Nick Chong · 10 hours ago · 2 min read
Changpeng Zhao, the CEO of Binance, says that how you talk is often more important than what you’re talking about. In a blog post, Zhao shared many other communication tips that he says will enable aspiring entrepreneurs to approach him of other investors with confidence.
Binance CEO says people should be straight shooters when approaching investors
Being the CEO of one of the biggest cryptocurrency exchanges in the world means time is the most valuable resource you have. Despite being eager to meet and speak to people about their projects, the sheer number of people that approach you makes it impossible to dedicate time to all of them.
According to Changpeng Zhao, the CEO of Binance, this can be avoided by being effective while communicating and choosing the right time to approach investors. In a blog post, Zhao shared his tips for aspiring entrepreneurs who want to approach him or other investors, saying that ineffective communication is the biggest obstacle to getting investments.
Zhao wrote in his post:
“How you communicate is often more important than the content you are trying to convey.”
He said entrepreneurs should always have a “1-minute elevator pitch” prepared to avoid getting sidetracked when given a chance to talk about their project. When approaching investors, entrepreneurs should also be very direct with what they want. Zhao said that beating around the bush and being vague about the nature of your project and request often make him lose interest in the project.
CEOs aren’t the ones you should be approaching
According to Zhao, CEOs are “usually the least hands-on and most distracted person in any organization,” which is why they aren’t the ones entrepreneurs should approach when looking for investments or help.
“It is usually better to go through the proper channels to get something done rather than going directly to the CEO.”
If a meeting with a CEO is what you’re aspiring to, Zhao said that your pitch should be no longer than 5 minutes long. He believes this makes entrepreneurs focus only on the important things, which increases the chance of capturing the attention of their potential investors.
Another way you can ensure your name and project are easily remembered is to use business cards. Zhao recommended always giving out a business card, regardless of whether you’ve met the person you are giving it to.
However, Zhao noted that these tips might not work for everyone. His outspoken nature and omnipresence on Twitter make him one of the most approachable executives in the crypto industry, which seems to be a two-edged sword.