Don’t apply start-up strategies to a small business, especially if you’re in the early phases of validating the business model, and in need of revenue.
For the first 3-years of my entrepreneurial journey, I pitched my venture IRONBOUND Boxing, everywhere I could. I attend events all through the NYC metro, presenting my slides, and hoping to spark the interest of donors and clients alike. At the time, I had a hybrid business model, with for-profit and nonprofit components.
I wasn’t getting very far.
One day I sat down with my advisor to express my frustration. I told her about all the pitches, and how I wasn’t getting clients or donors. She looked at me and responded with a simple question, “why are you pitching?”
I paused then responded, “I don’t know, I guess I thought that’s what I was supposed to do.
My advisor told me to stop pitching, and start selling. Pitching is for start-up founders looking to raise outside capital, not bootstrapped small business owners. From that moment on, I went on a pitching hiatus. During that time I built myself a comfortable lifestyle business, teaching corporate boxing to companies in the NYC Metro Area, built a strong portfolio of clients, and was able to work on my venture full-time.
I also stopped pitching our nonprofit arm. Instead, I focused my time and effort connecting with donors directly, creating content, and publishing a newsletter.
Don’t be like me and waste three years pitching your venture, when you should be selling.
To learn more about the difference between a small business and a start-up, check out this video by Slidebeam or listen to the first episode of my podcast series, “Bunker Labs Presents: A Crash Course in Venture Capital.” Feel free to leave a comment below and let me know whether your venture is a small business or a start-up.
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“IRON” Mike Steadman
"The difficult we do immediately, the impossible takes a little longer."-Unknown