The biggest challenge for every entrepreneur and every startup today is to get noticed and remembered in today's information overload. The number of entrepreneurs worldwide is huge, starting an estimated 50 million new businesses in the past year, or 137,000 per day. Every one of these probably has a unique story, but in my years as a startup advisor I only remember hearing a few who capitalized on their story.
The impact of a memorable story was highlighted for me recently as I completed a new book, "Sell With A Story," by Paul Smith, who is an expert trainer on increasing business results through storytelling. His focus is primarily on improving the results for traditional sales professionals, but I'm convinced that the same principles are equally critical for entrepreneurs selling their startup to investors, strategic partners, and customers.
I say that because I've heard too many abstract pitches about the next paradigm-shifting technology, which I can't relate to, and only a couple with stories that really grabbed me. The best story I remember related the family impact of devastation wrought by Alzheimer's disease, leading to the development of a mitigation process, and I am now fully committed to this effort.
I learned from Smith that a memorable story doesn't have to hit you personally, but it does have to include six key attributes to raise it above the standard sales pitch, or new venture problem statement, opportunity sizing, and value proposition. These attributes include the following:
If possible, every entrepreneur should craft a unique story, or tune their story, for different audiences, such as investors and customers, to convey your values and your commitment in their specific context. Add emotion, surprise, dialogue, detail, data, and other elements to make your story fresh and effective. Always close stories with succinct lessons and recommended actions.
A compelling story is best used as a "grabber" to get people's attention and make your venture and brand memorable, but it doesn't replace any of the new venture basics, such as the business plan, investor deck, or financial model. It can be your competitive advantage over peers and existing players, and it's fun to do. How prepared are you to tell your best story?