Tachles Series: Benzi Ronen shares insight, anecdotes, and expert hacks for Israeli entrepreneurs looking to grow their business in the US.
Find out how to:
Develop and tell your startup’s story.
Inspire others to join you in your journey.
Raise the valuation of your startup.
Nu, get to the point:
All of us, in one way or another, are looking for purpose in our lives — something to drive us forward, day after day. The best leaders and entrepreneurs are able to spark a movement of employees, partners, and customers that support their vision by doing just that: offering purpose.
The ability to strike an emotional chord in people can inspire investors to contribute funds, attract talent, forge partnerships, and drive demand. Take Telsa, which is worth the next nine largest car companies in the world combined, despite selling far fewer cars. Why? Because Elon Musk has harnessed the power of narrative to paint a picture of the future that his customers believe in — the demand proves it.
Storytelling can be the most powerful tool in an entrepreneur’s arsenal...but if you’re not a natural, don’t despair. Just like any other skill, it can be learned and improved upon — and I’ve got five hacks to help take your narrative to the next level.
Hacks:
Start With Your Personal “Why”
Grandiose mission statements are well and good, but it’s much easier to connect with people if your story is grounded in something personal. Good stories feel authentic, and authenticity is a lot easier when you’re talking from your own point of view.
Give your customers something specific to relate to — your failures or triumphs, your life story or eureka moment — and you’ll have given them a reason to believe in you. I highly recommend Simon Senek for help defining your “Why.”
Simplify Your Story
Break your startup story out into four key chapters:
The Problem: Something can always be better for someone. Clearly define a gap in the current landscape that screams for improvement; the bigger the better.
The Opportunity: Who does your problem affect? Outline how large the market for your offering can become; a bigger market lowers risk and increases chances of success.
The Solution: Find a fix; ideally, your answer is obvious enough for people to easily grasp — and something they’ll want to jump on before anyone else.
The Differentiator: How is your solution a winning proposition? And how can you, specifically, execute on it in a way that competitors will have a hard time copying?
Treat this problem-opportunity-solution-differentiator framework as a way to share the excitement of launching a business with your listeners — bring them along on the journey. Remember, the best stories leave listeners wanting more...and that goes double for investors.
The Art of the Transition
A great storyteller guides the audience, connecting the dots of the narrative until the conclusion feels all but inevitable — otherwise, you risk losing people along the way.
One surefire way to keep someone’s attention? Ask questions. Good questions kill two birds with one stone: they ensure active listening from your audience, and create the perfect transition to your next chapter. For example, at Farmigo, the question “Why is sourcing locally grown food better for the environment?” set up the Opportunity, and “What if we could collapse the food chain and cut out retailers?” set up the Solution.
Testing, Testing...
Creating a compelling narrative is crazy hard — and as a founder living the story 24/7, you’re far from an objective judge of “compelling.” I have two tests I use to figure out if the story is working: the Dinner Conversation and the T-shirt Test.
The first is easy. When friends or family ask you about your startup, does your response cause talk to fizzle out as guest’s eyes glaze over...or is it the start of a lively discussion? The founder who can routinely spark a conversation — by talking more about their passion for the problem they’re solving than the “what” of the business — is on the right track.
Your startup will already need some market traction to perform the T-shirt Test, but the idea is simple: do people (employees don’t count!) want to wear your brand’s tee? Your audience wanting to associate their own identity with your brand — to the point that they’re literally wearing it on their sleeve — is proof that your narrative is hitting home.
Put the Word Out
Once you’ve nailed down your story, it’s time to share it — and in America, you tend to get what you pay for. For new startups (or businesses launching new offerings), it’s more cost-effective to work with second- or third-tier PR agencies than a top-tier one. With that in mind, you want to go into the relationship knowing how to maximize the opportunity:
Pick journalists that want more than clickbait; look for places that publish longer, narrative-driven pieces — more Forbes, less TechCrunch. A few great pieces trump heaps of mediocre ones.
Ensure journalists keep an eye on you throughout the evolution of your startup by building a personal relationship with them.
Pieces appear and disappear in the blink of an eye online; the true value is in how you promote them on your site, marketing channels, and social media.
Good Luck!