Are you getting ready to raise some cash for your business? Are you thinking about growing your business with private equity? If you answered yes to any of those questions, I would highly recommend that you check out the Dragon’s Den on CBC. The show is very educational, especially for young entrepreneurs, who are pitching their ideas/businesses for private investment. Budding business owners have to pitch their business plan to 5 successful entrepreneurs/investors (the Dragons). My personal favorites are W. Brett Wilson and Jim Treliving, they are both fair and provide some good constructive criticism – from what I have seen. Too often the candidates entering the Dragon’s Den are unprepared and unprofessional, the Dragons waste no time and don’t pull any punches poking holes in their plans.
As it provides insight into the perspective of investors, watching the show can help you maximize your time and the opportunity you have with a high net worth investor. In fact, whether you are raising cash from friends and family or from some high net worth individuals you should take note of the lessons provided on this show.
The five investors on the show are all different and give you a good sense of the different types of investors you are going to meet when you are seeking capital. Some important takeaways from the show:
- Know your numbers
- Be able to clearly communicate your product or service and the market it addresses
- Know your strategy
- Be able to demonstrate traction and/or demand
- Show your product
- Listen, think…then respond
- Don’t get frustrated
- Be prepared
- Have some energy
- Know what motivates the dragons
Check out the video for the show here.
After watching and learning about the dragons, chime in and let me know how you are going to improve your pitch. What do you need to do to prevent a public slaying at the hands of the dragons?
{ 0 comments }