At FI, we had our second round of mentor reviews last Wednesday. I was working all week to improve my PowerPoint and finish the week’s assignment, then spent the last day memorizing my updated pitch.
DH & DD left for Florida vacation time on Wednesday morning with my in-laws (pre-planned trip we all received as a Christmas gift), so I finished getting them ready to go on Tuesday night, knowing I would have all day Wednesday to myself to finish everything I needed to do for the session that night plus pack for myself. (I had changed my flight to Thursday morning so as not to miss the big presentation session.) But it turned out I needed all the time I had to prep for the presentation. So I figured I would get it done and then leave right after the session to head home early for packing and prepping for my own flight on Thursday morning. I got the work done and headed in to the city for the session.
I was nervous about how my presentation would be received, but was confident that I would present the material that I had well. Our larger group was split into four smaller groups in conference rooms, with the mentors in groups of two rotating through the rooms. We each gave our pitches a total of 3 times to 6 total mentors. Some of the feedback was tough, but all of it was helpful. I was proud of myself and my groupmates – we had worked hard and came away with a lot of great insights for our businesses.
Overall, I feel good about my performance. I continue to receive good feedback about my presentation style and natural way of speaking. But my actual PowerPoint design got dinged for not being creative/compelling enough, especially for a business concept with great design as one of its key differentiating features. (They were right, and I’m working on a better design now.)
Again, the main points the mentors were driving home for me revolved around how will my business stand out from competitors. Even if I offer a slight difference or focus, what’s to stop an established competitor from seeing my success and simply adding that feature into their existing products? I don’t want to be competing with the big guys on price, because I will most certainly lose.
They encouraged me to remain focused on my initial concept – automating the process of photo book and baby album creation. Customers sign up, and then they receive the (well-designed) product in the mail with little effort. Get that right first, then think about expanding into other options. “Simple, simple, simple”, as mentor Gabe kept telling us. Automate this time-intensive process.
In the end, I scored slightly better this time than I did in the first mentor review round, so that felt good. But the session went late, so my idea of leaving early had to be scrapped. I joined my colleagues at the bar while I waited for the next train, but I was so glad I did because I ended up having really great conversations with my friends and a few mentors. They had so much great feedback and suggestions for me on how to move forward with my business. I actually ended up staying even later so that I could keep talking with everyone.
I still was able to pack for vacation and got to bed in the wee hours. Overslept a bit, but rushed around and made my flight to FL. I was so exhausted. I knew I still had the next week’s assignment to do, but I’d be able to make some to relax with the family in FL, go to the beach, the pool, out to dinner. I really felt like I had EARNED this vacation. Woo hoo. I got to FL, picked up my rental car, and couldn’t help smiling as I caught my first glimpses of the gulf.
Then two hours later I received an email from FI detailing my first special assignment, due in four days.
(To be continued…)
Startup Mom is written by Coralee Dixon, a NJ mom trying to launch an online business aimed at helping parents solve their memory-keeping needs. Is she “having it all” or losing her mind? Follow along as we find out…(I’m just as curious as you are.)