How to use storytelling in entrepreneurship (beyond marketing)

Many have seen the videos in which Jeff Bezos talks about Amazon’s first shipment—to Bulgaria or the one where Steve Jobs reflects on failure. Although they share different messages, they both have one common and powerful feature: storytelling.

Applying a powerful narrative is an effective tool in business, especially in communications and marketing. The ability to guide someone through a journey and evoke a sense of joy, sadness, compassion, or excitement is more relevant than ever. If you can create that “wow” effect and subtly nudge your audience toward buying your product, you’ve achieved a successful sales campaign.

While the power of storytelling in marketing is evident, its importance in other key areas of startups is often overlooked. It’s a fact that a well-told narrative can positively influence every aspect of a business if used in the right way. It can help boost brands, unite teams, attract investors, and build deeper connections with customers. It’s not just about selling a product—it’s also about getting people on board with your vision and building lasting relationships. 

So if you haven’t started polishing your storytelling skills yet, it’s time to do it now. 

Inspiring team with your story 

There is a reason why we all know that companies like Apple, Google, Microsoft, HP, and many others, all started in garages. These stories often emphasize the humble beginnings of companies and show how their founders, despite difficulties they faced in the early stages, stayed consistent with their vision and managed to build billion-dollar companies. By sharing the origin story with your team, you’re not just telling them about your beginnings—you’re inviting them to be a part of that journey. You’re showing them that, just like the founders of these legendary companies, they have the opportunity to shape something meaningful. 

But it is important to keep a couple of things in mind when crafting your inspiring story: 

• Make it personal – Share your motivation, struggles, and defining moments.
• Make it relatable – Your story should connect to common experiences or emotions that your team can relate to.
• Give credit to the team – Acknowledge the team’s contribution in bringing the vision to life, making them feel valued and part of the journey.
• Highlight the problem-market fit – Show how your solution is generating ripples while gaining customers.

Build a storytelling culture

Storytelling shouldn’t be just a leadership thing —it should also be part of the team culture. Having employees share their own experiences strengthens bonds, builds trust, and reinforces shared values. 

Here are some tips on how to create a more inclusive narrative culture in your team:

• Provide space for story sharing – Use team meetings, newsletters, or internal platforms for employees to share their stories, wins, falls, and insights.
• Give successes a background story – Instead of just announcing achievements, share the story behind them.
• Encourage open communication – When employees feel heard, they are more likely to share their stories. 
• Celebrate vulnerability – Encourage employees to share not only their successes but also their struggles. This creates a culture of openness and authenticity, leading to stronger connections. 
• Lead by example – Leaders should share their own stories and promote narrative-sharing at all levels, to build a supportive and open culture.

Allowing your team to share their stories and refine their narration skills can not only boost the morale of your team but also increase its productivity and results, because, as we mentioned, storytelling, if used in the right way, can positively impact every part of the business

Storytelling in times of crisis

Turbulence is a common occurrence in the entrepreneurial world. Startups secure funding, yet soon they are facing financial struggles. Events such as COVID-19 or financial crises impact the way we work and operate. During tough times, it is up to founders and leaders to inspire confidence among their employees. When a company is facing uncertainty, a well-told story can go a long way in providing a sense of reassurance and direction.

In these situations, storytelling can be used to: 

• Frame challenges as part of a bigger picture – Show how the company has faced and solved problems in the past. 
• Speak from personal experiences – When leaders talk about their own struggles, it helps the team feel understood and helps relate to the challenges. 
• Have a vision of the future – A clear story about the company's future can increase motivation. 
• Emphasize the team’s resilience – Share examples of how the team has worked together to overcome difficulties, which strengthens their unity and strength. 

There are many examples of great storytellers in the entrepreneurial world who have used their skills to overcome crisis, but the one that comes to my mind at the moment, which while fictional is quite suitable, is the TV show Ted Lasso, where the main protagonist, Ted Lasso, who is a great storyteller, uses it to boost the morale of the team.

Telling your story to investors 

In the past, I often wondered about the purpose of an elevator pitch. How can a 60-second presentation lead to multimillion-dollar funding? Today, I understand that the primary role of an elevator pitch is to spark interest, jump-start a conversation, and capture the attention of investors. And storytelling plays a big role in securing the opportunity for a full-deck pitch. 

There are a couple of elements to have in mind when customizing  your story for a variety of fundraising purposes:

• Make your story relevant to investors: Your founding story may resonate with your employees, but it should also connect with investors. Share the personal motivations and experiences that drove you to start your business in a way that investors can relate to. 
• Balance story and data: While your story will capture  their attention, validating  your business model with data and evidence shows your business's potential. Be sure to include important metrics and financial information in your narrative to highlight the growth and impact. 
• Simplify your business model: Use clear and focused  messaging  to explain how your solution works, the revenue model, and the value it offers. 
• Tailor your story for different investors: Just like you customize your resume or cover letter for different jobs, customize  your story to fit the interests of specific investors. 
• ‍Avoid common mistakes: Don't be vague. Don’t focus too much on the product without showing market fit, and make sure to highlight your team's strengths and flexibility. Investors want to see your resilience and ability to adapt to challenges.

