A couple of months ago, Thembekwayo hosted a funding masterclass for entrepreneurs where funding hacks were the order of the day.
He told attendees that the biggest mistake that too many entrepreneurs make right at the beginning of their journey is assuming that they know what their customers want. He says before you even think about approaching an investor, you need to have done thorough research to ensure that your business idea at the end of the day is solving a consumer problem.
Investors can pick up that you’re winging your research when you use words like “most” and “all” in a pitch and you’re unlikely to catch the whale you were after.
“Any time an investor hears you saying “most” and “all”, we know you are making it up,” he says.
“It’s like ‘some people’. I don’t know where did you get the numbers… I don’t know what’s the number [of all or most]. Is it six out of 10, is it four out of 10, is it one out of five, what’s the number? There’s no such thing as ‘all or most’.”
Another mistake that entrepreneurs make relates to the principle of first knowledge.
“When you’re trying to come up with any business concept, there is a series of knowledge that the person to whom you’re selling the business concept, must have. If they don’t have it, they don’t have the first knowledge to understand the knowledge that you’re bringing that is new,” he says.
Check out his masterclass to learn more pearls of entrepreneurial wisdom.