Written for EO by Grant Polachek, the director of marketing at Inc. 500 company Squadhelp.com.
Part of being an entrepreneur or small business owner is getting excited about your venture. You obsess over it to the point that most of your daydreams revolve around details of your business plan—which beers you’ll offer at your new pizza place or the color of the walls in your designer boutique. This love and attention are what breathe life into your idea. But your collection of thoughts may also feel nebulous, like they haven’t fully solidified.
Maybe it’s because you’re having trouble sharing exactly what your idea is. When people ask what your business is all about, you flounder. You jump across your ideas and fail to accurately capture the precise scope of your venture. Then, you worry you embarrassed yourself and that people will not take you seriously.
This is why it is vital that you learn to condense your ideas into one simple value proposition. This succinct statement will help you focus your ideas and distill your business to its basic elements, which will later help you find the perfect name for your business.