Dragons’ Den returned to our screens on Sunday on BBC2, though a familiar Scottish voice was missing: Clydebank’s own Duncan Bannatyne has decided not to return for the latest series. But even with one of the fierier Dragons gone, facing the potential investors this series is still going to be a daunting prospect for the many budding inventors, business people and service providers taking part.
As anyone with experience in interviews, pitches or other presentations will know, standing up in front of potential employers and selling yourself and your ideas is tough going, even off the TV screen. So we’ve put together this handy guide all about how to face the Dragons – in whatever guise they come! – and survive.
To help, we’ve spoken to Leah Hutcheon, the CEO of Appointedd, an online business management software system that helps small businesses take online bookings, manage their diary and automate their marketing to customers. She recently won an award of £30,000 for the business after facing a Dragon-style panel at the ScottishEDGE Awards.
Stay Calm
One of the things Leah has discovered along the way is that, “pitching an idea is actually more daunting than developing it”. On that basis, staying calm may seem like a big ask. Something that will help to put your mind at rest, though, is practice. “My husband got used to waking up to me doing my pitch in bed! But it all worked out well in the end – I finished my three minute pitch as the buzzer sounded. I now have less time to devote to pitch practice, but I always make sure I’m as prepared as possible when doing any kind of presentation.”
Of course, if you’re in an interview it’s likely to last a bit longer than three minutes, but you can still try to anticipate what questions you may be asked and have answers ready for them. A bit of mental rehearsal will help to steady the nerves for the real thing.
Already have some successes to demonstrate
Leah says: “My experience has been that investors want to see that your product works and that you have some happy customers. While this can be very frustrating as you need to find the money to keep things moving forward, it does mean that you hone your offering and cut your costs as much as possible – both of which are standing us in good stead as we grow our business.”
In the case of a job that you really want, make sure that you already have some kind of relevant experience and are ready to mention the successes that you’ve been a part of as a result. If you’re lacking in experience, perhaps you can build it through the voluntary sector, leading onto freelance work. That way, potential employers will be impressed by your drive as well as your achievements.
Be willing to negotiate
Firstly, you need to have set out a realistic level of desired investment, as the rules of Dragons’ Den mean that you can’t accept a deal worth less money than you’ve asked for. What you can negotiate on is the level of equity that is handed over to one or more of the Dragons in return.
Ensuring a sensible starting position while leaving yourself room to negotiate is just as important when discussing a new job with a potential employer or a raise with a current employer. Do some research on average salary levels and perks for your field, and decide on your starting point from there.
Make sure your models don’t break
In 2006, the designer of the Trunki suitcase appeared on Dragons’ Den. Unfortunately, Theo Paphitis broke the strap on their sample children’s suitcase within minutes. Richard Farleigh did offer £100,000, but in return for 50% of the company – an offer that was rejected. These days, Trunki suitcases have gone on to be a huge international success but Duncan Bannatyne did describe Trunki as, “one we missed out on”.
Meeting the Dragons with a model and meeting a potential employer or client with a model gives the same potential for success… or humiliation. Whether you’re going in with a physical piece or simply with a business plan, make sure that it’s been as rigorously tested as possible.
In terms of an interview, just make sure that you can actually back up what you’re saying. Remember, your references are only a phone call away for potential employers looking to confirm your words.
Be prepared for disappointments but don’t let them stop you
As Leah says, “Appointedd was already over a year in the making” (by the time it got picked up). Our final tip is therefore also the most important one – persevere. Things may take longer than you’d like or follow a bumpier path, but every meeting or interview is an opportunity to assess what worked and what didn’t and to bounce back stronger. If you see somebody with the dream job that you aspire to, remember that they didn’t get that role without having to face adversity somewhere along the way.
Images by The Rambling Man, Andra Mlhali and Christian Heilmann, used under Creative Commons licence.
