The other day I was in a pizza place and struck up a conversation with owner. He mentioned that he had a home business in addition to that restaurant and it was doing very well.
"Great! Tell me about it!"
He proceeded, for next five minutes, to explain. It was on Internet. Doctors and lawyers are doing this as a side business and are doing very, very well. He said "It's a sort of mall on Internet, you should check it out." He gave me web address and then he had to tend to a customer.
I had no idea what he did.
Can you explain your business clearly to a complete stranger in 20 seconds or less? Can you do it in such a way that, if they are in a position to use your product or service they will want to know more? If not, you have some work to do!
Whenever and wherever you go you will meet potential customers, and you may not have much time to talk to them. If you cannot clearly explain your business in a very short time, you could lose an opportunity to interest someone in what you do; someone that would be a good prospect if they knew.
This is commonly referred-to as an "elevator speech". Why? Because if you got on an elevator with someone and, on way up, they asked, "What do you do?" you would only have a few seconds to tell them before one of you reached your floor.