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Serial Entrepreneur and Go BIG
Founder Wil Schroter's Blog!
What if every Entrepreneur had to tell the Truth?
Author: Wil Schroter
Wednesday, March 5, 2008

In the movie Liar Liar, Jim Carrey plays attorney Fletcher Reede, who’s been cursed with the inability to lie. Every attempt Fletcher makes to lie results in him blurting out the God’s honest truth instead.
Imagine what would happen if an entrepreneur were cursed with the same affliction. What would their pitch really look like?

The Sales Pitch

“Hello, I’m Wil Schroter, and thank you for being the only client that was willing to return my phone call. I’ve borrowed my roommate’s car to get here and you’ll probably notice that while it’s the middle of August, I’m wearing a 3 piece wool suit that I bought for a $1 from a thrift store yesterday.

Since this is the first time a real customer has ever looked at my product, I’d like to pitch you on every last idea we’ve ever had for the product, hoping that one of these ideas is something you’re potentially looking to purchase today.

Unlike pitches I’ve given for previous employers that simply meant a bigger commission in my regular paycheck, this time I’ll be pitching for the money that pulls me out of a mountain of debt. In many ways, your reaction to this pitch will determine whether or not I can pay my rent next month, so I certainly hope you like it.

The Product

You may not realize from my fancy PowerPoint presentation that the wonderful product I’m presenting is nowhere near completion. In fact, there has been more product development done in Adobe Photoshop to make these slides look legitimate than on the actual product itself.

Regardless, I’m hoping you share my excitement about the potential of this product, despite the lack of any tangible value that I could deliver today. The beauty of an intangible, undeliverable product is that I can not only make it into anything you desire, I can also sell it to you for any budget you’re willing to pay.

Don’t bother holding your questions to the end of this presentation, because I can already tell you the answer – it’s “yes.” Wondering if the product is effective? Yes. Can we deliver upon your made up timeline? Yes. Are we the best possible vendor for a product that hasn’t even been proven? Well, yes, we are.

The Company

Of course you’ll want some background on our startup company, so let me fill you in on the details.

The company was founded when I realized I could make more money competing against my last employer than working for them. I am taking advantage of this opportunity by draining all of my personal savings, selling every possession I have, and giving my friends and family basic “visiting hours” by which to contact me.

We’re currently in discussions with some very large venture capital firms about investment. So far our discussions have gone so far as to say “who is the person I would speak with to send in our business plan?” and we’re anxiously awaiting their responses.

In addition, we’ve lined up key partnerships with major companies like AT&T (when we signed up for our cell phone), American Express (when we got our credit card), and Dell computer (when we used our Amex to buy a laptop). These vendors are very excited about getting in on the ground floor of our startup company.

The Team

The Team I’ve assembled has an incredible amount of experience in just about everything but starting a company. The man standing beside me is not only our CFO, but is also my cousin-in-law who actually works at H&R block as a tax prep counselor and is on his lunch break for this meeting as a stand-in.

We (and by “we” I mean “I”) have attracted top notch players to our company, especially our all-star Board. You’ll recognize many of the names on our Advisory Board, even if the people on the Board wouldn’t ever recognize ours.

The Close

In closing, I’d like to beg for you to part with even a nickel so we can land our first customer. You’d be shocked and appalled if you knew how little we really had to deliver on a completely underfunded and unstaffed product idea. We hope you’ll look past that to do business with us.

We’re so passionate about what we want to accomplish that we’re completely unaware of what we’re committing to. We’re told that’s what being an entrepreneur is all about, and we assume only other entrepreneurs could be that clueless.

Despite the fact that our whole presentation today is a joke, if you even hint that you’ll work with us, we’re going to be incredibly relieved. We’re going to spend every waking hour from this point forward cow towing to your every whim because frankly, we have no other choice.

We want to be open and fair about how excited we are about this opportunity. Let’s face it – honesty is the best policy, right?”




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Comments About this story
haha.. nice post wil!

but i'm guessing there is an even funnier version if told from the other side ;)
Posted by: san 3/5/2008 at 2:40 PM

Well.....

There is a lot of truth in this post but I think it is absolutely necessary that we look at the other side of the investment dollar also !  As a start up company goes the post would (could be )  truthful.... but also a worst case scenario.  You know like a nightmare...a bad dream...you get the picture. 

Now what about the investment side ?  You know the ones who say they have the so called seed capital ?  I for one would like to see you do a post from the first time seed capital investor.  What would they be thinking...doing....  Or do they really have access to some funds or are they just some buzzard who is out  looking for a free meal  based upon a bunch of up front fees!


Jim
Posted by: Jim 3/5/2008 at 9:15 PM

Great post, I enjoyed the laugh - until I realized you were talking about me :)
Posted by: Jason Rodriguez 3/10/2008 at 5:13 PM

i suddenly no longer feel guilty about what ive done.
Posted by: Brett 3/17/2008 at 4:07 PM

I found this to be so true when I was pitching my first business to a VC. Humorous Post
Posted by: Bryan Kress 3/19/2008 at 12:12 AM

It's not that funny really. I've sent more than a dozen funding requests/inquiries and have received no response, not even a confirmation by anyone having received one. The joke must be on me. ha. But then, the story is so often true. Let's see, what have I got left that I can sell.
Posted by: Nelson L. 4/1/2008 at 12:18 PM

This is quite funny, true to some extent. However, its certainly not a good thing and investors (especially venture capitalists) will always see through the lie. After all, it is their job to validate what the entrepreneur says. With that in mind, its not very wise too lie.

I once had a venture capitalists prove to him (in business attire after a presentation in their weight room) that I could bench press 360lb. I had put it in our bio page under "fun facts", which by the way, is a great conversation starter and way to lighten the conversation.

I didn't lie about the bench press, and when I proved it to him, he was certainly impressed.

I share some advice and cover what venture capitalist have to say at speaker events on my blog College Mogul (http://www.collegemogul.com) that primarily focuses on covering generation y entrepreneurs and their startups.
Posted by: Alex Lindahl 4/7/2008 at 1:12 AM

Did we meet yesterday? Because that's about spot on to how I remember it going...
Posted by: Justin 4/8/2008 at 12:16 PM

Great read! I have always wanted to tape myself giving a pitch and really wish that I had done so in the very beginning of my life cycle, as I expect that a transcription may read verbatim to your example. I remember going in to the pitch with everything visualized and ready to go and then walking through the door and having no memory of why I was there and my mouth desperate to spit out exactly what the prospect wanted to hear. I'd love to talk with a few of them now that I have recovered from the blisters. Learning lesson: Confidence goes a long way!
Posted by: Jason T. 4/14/2008 at 12:17 PM

Not every company wishing to expand is that small or not profitable.

One needs to build infrastructure, depth, and breadth of experience BEFORE asking anyone else to finance your private dreams.....

It is never easy to grow a new business - it takes determination guts courage

Stick with it = as I have done and you may get there = we have taken over 25 years
Posted by: cathy m 4/27/2008 at 8:59 AM

Not every company wishing to expand is that small or not profitable.

One needs to build infrastructure, depth, and breadth of experience BEFORE asking anyone else to finance your private dreams.....

It is never easy to grow a new business - it takes determination guts courage

Stick with it = as I have done and you may get there = we have taken over 25 years
Posted by: cathy m 4/27/2008 at 8:59 AM



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