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Lesson 2 of 5Entrepreneurship: From Mindset to Venture
Unit 2 · Lesson 2 of 5

Refining and Pitching the Idea

Use a problem-solving process to fix what testing reveals, weigh the venture's social, economic, environmental and ethical impacts on every stakeholder, then win support with a short, practised pitch that ends with a clear ask.

5 min read1 quick check8 practice questionsAsk AI about this →

Key things to remember

  1. 1Problem-solving process: define the problem, research causes, generate solutions, choose one, implement it, evaluate, and repeat if needed.
  2. 2Check four impacts: social, economic, environmental and ethical.
  3. 3A stakeholder is anyone affected by, or able to affect, the venture; different stakeholders want different things.
  4. 4The pitch process: identify supports, develop the pitch, practise, present, gather feedback, plan next steps.
  5. 5A pitch runs hook, problem, solution, market, competition, money, team, ask, close; the ask names an amount and what it pays for.

Leila's ten testers loved the design, but their feedback was not all good news. Four said the hoodies ran small. Three said the print cracked after three washes. Two asked whether the school was okay with the logo. This is exactly why you prototype: every one of these problems is cheap to fix now and expensive to fix after 80 hoodies are printed. This lesson shows how to work through problems step by step, how to think about who your venture affects, and how to pitch the improved idea to people who can help you launch it.

Refining with a Problem-Solving Process

A problem-solving process is a set of steps that stops you from jumping to the first fix that comes to mind. Define the problem precisely, research what is causing it, generate several possible solutions, choose one by weighing cost, time and effect, implement it, then evaluate whether it worked. If it did not, go around again.

1. Define the problemorders arrive 3 days late2. Research causessupplier delays, slow packing3. Generate solutionsnew supplier, batch packing4. Choose a solutionweigh cost, time and effect5. Implement itpack in batches each evening6. Evaluateare orders on time now?Example problem:late online ordersNot solved?loop back to step 1
Fig 1Define, research causes, generate solutions, choose, implement, evaluate, and loop back if the problem is not solved.
StepGrad Gear: the cracking print
Define the problemPrints crack after about three washes
Research causesPress time and temperature were guessed; the cheapest transfer paper was used
Generate solutionsFollow the transfer maker's time and temperature; switch to better transfers; pay a print shop
Choose a solutionBetter transfers and correct settings: print cost rises from $5 to $6, far less than a print shop
ImplementPrint two new samples with the new transfers and settings
EvaluateWash test: no cracks after five washes, so the fix worked
One refinement worked through every step. The size problem was solved the same way with a size chart and try-on samples.

Weighing Impacts and Stakeholder Perspectives

Refining is not only about the product working. You also ask what effects the venture has on people and the world around it. A stakeholder is any person or group affected by, or able to affect, your venture. Look at four kinds of impact: social (effects on people and the community), economic (effects on money, jobs and prices), environmental (effects on nature, waste and energy) and ethical (whether the venture treats everyone fairly and honestly).

ImpactQuestion to askGrad Gear's answer and refinement
SocialDoes it help or harm people and the community?Builds school spirit; add a full size range so every grad can get one
EconomicWho gains or loses money?Keeps spending local; price at $45 so it is affordable and still covers costs
EnvironmentalWhat waste or pollution does it create?Print only what is pre-ordered so no unsold hoodies end up in the garbage
EthicalIs it fair and honest to everyone?Get written permission before using the school's name or logo
Each impact led to a change in the plan, not just a note on paper.
TheventureOwners / investorsprofit and a return ontheir moneyEmployeesfair pay, safe work andrespectCustomersquality, fair prices,good serviceSupplierssteady orders, paid ontimeCommunitylocal jobs and a goodneighbourGovernmenttaxes paid and lawsfollowedEnvironmentless waste, energy andpollutioninternalexternal
Fig 2Internal and external stakeholders each want something different from the venture.
Quick checkTry it before you read on
1
Leila decides to print only hoodies that have already been pre-ordered. Which impact does this mainly address?

The Pitch Process

A pitch is a short, persuasive presentation that asks someone for support: money, a location, permission, advice or an order. The pitch process has six steps. Identify supports (who could help you and what you need from each). Develop the pitch. Practise it out loud until it fits the time. Present it. Gather feedback from the audience. Decide on next steps using that feedback. Leila pitched to her school's venture competition panel, which awards a small prize to student ventures.

