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I am happy to report the same. We discuss in the context of keeping the focus on the audience: it wants to know who you are, what you do and why it should care.
My students, once they get comfortable with the idea of an elevator speech, really do see a difference in the way they relate to people who ask the big question, ” so what do you do?”
I have had many come back to me and say the speech really helped them made headways into the business contact/network.