For a successful entrepreneurial venture, you need to have an idea. An idea that can be capitalised, monetised and is real enough to be put to application. Viability is must and not optional. If you have ideas that set you apart from the lot, then you have eligibility to call yourself a thinker. Yet, if you do not know the way to sell that idea to someone who could invest on it and help you actually produce it, then you have failed on its functionality. It isn’t necessary that everyone should like your idea. But then who should? How do you sell your ideas and to who in order to make your vision turn into reality? A few little skills and preparations to help you sail through the tides is what we plan to explain here-
Know your product “idea” inside out-
It is very important to know what you want to deal with and what is it that you plan to sell. Knowing your idea and its nitty gritty, nuances, its dynamism, if at all, is of prime importance here. If you don’t know the cause and effect of your idea that is represented through either a service or a product, its becomes sterile, incompetent and a sloppy idea with petty much no use for all practical purposes.
Know your customer’s vocabulary-
Be articulate enough to mould your words instantly or before-hand according to the language understood by your investors or the people who are most probable to invest in your work. It doesn’t mean you have to know what dialect they speak in but the terminology, the though process that they support and understand to wish to invest in your thought process. Do not talk vaguely, be specific in what you mean to say and say those words with the same expressions to the people at the receiving end.
Tell people how your medicine is more effective-
To sell anything its important to inform others about how your idea can make positive change in the world around and what is it that the idea tries to deal with and counter. For instance, a milk vending company would want to know ways to store and distribute temperature sensitive milk in the latest and more efficient ways. Telling them how your product idea is beneficial to them and different from other market players.
Is your idea patentable? –
It is essential to know if your idea is corresponding with anyone else’s idea or if yours can be patented. You should be legally aware if your idea can get licensed under your name or the organisation’s name you try to sell it to. Having the knowledge of what’s your counterparts are doing ad how they are managing their patents, licenses and copyrights always comes handy when you are asked about your competitors. Your intellectual property rights are as much precious as your idea.
Exclusivity versus its sale value-
It is good to present your idea as unique and exclusive. But is it actually worth the uniqueness? Including all production, manufacturing, promotional, patenting charges, royalties and other miscellaneous charges what should be the cost of your invention in order to sell it. It this topic is not negotiable, then be prepared for a face-off between you and the investors. Quoting an appropriate value for your idea is at last one of the most important ways to make through the deal.