Learning From Dragons’ Den

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.

Realism matters

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.

About the Author Duncan Brodie

Since 2006 I’ve worked with in excess of 6,000 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.

Leave a Comment:

6 comments
Garry Mumford says 6 August 2009

Yet again, people fell down on numbers! Every week time and time again there is a lack of real understanding of the numbers in the business. The Dragons quite rightly are really hot on this yet people still don’t get it right.

One person even said “our Accountant told us” ….!!!

Reply
Duncan Brodie says 6 August 2009

Yes you are right Garry. The ghost of the numbers comes back to haunt people yet again.

Seems like anyone serious about getting them on board needs to be clear on

Sales (Turnover)

Gross Profit

Net Profit

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