Most of you with established businesses probably think a lot of what is said is not relevant to your own businesses anymore. I am afraid it is probably the opposite, as a large proportion of mature businesses are still ignoring the absolute basics.
What crops up every episode? Do you know your numbers?. A simple set of 2 or 3 questions can send the most confident of presenters into a gibbering wreck. Or how about your route to market? The opportunity? What is working? Why have you only generated X amount of revenue? What’s your vision? Where are you taking the business? How can we scale it? Do you have debt? Your branding? Your ability to lead?
They ask these questions as they are looking for an element of reassurance, they are looking to mitigate the possibility of this investment not working out. They are probing testing eking out the opportunity. Their experience in Business means they are well drilled, successful and have learnt from their mistakes. They instinctively see where they can add value. And guess what? These are probably the same set of questions they would ask you if you were in front of them.
They also know what the business owners should be doing as their businesses grow. They will encourage them to do more delegating, to focus on the future, to build a management team around them. A team that gives them the confidence to leave the detail to others and set out the road ahead. The journey should be fun too. Are you still waking up in the morning fizzing with ideas for the business? Or do you feel the years have sapped some of that enthusiasm? As a Business Mentor, I can relate to that.
Next time you are watching Dragons Den why not imagine its your business and see how you would answer those questions. You might well be surprised how woolly some of your answers will be. I don’t currently have a TV series, but as a Business Mentor, I am pleased to tell you… I am going to make you an offer. A complimentary mentoring session to help you resolve those issues that are challenging you in your business.
It's easy just get in touch and I can get you on your way.
P.S I am not a Dragon, I am a personable Business Mentor who wants to share his business experiences so you can develop the business and lifestyle you want.
Director & Business Mentor
North Kent & South East London
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