The Dragons’ Den show, on CBC, gives entrepreneurs the opportunity to pitch business ideas to self-made multimillionaire investors who made their fortune from scratch.
If you study that show carefully, you’ll learn BUSINESS SECRETS that no book out there is teaching (I know, I’ve read over 800 business books!).
Even business schools like McGill’s Desautels Faculty of Management, is not teaching what these Dragons are teaching.
However, you are unlikely to learn the real secrets if you just watch Dragons’ Den the way most Canadians watch it (i.e. as entertainment).
You’ve got to ANALYZE every sentence uttered by the Dragon, and notice WHEN and HOW they utter their questions.
Dr Phil says that 80% of a question is a statement, and I agree: every question by a Dragon, REVEALS his/her deep business wisdom (often acquired through personal mistakes they made in their business career).
To help entrepreneurs analyze and FULLY understand the logic behind the Dragons’ thinking, I created a DVD containing annotated videos of over 200 pitches.
You can contact me at email@example.com to get that DVD for only $9.99, and share that DVD with all your friends and family (and your kids, too).
Meanwhile, here are a few DRAGON PRINCIPLES that you want to memorize for they will possibly save your business from failure or save you much frustration and struggle in business:
1. Focus, focus, focus. If you launch a business, focus on offering ONE product or service, and be the BEST at that. Don’t offer too many services!
2. Sell, sell, sell. Expose yourself to as much rejection as possible. Become immune to people saying “no” to you. Just keep going. Mark Cuban, self-made billionaire, says that you’ve got to be SO HUNGRY that you’re willing to do anything (to get those sales). How hungry are you?
3. Protect your products or services through copyright, patents, etc. (hire a patent attorney)
4. Sell, sell, sell. Yes, I know, I wrote this above, but so few entrepreneurs get busy SELLING THEIR STUFF. Stop writing newsletters or blogs and make an offer to SOMEONE! Get a Yes or No out of them, then move on.
5. State clearly WHY you are different from the competition (see how I do this at http://entrepreneurexchange.wordpress.com/. ELIMINATE the competition by being obviously superior to them. Think of how Apple Inc. does it.
6. Don’t make any claim that you cannot back up with real numbers. As Kevin O’Leary would say, “Talk is cheap. Show me the money!”
7. Know your numbers (market potential, gross margin, net margin, breakeven, etc.). Read Financial Intelligence by Joe Knight and Karen Bergman. You cannot possibly master your business accounting and finance unless you’ve read that book.
8. Think like a CEO. Read Ram Charan’s What the CEO wants you to know. Unless you’ve read that book (at least three times), you simply are NOT thinking like a CEO and cannot possibly build a sustainable business. (I’ll be giving a free teleseminar on that book shortly, stay tuned).
9. Get Peter’s Dragon Secrets DVD, which contains some 200 videos with notes and explanatory diagrams. Value: $200. For you, only $9.99.
10. Be scaleable. Usually, this means you’ve got to create a product, NOT a service. Services are usually not scaleable, unless you have a proprietary process and can hire workers to do the work. For example, I created a procedure for creating calligraphy fountain pens so I will be hiring manual workers to create $9 calligraphy pens. I could also sell that procedure (which comes with a video showing HOW it’s done). SCALEABILITY also means “leverage the Internet” or create business models that grow exponentially, such as NoteWagon.com (these 3 students received $200,000) or NoteHall.com, where the two students got $900,000 and were eventually bought out by Chegg, a text book company, for an undisclosed amount although they say they are now millionaires.