I sent my business plan to a venture capital firm and they want me to come in to present my business. I've never done this before, what should I do to prepare?

Congratulations! It sounds like you have overcome a significant hurdle and piqued the interest of a venture capital firm. You may want to start by calling your contact at the firm for guidance on what to expect at the first meeting.

Once you have a handle on what to expect, prepare a 15-minute presentation that will communicate your vision, strategy, market, differentiating factors, financial prospects and even exit strategy. Most presentations are made in PowerPoint. It's important to establish that there is a large market and demand for your product or service.

Make sure you clearly establish your position in the marketplace. If there are already established companies providing similar products or services, you need to explain why there is a need for your product and what will differentiate you from your competition.

Before you set foot in the door of the venture capital firm, make sure that you have practiced giving your presentation. Run the presentation by advisors — lawyers and accountants, for instance — and anyone else you know who has experience with venture capitalists. Encourage your audience to ask questions during your presentation, and when you are finished ask for constructive feedback. You should expect that your actual presentation will be interrupted many times along the way and this type of interactive preparation can help you anticipate some of the questions that you may face at your meeting and it will give you some practice thinking on your feet.

You will be bringing key company management to the meeting so make sure that they are involved in the preparation process and understand the roles that they will be playing at the meeting.

Venture capital firms are looking for entrepreneurs that are passionate about what they do, so make sure that comes across, but don't exaggerate your company's offerings. Remember that you are meeting with experts in your industry. They are aware of the market, the economy and the hurdles you faceand they'll want to make sure you are too.