A 3:00 pitch (180 seconds), in order1234567890:001:002:003:00#ElementWhat to coverTime1HookA surprising fact, question or short story thatgrabs attention.0:00–0:15 (15 s)2ProblemThe customer’s pain point and who has it.0:15–0:35 (20 s)3Solution / productWhat you offer and how it solves the problem; showthe prototype.0:35–1:05 (30 s)4Target marketWho will buy it and roughly how many of them thereare.1:05–1:25 (20 s)5Competition andadvantageWho else solves the problem and why yours isbetter.1:25–1:45 (20 s)6Business model /budgetHow you make money: price, costs, profit per item.1:45–2:10 (25 s)7TeamWho you are and why you can pull it off.2:10–2:25 (15 s)8The askExactly what you need (money, mentoring, space)and what it is for.2:25–2:45 (20 s)9CloseA memorable last line and a thank-you.2:45–3:00 (15 s)
Fig 3The parts of a pitch in order, with suggested timing. Every part answers a question the listener is already asking.
Pitch partQuestion it answersLeila's line
HookWhy should I listen?Last year's grad hoodies arrived two days after graduation.
ProblemWhat is wrong now?Grads wait weeks and get a design they did not choose.
SolutionWhat are you offering?Grad Gear prints class-designed hoodies here, in under a week.
MarketWho will buy?Grade 12s, school teams and clubs at our school and the next one over.
CompetitionWhy you and not others?Online shops are slower and do not let the class vote on the design.
MoneyDoes it add up?$45 price, $25 cost: 50 hoodies cover our $1,000 of season costs.
TeamWho is doing this?I design and print; Owen runs our social media.
AskWhat do you want from me?We are asking for the $500 prize to buy our heat press and pay our first market fee.
CloseWhat should I remember?Local, fast, designed by the class: that is Grad Gear.
Leila's pitch, one line per part. The ask is specific: an amount and exactly what it pays for.
Feedback is part of the pitch
Ask your audience what was unclear and what would make them say yes. The panel told Leila her money slide needed a break-even number, so she added the 50-hoodie line. Every pitch, even one that fails, gives you information for your next step.
VideoNotice how a strong pitch starts with the listener's problem and tells a clear story before asking for anything.Watch on YouTube

Worked examples

Reveal one step at a time and try to beat it to the next line.

Example 1
Four of Leila's ten testers said the hoodies ran small. Work through the problem-solving process to refine the product.
Example 2
A student plans a pop-up bubble-tea stand at school events. Identify one social, economic, environmental and ethical impact, and one refinement for each.
Example 3
Leila also needs permission from the school before selling at the spring fair. Plan a short pitch to the school's administration using the pitch process.

Where marks get lost

  • Jumping straight to the first solution without defining the problem or finding its cause, so the fix does not actually solve anything.
  • Skipping the evaluate step, so you never find out whether the refinement worked.
  • Thinking only about customers and forgetting other stakeholders, such as the school that owns the logo or the neighbours near a market.
  • Ending a pitch without an ask, or with a vague one ("any help would be great") instead of a specific amount and purpose.
  • Reading a pitch off a page without practising, so it runs too long and the money and ask get cut.

Flashcards 8

Problem-solving process
Stakeholder
Social impact
Environmental impact
+ 4 more

Practice

1
Put the problem-solving steps in order.
  1. 1Implement it
  2. 2Choose a solution
  3. 3Evaluate the result
  4. 4Define the problem
  5. 5Research causes
  6. 6Generate solutions
2
Match each Grad Gear decision to the impact it mainly addresses.
Offering sizes from XS to 3XL
Pricing at $45 to cover costs
Printing only pre-ordered hoodies
Getting permission to use the school logo
3
Put the steps of the pitch process in order.
  1. 1Gather feedback
  2. 2Present
  3. 3Plan next steps
  4. 4Identify supports
  5. 5Develop the pitch
  6. 6Practise
4
Which is the strongest ask to end a pitch?
5
Which of these is an internal stakeholder of Grad Gear?
6
Leila fixes the cracking print but never runs another wash test. Which step did she skip?
7
What is the name for the opening line of a pitch that grabs the listener's attention?
8
The print cost per hoodie rises from $5 to $6 after refining. By how many dollars does the cost of 80 hoodies rise? Give a whole number.
$

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