Once the inventor has made his pitch the questioning begins and it is at this point the preparation, or lack of, becomes evident. Very often huge gaps are revealed in the inventors own knowledge, sometimes pertaining to aspects of the product but more frequently to their inability to estimate spending, sales and profit margins. A lack of knowledge regarding intellectual property rights and patents are quite common, often leading to zero investment. Another huge barrier preventing investment can be the attitude of the people pitching... arrogance or an inability to listen being the forerunners.
The Dragon’s Den can teach us a few little lessons about life and give us some points to consider. This can be from a practical perspective if we have responsibility for a product or project. By listening to the types of questions asked and jotting a few down we can create a basic tick list to work from. Firstly, how well do we know our own product and what is the competition? Do we know production costs for our product/project? -Materials, time, suppliers, the market, resources etc. Who are our consumers? We need a budget, we need a time line, we need to know how to resource at all levels. Once we have the answers we can move ahead with confidence and cope with the questions that may be asked of us.
Of course, the very words Dragon’s Den conjour up an austere image making it sound as if you will have a job achieving your goal- the dragon is such a fierce animal! You do not enter life's dens lightly and only a fool goes in totally unprepared because they will definitely get burnt! This is a useful analogy when facing any type of scary experience. When you feel the fear you know 100% preparation is required. For example, there is no point taking a driving test after 3 lessons if you have never driven a car! Infact, you need to study the theory alongside the practical and most of us will prefer one aspect or another. This is the case with many situations and we just have to take time to study our subject so that we can do our very best. If you are a leader other people rely on your knowledge and guidance, so you will need to keep your skills up to date as the world is changing constantly. Whatever results we achieve in life they are usually of our own making, however there may be an element of luck swinging things our way or otherwise.
If you think about it, the world is pretty much a Dragon’s Den, so develop as many strategies as you can to cope & work at developing your skills... who knows, you may slay a few dragon’s along your way!
If you would like to write an article contact: email@example.com