Picture this you walk into an elevator and turn your head to your left and blam there stands Elon Musk or Steve Jobs (if he was secretly still alive). Before you reach the ground floor Elon Musk or Steve Jobs wants you to explain your next big idea to them for a chance to win over an investment. How do you do it? Well you need a perfect elevator pitch. Bplans can help. In one of their videos they talk directly on what it means to have a good elevator pitch. In this post I will be summarizing Bplans points. Bplans argues that to start you need a problem. How does this problem affect the people who struggle with it? Is the problem as serious and widespread as you initially thought? If so, you need to find a solution. The solution needs to maintain relevancy to the group of consumers you plan to market it to without becoming too complex. It can’t try to solve everything but it should be able to make an improvement to your consumer’s life. This includes the next step of the process which requires you to fully understand all aspects of your consumer base and the larger market. How will the market receive your new product? In what areas will you be able to make a profit from it? This requires some research. This process also involves understanding how the market and your consumer base respond to other competitors. Competitors can be categorized as either direct or indirect. A direct competitor offers products similar to you’re own. While an indirect competitor can be a little harder to recognize. It may be a completely different activity but share similar broader characteristics. This can include activities relating to leisure or time-management. The sixth step is understanding your finances. If your product needs to be manufactured how much will this cost? It’s important to put this in your pitch because it provides the investor with a more clear understanding of what it would be like to invest in your product. The seventh and final step should describe the achievements that you have overcome and that you plan to overcome. Investors will want to know how much time and work they will need to invest in your project. In general, the elevator pitch is a useful tool to have under your belt as an entrepreneur because you never know when you who might be looking for a new investment opportunity.