Last night on Dragons’ Den we saw a range of quite diverse pitches from businesses seeking investment. So what were the key business lessons from week 2 of the 2009 series?
Lesson 1: Make sure you provide all the vital information
The revelation of the market size by the company that was seeking investment for their corporate team building using drumming changed perceptions. Especially when they revealed that franchises were being sold for £100k.
Lesson 2: You need to be able to articulate your business and financial model
Too often businesses were pitching ideas where they could not articulate the reasons for the pricing structure or how they were going to make it profitable.
Lesson 3: Understand that a gamble and a calculated risk are different
The professional poker player was a good example. The Dragons’ made it clear that they are happy to take calculated risks where they have some control but not a complete gamble.
Lesson 4: Show that there is demand
The woman that had created the product that would simplify passing a cable through a cavity wall did this brilliantly. She already had significant demand from BT and saw the opportunity to take it worldwide.
You can watch Dragon’s Den every Wednesday at 9pm on BBC Two or on the BBCiplayer.
Since 2006 I’ve worked with in excess of 7,000 accountants and professionals in workshops, seminars and one to one helping them land their next jobs and become better leaders, presenters and business partners. Before that I spent 25 years in accountancy climbing the career ladder from Payments Clerk to FD. I’m a CIMA Fellow, Certified Professional Coach and Team Coach Facilitator.