On the evening of May 5th, 2020, Jim White addressed his followers during his weekly live webinar series aimed to educate business owners and promote his recent title Opportunity Investing.
This week, White aimed his episode at entrepreneurs who are interested in starting a business amid COVID-19. The episode, which White titled “Wheeling, Dealing, and Funding during COVID-19” offered practical advice to hopeful business owners.
The COVID-19 pandemic has changed much of the world around us, including the way people do business. Dr. White told his followers that even though we may be doing business remotely instead of in conference rooms and on golf courses, one thing remains the same: investors still have funds. Acknowledging that the stock market looks like a roller coaster, White pointed out that there are still high net worth individuals, VCs, angel investors, and institutional investors that still have funds and are looking for ways to make them grow. White advised that as we move through COVID, we must be consistently planning and thinking for the future because there is a tremendous amount of opportunity for investors and entrepreneurs.
“Any new or growing venture must take into account our new economic reality.”
“The world as we know it will never be the same again.”
To entrepreneurs that are seeking capital during this time, White offered advice on how to get it by first considering the following question: how is the pandemic impacting my plan? “Any new or growing venture must take into account our new economic reality,” White advised, “The world as we know it will never be the same again.” White also recommends that entrepreneurs ask themselves what visions and goals they have for the future, and how they will be fulfilled. Entrepreneurs should also consider what the supply chain will look like after COVID-19, and whether or not vendors and support services will still be available to meet the needs of their new ventures.
Regardless of the pandemic, White noted, any entrepreneur needs to start with a good plan that is supported with a concise pitch deck. A pitch deck is a slide show that shouldn’t answer all possible questions, but gives just enough information to tell your story and grab the attention of your investors. White recommends that pitch decks don’t have too many slides, have wordy slides, or belittle competitors. Any of these mistakes could lead to a kiss of death for investors. White detailed the correct format of a pitch deck as follows:
Slide 1: Who Are You
Slide 2: Elevator Pitch
Slide 3: Traction – Where are you and what momentum do you currently have?
Slide 4: Market Opportunity – What is the market potential?
Slide 5: What is the problem? What is the solution?
Slide 6: What are the product and services specifically?
Slide 7: Business Model – How do you make money?
Slide 8: Market Approach and Strategy
Slide 9: Key Players on Your Team
Slide 10: Financial Summary
Slide 11: Competition
Slide 12: Ask – Recap of everything you’re asking for
Slide 13: Exit Strategy Option
Slide 4: Call to Action
White ended this week’s session with a suggestion for his listeners to step back and take a moment of reflection. Though these sessions are intended to give business owners the tools they need to succeed, White encouraged listeners to take a moment each day and reflect on what they are grateful for. Whether it be your health, your family, or something else, expressing gratitude will help keep you in the zone during the pandemic.
Dr. White was raised in South Carolina. He holds a BS in civil engineering, an MBA, and a doctorate in psychology and organizational behavior. He acquires struggling businesses to revive and develop them into profitable enterprises using his proprietary business turnaround strategy. To date, he has generated more than $1.8 billion in revenue.
Dr. White is hosting his regular Webinar Series. His next webinar goes live on May 12th at 6:30 PM EST. The topic of the webinar is “Critical Thinking – During and Post COVID-19.” Dr. White’s objective is to teach you the skills to evaluate, identify, and distinguish between relevant and irrelevant information. It will lead you to be more productive in your career, and provide a great skill in your everyday life during and post COVID-19.