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 scurry from the set with their shredded egos in tow, I find myself hoping they don’t give up on their dreams. A rejection isn’t necessarily the end of the trail. A “no” doesn’t always mean the business idea is a throw away. It might only mean the idea isn’t enticing enough to tempt these particular investors.
The Dragons come from a wealthy perspective. Most of them already have more money than they could possibly spend in this lifetime. They are seeking partnerships that assure high rates of return. It’s all about money and partnering with great people. They simply don’t need to take on projects or people that are at the wrong end of the learning curve.
Whatever else can be said about the Dragons, they offer an absolute goldmine of business know-how and each episode is a terrific opportunity to learn. Here are three lessons that that stand out with every session:
- Investors buy into people. The business concepts and numbers have to work, but ultimately it is the quality of the people that attract or turn them away.
- There’s plenty of money available for savvy people with the right ideas. The Dragons are just a handful of investors in a big, big world full of funding options.
- Applicants must prepare for the big investment league by starting small. Learn to run a tiny business before tackling a large one.
The marketplace is full of perfectly healthy small businesses that never grow beyond employing the owner and a handful of workers, and there’s nothing wrong with that. Scads of business ideas might not appeal to fire breathing billionaires and yet still be perfectly suited to meet an entrepreneur’s financial needs.
Dream big, but start small—and one day you too might slay the Dragons and walk out of the Den with a pot of gold.