How Hollywood can help Entrepreneurs increase their success rate.

Because we are in Los Angeles, it’s only natural that some of our clients are in the entertainment industry. And, let me tell you something, the industry has the art of the pitch down. And it is not surprising.

The entertainment industry is one of the most competitive industries globally. Independent professionals work feverishly to create and pitch ideas and to convince studio executives, producers, and agents to give their vision a shot and read their script. Often, success or failure comes down to one opportunity to make a positive impression.

The most critical tool Hollywood uses to increase the chances of success of a concept or kill the ones that won’t succeed is the Logline.

But what is a Logline?

The Logline of a movie or show is a one-sentence summary or description of a concept. Loglines distill the screenplay’s essential elements — the main character, setup, central conflict, antagonist — into a well-defined, concise teaser. The goal is to write a Logline so enticing that it hooks the listener into reading the entire script.

Why should you care if you don’t work in Hollywood?

We believe that the Logline concept can be a powerful tool for entrepreneurs to clarify, improve, and promote their ideas with little time or money investment. After all, entrepreneurs are independent professionals who work feverishly to create products and services and convince consumers, investors, and potential employees to give their vision a shot. And whose success or failure often comes down to one opportunity.

As an entrepreneur, I recognize we are stubborn people. At times, we fall in love with our ideas, throw caution to the wind, and pursue them regardless of our chances to succeed.

What if we took a page off the Hollywood book and tested our concepts before engaging in a new venture?

Entrepreneurs can improve their ideas and increase their chances of success by developing a one-sentence summary of the concept and pitch it to real people before investing much time or money.

Here are a few ways that creating and testing a Logline will help entrepreneurs :

1. Force them to get the idea from their heads onto paper, making them more real;
2. Pitch the idea and confront their confirmation biases;
3. Help improve their vision and make needed adjustments;
4. Create a system to nurture potentially good ideas;
5. Give them confidence that there are people out there that will be interested in what they have to offer;
6. Offer them a North Star that will help you make decisions along the way;
7. Train how to pitch and what gets people excited.

Challenge: Can you think of a product or service you knew would fail the moment you heard their pitch or ad? Feel free to share in the comments area.

How to create a great Logline

A great Logline will have four key elements:

1. It’s ironic:

It’s almost impossible to create something genuinely new. Our only option is to offer the same as what’s out there, just a little different. And that ‘little different’ often brings some level of irony with it.

• Apple offers technology products for people who do not like technology;
• Sweetgreen’s is a healthy fast-food restaurant;
• Verve is a Hollywood talent agency that is not about money.

Each of these examples is intriguing and unexpected. They hook our interest and make me want to know more about them.

1. It offers a compelling mental picture:

When you pitch your Logline, the person on the receiving end needs to see the whole idea in one line and imagine what it does.

• Uber is a car-hailing service from your phone;
• Robinhood is an investment platform for everyone;
• LinkedIn is a social platform to connect professionals all over the world.

It is undeniable what each of these companies wants to accomplish.

1. It defines an audience and cost:

Your Logline needs to offer a good sense of who will benefit from the idea and how much it will cost.

• Nike sells professional-grade sports equipment for anyone with a body.

Professional grade = not cheap

Anyone with a body = anyone who wants to move

• Warby Parker offers designer eyewear at a revolutionary price

Revolutionary price = affordable

Designer eyewear = for those who care about design

1. It features a killer name:

The name is a one-two punch to make your audience fully invested in hearing you out. Finding a great name is like catching lightning in a bottle. Not easy. But we can play with a few concepts that lend some characteristics to our idea.

• Jeff Bezos founded Amazon.com to be the “everything store.” He selected the name “Amazon” because it is exotic and different. And, like the largest river in the world, Bezos planned to make his store the biggest in the world.
• The Holt Tractor Company changed its name to Caterpillar after a photographer noted how the new tractor “crawled like a caterpillar.” Holt overheard the comment and exclaimed, “Caterpillar it is. That’s the name for it!”

Challenge: Identify a brand you like and try to imagine what their Logline is. Make sure you incorporate all five elements described above.

Test it.

Ultimately, the logline is a quick and straightforward way to gather feedback about your idea. And the only way to gather feedback is by pitching it to other people.

Here are the steps for you to test your ideas:

1. Shift your mindset:

• Don’t be afraid people will copy your idea. People can always copy what I do, but never who you are. There are hundreds, if not thousands, of online shoe stores, but only one Zappo’s.
• Strive to be interested, not interesting, and walk-in with the mindset of honestly learning if your idea has potential or not before you invest time and money in it.

2. Identify people for your pitches:

• Start with people you trust (spouse, friends, relatives) to give you confidence and smooth out the rough edges of your idea.
• Identify people whom you believe would be the target consumer and learn where they hang out.
• See people face to face. You want to witness their body language.

3. Do’s and Don’ts:

• Talk to people face to face. You want to see their body language.
• Pay attention to their eyes. If they look away, you already lost them, and your idea has problems.
• Make adjustments and corrections after each interaction.
• Have as many interactions as needed until you feel confident you can drop your idea, or you can get people’s attention and keep it.
• Have fun, and don’t take it personally.

When your targets want to know more about your idea, you know you have something suitable.

Bon Courage