Dragon’s Den; A Recipe For Success
Topics: Business Bank, Account, Success, Small Business, Dragons Den
The world of business is cutthroat; those who have succeeded have ensured their bank works for them. Such successes sit on the panel of the television show Dragon’s Den; they are all multi-millionaires who have built a business up from scratch and made fortunes in a variety of business sectors. They often quarrel amongst themselves on the show, demonstrating that it takes all sorts to succeed in the commercial world.
The premise of the show is that hopeful entrepreneurs come to the den and present business ideas for a cash injection. The catch however, is that the dragons ask for equity in return for their financial support. Business hopefuls often have tried the bank as a way to conjure up funding but on refusal the dragons are a worthy second option.
Granted, if the bank gives your business funding you will not have to surrender equity but dealing with dragons brings a finite quality that the bank simply cannot offer. The bank may have business advisors but the dragons know more about the world of business than any advisor. Surrendering equity is a necessary evil in order to gain the dragon’s expertise, their business savvy is priceless and this is why so many pour through the doors of the den.
Many business successes have arisen from the den. Levi Roots, a singer who won a MOBO in 1998 came to the den with guitar in hand and an idea in his mind. After he won the dragons over with his catchy song he presented a bottle of sauce. He had named the condiment, ‘Reggae Reggae Sauce,’ suddenly all became clear and the song made complete sense.
After winning two of the dragons over, he gained a 50,000 pound investment for twenty percent of his company. Peter Jones and Richard Farleigh were the investors and since the television show Levi has experienced unimaginable success. Through the dragon’s contacts the sauce is now stocked in 600 Sainsbury’s stores and Levi is over the moon. After being turned down for investment by his bank, it took the quirkiness of a reggae song to sell his idea to someone who would invest.
Another recent success story is the board game ‘About Time,’ the brainchild of Iain McGill who gave up his profession as a vet to pursue what he labelled ‘his baby.’ His bank had invested already but the fledgling business was at a critical stage with the first games coming of the production line, after being refused further investment, the dragons were a final chance.
After receiving funding from the dragons the board game, based upon player’s knowledge of historical events it is now being stocked in Borders and Hamleys; where it is currently flying off the shelves. The success of this business has surprised even its inventor, himself understanding the difficulty of convincing people that ‘this will be bigger than trivial pursuit.’
The dragons have invested millions throughout the numerous series’ they have produced; they see potential in businesses and entrepreneurs that are often turned down by their bank for investment. But as stated before, they do not just provide funding, there knowledge and contacts are elements that simply cannot be bought. It is why hopefuls are willing to give up large chunks of their business equity to get the dragons on board.
Fundamentally it is the dragons own money that they invest; hence they pursue all courses vigorously. Success breeds success and with the knowledge and expertise of the dragons; if you are lucky enough to grab one as an investor, your business will surely go from strength to strength.
Shaun Parker looks into business success stories and uses Lloyds TSB for all his business bank account requirements. To find out more about this subject please visit www.lloydstsbbusiness.com
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