People who fail to get money in the BBC’s Dragons’ Den programme are teaching prospective entrepreneurs how to test if their own ideas are good, according to an on-line business expert.
Guy Kingston, whose Mind Your Own Business video and audio podcasts on the internet are viewed by entrepreneurs all over the world, said there are just eight reasons why people fail when they are on Dragon’s Den.
“Everyone tunes in for the ritual humiliation of the poor fools who go on the programme but it isn’t a bad question to ask yourself: “If I were an idiot and took this to the Dragons what would be their pretext to humiliate me?”
He said the eight mistakes made by those in the Den are:
- Failure to say clearly, concisely and at the start of the presentation what the product or service is
- Failure to say who will buy it and why
- Failure to say how customers will be contacted and persuaded to buy;
- Failure to research what is similar in the market and why one’s own product is better
- Failure to master the basic figures, especially turnover, total cost, profits, unit price, unit cost and margin, budget main cost headings for three years, sales forecasts and total valuation of the company and return on investment
- Failure to secure solid intellectual property rights, such as patents or exclusive distribution agreements
- Insulting the Dragons with crude sales techniques
- Talking too much
Guy Kingston made his fortune creating one of the first private businesses in post-communist Russia and now passes on his experience on www.myobpod.com in podcasts. The first video podcast was launched as an antidote to Dragons’ Den.
He said: “Not everyone needs venture capital so Dragons’ Den only gives a one-eyed view of business. But the eight reasons for failure are also eight reasons that people fail in the real world. People should identify the weakness in their idea and address them ruthlessly.”
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