Imagine you were given an opportunity for only five minutes to present a business pitch before a panel of judges at Dragon’s Den, what would you say in such a short time…Nerve wrecking right?
Dragon’s Den is a five minute opportunity given to budding entrepreneurs at Kingston University to pitch their business ideas to a panel of judges and after each business pitch the Dragons/judges have the opportunity to ask questions regarding the business.
The opportunity is training ground for equipping entrepreneurs with business knowledge but also as a hub to incubate business ideas and be able to learn how to pitch the businesses to a panel of reputable judges, potential investors or business partners in future, it is therefore preparation for the real business world.
My team and I (Chinwe, Bettina and Nikita) and the different teams in my class had the opportunity to pitch our start up business ideas to a panel of judges at the Dragon’s Den on 6th December 2019.
After weeks of preparation and refining our business ideas, it was finally time for all the teams to present their business pitches before the judges. But what exactly were the judges looking for in our start up business presentations, and also what would possibly be a good business presentation to a prospective business investor in the real business world? In the session, I learned that steps below can be adopted for a good start up business presentation;
Demonstrating an understanding of the business idea through a compelling elevator pitch is crucial in explaining the product/service and how one intends to sell the product on the market. This is the most important part of the first impression and should be memorable.
Understanding the core of the problem that is affecting people or need that has been identified, defining the target market for the product/service and subsequently have a product or service that is tailored towards resolving the underlying problem.
Clearly defining the product/service with emphasis on the key features and the benefits of the product towards the target market. A good demonstration of the product is important either through showing the actual prototype or giving a visual impression of the product/service for the judges to have a real feel of what product one intends to put on the market.
Having research on competition within the business environment, either as direct or indirect competitors and showing clear distinction of the product/service from the existing competitors.
Demonstrating a sustainable market strategy and growth plan is important indicating market penetration strategy and how one intends to attract customers aiming at a profitable business.
While the business presentations required business facts as detailed above, it is also important for an entrepreneur to demonstrate good presentation skills to be able to win over customers, business opportunities or potential investors as required in the contemporary world.
The session was very engaging and insightful and each team had the opportunity to respond to questions raised by the judges to make clarity and subsequently recommendations given for areas of improvement.