Capture their imaginations …

and their wallets will follow. Another variation on this theme is capture their hearts and minds and their wallets will follow. I think I first heard a version of this from Frank Ingari, then a Lotus Development executive.

I’m convinced that most audiences – investors included – decide with their guts and then use their minds to justify/rationalize their decisions. So I urge entrepreneurs to focus not so much on such business concepts such as TAM (Total Addressable Market) and the lifetime value of a customer, but what it is that they are doing and how that will capture the imaginations of their audience. Then follow up with the numbers and the hard facts that back up your business case. But lead with that stuff, you’ll lose your audience’s attention.

Author: Mentorphile

Mentor, coach, and advisor to entrepreneurs, small businesses, and non-profit organizations. General manager with significant experience in both for-profit and non-profit organizations. Focus on media and information. On founding team of four venture-backed companies. Currently Chairman of Popsleuth, Inc., maker of the Endorfyn app for keeping fans updated on new stuff from their favorite artists. View all posts by Mentorphile