Meeting with an entrepreneur - Need advice please

[rickirl]

Hi guys,

I'm meant to be meeting with a local entrepreneur who is a family friend to discuss my business idea with him.

He works in the same area in which I hope to establish myself, however I would not be in competition with him. In fact this could possibly lead to work for his firm in the long run.

Basically I have never had a meeting like this before and was looking for advice and tips

I am just looking for him to pick some holes in my ideas and get my brain thinking

What kind of questions should I ask? This is my first business venture btw

 

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[Zac Headrick]

Hi guys,

I'm meant to be meeting with a local entrepreneur who is a family friend to discuss my business idea with him.

He works in the same area in which I hope to establish myself, however I would not be in competition with him. In fact this could possibly lead to work for his firm in the long run.

Basically I have never had a meeting like this before and was looking for advice and tips

I am just looking for him to pick some holes in my ideas and get my brain thinking

What kind of questions should I ask? This is my first business venture btw

-----

From experience, what you don't want to do is to just go in and explain your idea to him. That is verbal diariahha. You wan't the conversation to be two sided.

Here is what I have found works the best.

Start with the PAIN. Explain to him in great details the PROBLEM you are solving. Work to get him to connect to that problem.

If he doesn't connect to the problem, he won't ever connect to your solution.

What is the problem, why is it a problem, what do people feel when they experience this problem....get him to feel those emotions. Tell a story, go into detail.

Don't even worry about your "idea".

Once he connects to the problem, start asking questions.

> What are some ideas you have to solve this problem?

> Do you think people would pay for a solution to this?

> How much would you pay to solve this problem? (if it is a problem he has)

Now you are going to be getting GREAT ideas from an experienced person.

The finish with this..."Okay, here is how I was thinking I could solve this problem, please poke some holes in this for me."

This is the OPPOSITE of how most people pitch. They start with the idea first but there is no connection.

-Zac

 

[rickirl]

That's great advice thank you.! I would have went with the total opposite approach.!

 

[rickirl]

Any more advice/tips before the meeting??

 

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