Well it was week 4 of the current series of Dragons’ Den and, as always there was a wide range of pitches for investment.
A common theme last night was that a lot of the businesses seeking investment were passionate about their product and service. Yet at the end of the day, passion alone does not guarantee success. So what can we learn from last night’s episode?
Be clear on the basics
Two organisations came unstuck when asked an obvious question. What size is the market? If pitching for investment this is clearly going to be a question you will get in some form or other.
Don’t duck questions
Sometimes in business we get asked questions that we might struggle to answer compellingly but we must try. Ducking the question in the hope that the other party will just let it go is a high risk strategy.
While the Dragons’ want to see that there is growth potential they want to see financial projections grounded in reality.
Presentations don’t need to be super slick
Two businesses got investment. One (the training aid for skating) used a very upbeat demonstration. The other gave a straightforward presentation. What secured investment was the passion, drive and in one case the track record of the businesses.
So I wonder what you learned from Dragons’ Den this week. Go ahead and share your insights by leaving a comment.
Since 2006 I’ve worked with in excess of 8,000 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.