Keep in mind that when pitching your business idea to investors, you are not only looking for funding but also to build relationships that may help you further scale your business in the future.

Storytelling in networking and relationship-building

At networking events, more often than not, conversations are brief and technical, and it takes time before they evolve into more meaningful exchanges. As a skilled storyteller, you can capture your interlocutor's attention and allow the conversation to develop naturally.  For example, I often break the ice by sharing that I have lived in Iceland for six months and my fascination with that country. As Iceland is an interesting country to many people, the conversation naturally starts to build from there. 

You can also check EGC’s blog on Why networking matters for founders.

Creating a personal narrative that is interesting and engaging helps showcase who you are and what unique value you offer. Reflect on your own story, and when further developing consider the following:

• Use stories to have a meaningful conversation - Instead of engaging in generic small talk, have a meaningful conversation about business and your entrepreneurial journey. This helps others connect and relate to you and makes you more memorable.
• Don’t hide your vulnerability - We are all human beings and we all have ups and downs. When you open up about your downs and failures, you create an environment of trust. Vulnerability builds trust and invites others to share their experiences, leading to more meaningful conversations.
• Use stories to go from business exchange to partnership - Focus on sharing values and goals you and your counterpart care about, rather than just immediate gains, in order to build relationships that last. 
• Create strong impressions - By sharing a story that shows strong passion and a clear vision, people remember you even after the conversation ends. These strong impressions often turn into unexpected chances for collaboration when people recall and reconnect with you because your story stays with them. 

A practical framework for entrepreneurial storytelling

Perhaps you are a natural storyteller, and keeping people’s attention comes easily to you. But if you’re not, here are a couple of tips on how to become better at it:

1. Identify the purpose of your story: Know why you are telling the story. Is it to inspire your team, attract investors, or connect with customers? Set up the goal first.
2. Define the message: What is the main point of your story? It can be anything you want to convey—your mission, a key value, or your company’s impact. Just remember to keep it simple and clear.         
3. Select a structure: Choose a story structure that corresponds to your identified purpose and the message you want to convey. This structure will help you stay focused.
4. Prepare the narrative: With the selected structure, start preparing your story. Make it engaging and relatable, and ensure it reflects your business. 
5. Adjust and practice: Share your story with a colleague, friend, or mentor for feedback. Improve it based on their input. Practice telling it naturally and authentically.

Let’s apply these practical tips to the hypothetical case of John Johnson, the founder of a startup that helps connect homeowners with vetted contractors for repairs and renovations in their area. He will be attending a networking event and is expected to present his startup idea.

The purpose of John's story is to attract potential investors by highlighting the problem homeowners face - finding reliable contractors in their area. His main message is that homeowners struggle to find reliable contractors, and his platform solves this by connecting them with trusted professionals who are ready to work. 

He chose the problem-solution structure for his story: he introduced the problem—the challenge homeowners face in finding reliable contractors; presented the solution—explained how the startup solves the problem by vetting contractors and making them easy to find; and showed the impact—demonstrated how the solution improves the homeowner experience.

John prepared the narrative and ran it by his friend and mentor Paul, a seasoned business owner, who suggested adding specific numbers (e.g., number of completed projects, customer satisfaction rates) to make the impact more tangible and improving the fluency of its presentation, keeping it under 60 seconds.

The final outcome will depend on various factors, but this example clearly shows the process behind story-building.

Structures in storytelling that you can use

There are various structures that can be used in storytelling, and the one you choose depends on the message you want to convey and the audience you are addressing.

1. The hero’s journey: A classic storytelling framework that shows how people change and grow. It highlights overcoming challenges and coming out stronger. This approach is great for stories about founders, personal growth, or resilience.
   
2. The problem-solution structure: This format highlights a specific problem the company identified and explains how it developed a solution. It is effective for promoting your product or clarifying your company’s value.
   
3. The before-after bridge: An interesting way to contrast the ‘before’ and ‘after’ scenarios. You can use it to paint the picture of how life was like before the solution and how it changed afterward. It is effective for sharing customer success stories or product case studies.
   
4. The success story structure: A straightforward, yet effective way to highlight a positive result or achievement. Use this format for investor presentations or to show progress in important business milestones.
5. ‍The failure-overcoming structure: This approach tells a story about failure, the lessons learned, and the success that follows. It highlights how people can be resilient and innovative when facing challenges.

No matter which structure you choose or the purpose for which you use storytelling, remember to stay true to yourself and your vision. Storytelling is not just about what you say, but also about how you make others feel. If you, as a founder, are not excited and energetic about your idea, you cannot expect others to be either. Your story is your most valuable asset—use it wisely, refine it constantly, and let it open doors to new opportunities.