The Dragons are coming to Prince George, BC on January 25th. Are you ready to make your pitch? The following are tips I’ve gleaned from watching the Dragon’s Den and Shark Tank programs. Each time the Dragons come to town a lot of entrepreneurs dream of running the gauntlet. Here are a few things to take in consideration before sauntering in to pitch the Dragons.
You’d better have a product or service to sell. Take a page from the Kevin O’Leary School of Business – 1) Get a patent 2) Sell the patent 3) Collect royalties for the remainder of all time. If you’re selling unpatented widgets that can be copied and replaced at one tenth the cost, you’re going to agitate Mr. Wonderful and bring down thunder and abuse. Not what anyone hopes for when tiptoeing into the Den. Do a realistic valuation of your business. Pie-in-the-sky valuations will only bring disappointment and get you laughed out of the Den. The Dragons have seen a lot of pitches. You’re not going to fool them, so don’t even try. Here’s how the valuation relates to your ask. If you are looking for $250 000 for 50% of your company, . . .Continue reading Are You Ready to enter the Dragon’s Den?
While Dragons’ Den is educational and entertaining, I hope the theatrics don’t scare off too many wannabe small business owners.
After being in business for 30 years, I’ve almost forgotten what it’s like to have to report daily to a job or punch a time clock. I’d like to see more people enjoy the thrill of owning a small business.
Entrepreneurs need to invest the time and effort needed to learn the business trade before attempting to attract investors like the Dragons. And the most effective way I know of to learn about business is to own one. Like every other discipline, the road to success is littered with tough lessons, long hours and a lot of determination.
The Dragons sift through a lot of pitches in order to find a few investment-ready high growth opportunities. For every idea that hits the jackpot, there are several that simply don’t meet the standard set by the investors.
There’s no doubt in my mind that each of the Dragons have earned the right to sit in an elevated chair and cuff the spit out of the gutsy hopefuls who dare to venture into the Den. However, as some of those rejected souls . . .Continue reading Hone Your Small Business Skills before Tackling Venture Capitalists