On Defining Your Unique Selling Proposition

• “Each advertisement must make a proposition to the consumer.
• The proposition must be one that the competition either cannot or does not offer. It must be unique – either a uniqueness of the brand or a claim not otherwise made in that particular field of advertising.
• The proposition must be so strong that it can move the mass millions.”

- Rosser Reeves, “The 101 Greatest Business Principles of All Time”, p. 82

“When you can clearly, unambiguously, and convincingly demonstrate the concrete, tangible benefit or result your clients will get when they buy your product or service, your clients will pay you in relation to that value and not in relation to the time or effort or cost you invested to get them that result or benefit.”

- David Finkel and Diane Kennedy, “The Maui Millionaires for Business," p. 46

“Make a list of all your company’s communication vehicles: advertising, brochures, business cards, signage, videos, trucks and so on. Be sure to highlight your competitive advantages everywhere you possibly can. Review your web site. Make sure your first hit is a “Why Us?” page. You may have only one chance to get your prospects’ attention. Slam-dunk them with this “Why Us?” page.”

- Jaynie L. Smith, “Creating Competitive Advantage: Think You Know Your Company’s Competitive Advantage” p. 218

On Developing an Elevator Pitch

“A good elevator pitch always impresses the listener with its intensity… I’m going to give you the exact protocol and steps you’ll need to follow for crafting your elevator pitch:

• Describe your business using non-jargon words.
• Focus on your customers
• Focus on overcoming challenges your clients are facing.
• Focus on a happy customer ending

Pitch 1: Boring and Average Elevator Pitch

I’m a partner in a large regional CPA firm. What sets our practice apart is our commitment to the highest standards of client service. We go beyond the balance sheets and income statements to help you understand the real drivers in your business and how you can maximize them. We have substantial experience in both the audit and tax sides of our business.

Pitch 2: Interesting and Distinctive Elevator Pitch

We are accountants. We make sure you understand your financial statements. We want the process of billing your customers and paying the bills from your vendors every month to wind up making you money, instead of giving you unprofitable headaches. We do lots of things, but here is a good example. Just last week we showed a client that they were mistakenly using two different vendors to buy the same thing for different offices, instead of getting the vendors to compete for one big order at a lower price. That change will save our client $100,000 during the next quarter alone.”

- Mark Wiskup, “The It Factor: Be the One People Like, Listen To, and Remember,” pp. 104-113

On Starting Slow

“Keep things simple. Be patient. Focus on user feedback. Don’t take outside money if you can do without it.”

- Jim Buckmaster, CEO, Craigslist (“Questions for Jim Buckmaster,” Fortune Magazine, August 2007, p. 30)

On Raising Capital for Your Business

“Always try to get more money than you need the first time around, It’s always more difficult to secure financing if you come up short.”

- Seth Godin, “If You’re Clueless About Starting Your Own Business and Want to Know More,” p. 81

On Getting Financing from Angel Investors

“There are also thousands of wealthy individuals who can provide funding. Raising money from these folks require a different approach because their goals are different from those of professional investors.

• Don’t underestimate them. They may care less about financial returns than professional investors, but this doesn’t mean they are suckers.
• Understand their motivation. Where professional investors want to make money and maybe pay back society, many angel investors want to pay back society and maybe make money.
• Enable them to live vicariously. A side benefit that many angels seek is a chance to relive their youth or a romantic past.
• Make your story comprehensible to a spouse. The “investment committee” of an angel is his or her spouse.
• Be a nice person. Whereas a professional might invest in a jerk because “money is money,” an angel won’t.
• Sign up people they know or have heard of. Angel investing is often about socializing as much as profiting.

- Guy Kawasaki,  “The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything”,  pp. 137-138

On Getting Financing from Venture Capitalists

“Here are some things to prepare and watch out for when considering going the venture capital route:

• Know your stuff – start learning about funding sources and the process long before you are desperate
• Develop thick skin – VCs hear many presentations and pride themselves on their ability to dismiss companies for one reason or another
• Understand the dynamics of valuation – This is a critical part of the investment process
• Understand how to maintain control – Given that the VC is putting substantial capital at risk, it is prudent for them to try to obtain as much control in the company’s management as possible
• Be sure it’s a good fit – you should be interviewing the VC as much as they are interviewing you

- Tamara Monosoff, "Secrets of Millionaire Moms" pp. 111-112

On Understanding the Financials of Your Business

“If I could do it all over again, that’s probably the one area I would have forced myself to pay better attention to. Not because I’ve had people steal from me or anything …just for an understanding of my reality.”

- Rachel Ashwell, founder of Rachel Ashwell Shabby Chic as interviewed in Tamara Monosoff, "Secrets of Millionaire Moms" p. 159

On Protecting Your Product/Idea

“As you begin showing your prototype around, you might naturally fear that someone may “borrow” your idea. There are a few steps you can take to protect yourself without being overly paranoid. If your invention is patented or has a patent pending, you are pretty well protected. If not, you may wish to consider asking certain parties to sign nondisclosure agreements before revealing your idea or prototype…. Another way to protect yourself is to be sure to check out these professionals’ reputations and track records before doing business with them…. It’s good to be cautious, so feel free to speak to an attorney for further advice about protecting your intellectual property.”

- Tamara Monosoff, “The Mom Inventors Handbook: How to Turn Your Great Idea into the Next Big Thing,” p. 64

On Product Distribution

“Barbara Carey’s simple secrets of success:

• Be persistent.
• Have faith in your idea and product.
• Do food Me Search
• Establish a relationship with your buyer early in the process.
• Ask intelligent question to show that you know your business; this will encourage the buyer to tell you about his.
• Be on time! Deliver the promises you made and earn your meeting.”

- Barbara Carey, "The Carey Formula: Your Ideas are Worth Millions," p. 190