Dragon's Den....ahhh, the holy grail of TV show's for Canadian entrepreneurs. Or, is it?
CBC's Dragon's Den - the Canadian version of the U.S. show the Shark Tank and the UK's Dragon's Den is an amazing experience for an up-and-coming entrepreneur, but beware, if you are thinking about auditioning, you better be prepared.
Five don't do's:
Don't be nervous - We all know that no one, and I mean no one, likes public speaking but you need to take a deep breathe and relax if you're going to succeed. Memorizing your lines, rehearsing in front of friends and family will help you beat the nervous bug!
Don't talk about your product - Sounds weird to say but instead of focusing on product features you should focus on the customer's experience. Simply listing the features of your product is for beginners, the pitchers that shine are the ones that sell a lifestyle or a behaviour change.
Don't fudge the numbers - Math is not for everyone, however, you better know the basics - cost of goods sold, monthly revenue, cost to acquire a customer, gross margin, net profit, etc. Trust me, if you don't your five minutes of fame will haunt you for years.
Don't be starstruck - Jim Treliving, Kevin O'Leary and the gang are just people - very rich people - but people nonetheless. Pretend they are your partners, your bankers, your (potential) investors - they want you to succeed as much as you do.
Don't ignore your body - Body language is super important - your smile, your eyes, your hair, your twists-and-turns, your posture....all these things help you tell your story and "sell" your product idea.
Hopefully this short list of "don'ts" will inspire you to go on your first (or second?) Dragon's Den audition this year!
Written by Peter Murchland, former owner PrivacyWrap Inc. and Dragon's Den presenter, season 4.
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