, services.
They were coached how to grow their business, network and form partnership or collaborate with other big and small business enterprises.
“Customers invariably value these benefits higher than all others: ‘Making money’; ‘Saving money’; Saving time’. The basics are good (quality), cheap (value for money) and fast (delivery) besides easy, fun, healthy, beautiful, responsible and green, says the mentor emphasizing on the unique selling preposition of their products and services, and how to position their business in their market after knowing their competitors, market environment and situational awareness.
The business pitching criteria for the participants were judged first on a quick and memorable one-sentence explanation or one-liner summary of what they want to do for their customers. For this event, participants will not be judged on financials, market data and investment plan.
Next, they need to explain how they strive to provide solution to problem or pain in the market by providing the answer to questions like: ‘What problem are you trying to solve? Is it a real problem? Is it a big enough problem?’
Subsequently, they need to be able to identify their target market by providing the answer to questions like: ‘Who exactly are you trying to serve and help solve their problems or pain? What is the market’s potential?’
Following that, they need to provide their solution by highlighting the ways they plan to solve the problem and how their product or service work in that regard.
Then, they have to reveal their business model on the following question – ‘How are you planning to make money?’
The participants at this stage need to disclose their competitive advantage by answering the question: ‘What makes your solution so unique compare to your competitors’?
Next, they need to elaborate on their Go-to-Market Strategy: ‘How will sales be achieved? How will you reach out and capture your market?’
Then, they have to present their team or staff – to introduce the people behind the idea and briefly describe their role and expertise.
For example, lately, even in Sabah, there are many new cafés in the market by young entrepreneurs. In such business, knowledge and system in kitchen management is vital to the operational success of these food and beverage outlets, besides the location, providing the socialising ambience, deco theme having the right talented staff, quality of products and services etc. to attract customers.
The semi-finals for the pitching contest will be held on Dec 11, 2019 at GA Space premises at Luyang after shortlisting the entrepreneurial talents.
More from Business
Colon Health: Diverticulitis can be a simple inflammation or a more serious condition requiring hospitalisation or even surgeries. Our digestive tract, …
Indians need real privacy, not a loss of anonymity. Modi govt’s Personal Data Protection Bill worryingly proposes social media firms …