Menu

Tips for Entrepreneurial Success

Chris Westfall is a National Elevator Speech champ and Shark Tank contestant coach.

Tips for Entrepreneurial Success

Chris Westfall is a National Elevator Speech champ and Shark Tank contestant coach.

Chris Westfall ’95 MBA remembers his first elevator speech clearly. He was introducing himself to his MBA cohorts at TCU.

Chris Westfall, a master of the elevator pitch, has written seven books on being an entrepreneur. Photo by Mark Graham

Chris Westfall, a master of the elevator pitch, has written seven books on being an entrepreneur. Photo by Mark Graham

“Someone would stand up and say, ‘Well, I was a professional engineer,’ or ‘I was a mortgage officer at a bank.’ When it was my turn, I was terrified. I felt like everyone else was riding up in a limousine, and I was about to get out of a clown car,” he said. “Bravely, I stood up and swallowed hard. I said that my previous full-time job was as a stuntman at the Batman show at Six Flags, right there in Arlington.”

With an undergraduate degree in theater, the Chicago native found stage work in Dallas-Fort Worth and Los Angeles and even appeared on Days of Our Lives, a soap opera. But he wanted to move from the greenroom to the boardroom.

“TCU was a place where my background wasn’t a liability. It was a place where the faculty and staff were as focused on my success as I was. TCU helped me to refine my communication skills,” said Westfall, who was recognized as MBA Communicator of the Year and was host of a radio show on KTCU.

After holding executive leadership roles in sales and marketing, he launched Houston-based Westfall and Associates LLC in 2008. A business coach, Westfall has helped entrepreneurs raise more than $100 million and launch more than 50 businesses. He has coached clients onto Shark Tank (including the Season 1 winner in Australia) and coached the team that won the 2016 Rice Business Plan Competition.

Known as the National Elevator Pitch Champion since winning the 118 Pitch Competition with the best 2-minute speech in the country, Westfall speaks to organizations around the world. He has published seven books, including international bestseller The New Elevator Pitch (Marie Street Press, 2012) and BulletProof Branding (Marie Street Press, 2014). His latest is Leadership Language: Using Authentic Communication to Drive Results (Wiley, 2018).

He remains active with the Neeley School of Business, recently returning to deliver an executive education workshop for local business leaders. He shares the many lessons he has learned along the way.

The best elevator speech isn’t a speech. It’s a conversation. The best pitch isn’t judged by the sound of your vowels or your gestures or your PowerPoint deck. It’s judged by what your listener does when you’re done. You’re looking for three words: “Tell me more.” It lets you know you created a conversation, and it also releases you from the obligation of having to tell someone your life story from birth through yesterday in 30 seconds or less. Stop pitching and start a conversation.

Where you put your attention is where you find your results. Sometimes you find results that you aren’t necessarily looking for. Sometimes finding results also means knowing what to ignore. In this day where we are bombarded with millions of messages, posts and images, knowing where to put your attention is key to finding the results you need.

“In this day where we are bombarded with millions of messages, posts and images, knowing where to put your attention is key to finding the results you need.”
Chris Westfall

As the saying goes, don’t believe everything you think. Just because a train of thought shows up doesn’t mean you have to ride that train.

Go beyond recognition. When you are recognized for your work — whether it’s getting a diploma from TCU or being named a national champion — ask yourself, “Now what am I going to do with that?”

Adam Smith, the founder of modern economics theory, said profit is the function of risk. The things I have profited from the most — in business and relationships — always involved a risk. My advice is: Take the risk. Do the thing that’s scary. And know that you have a resilience you don’t always realize.

If you’re going in front of investors, look for your shark. Who is most likely to fund your project and why would they be interested? Consider who is in the room and why they would be interested in investing in your idea. Understand the perspective of your audience.

For investors, it’s not just about the money. All entrepreneurial investments are risky. Investors are looking for entrepreneurs who are worth the risk. The key to gaining investment is finding that connection with the investor. The way you help an investor make a smart investment is by proving these six words: “I’ve thought this through … for you.” The best way to persuade someone is to share with them an understanding of what’s really in their best interest.

There are always two presentations — the one you give, and the one people hear. Which one do you think is most important? Tips and techniques will only take you so far. Help your audience to make discoveries. If you say something but your audience doesn’t hear it, then it doesn’t exist.

There’s one thing more important than the content: context. If you want to create a powerful conversation, concentrate on the context. It’s like the old George Carlin joke: “Here are the sports scores: 11, 3, 17.” No context? No content.

Chris Westfall is a National Elevator Speech champion. Photo by Mark Graham

Chris Westfall is a National Elevator Speech champion. Photo by Mark Graham

I’ve found the easiest way to create work/life balance is to stop trying to make it a balance. Trying to make it a balancing act feels like adding another layer of difficulty when it’s all just life. The actions you take and the things you choose to pay attention to or ignore are creating your circumstances and current experiences. What kind of experiences are you creating for yourself and the people that matter to you and to your company?

Leaders focus on service. True leaders look at how decisions will create an impact on others. Thinking things through and taking action with clarity are the keys to being at your best.

It’s very hard to read the label of the jar you’re in. TCU showed me what I couldn’t see for myself. As I began the MBA program, I wondered if I had what it takes. If I had paid attention to my fears, or my past, or my first elevator pitch, I never would have made it through. But I focused on my professors, on the people in my cohort and on my work. When I left behind my fears and focused on the task at hand — the transformation that TCU gave me — that’s when everything changed.

Edited for clarity and length.