In this Month's issue of Profit Magazine we have an exclusive Q&A interview with the hard-nosed investors of CBC-TV's Dragons' Den, who identify what too many entrepreneurs get wrong-and why they have trouble getting it right
Abstract (Summary)
In an interview, The Herjavec Group CEO Robert Herjavec, Venture Communications president Arlene Dickinson, Boston Pizza International chairman Jim Treliving, North Coast Capital LLC managing partner Kevin O'Leary, and La Senza Corp president & COO Laurence Lewin identify what too many entrepreneurs get wrong -- and why they have trouble getting it right.
They are asked a few questions:
- What's the best business mistake you ever made?
- Whats the fastest way to turn you off a pitch?
- Complete the following sentence: You can tell I'm interested in your opportunity when...
- What's the most common fundraising flaw you see in entrepreneurs?
- What element is most commonly missing from entrepreneurs' pitches?
- Which Dragon would you least like to present to?
- What's the best business lesson you can share with aspiring entrepreneurs?
- What's the key to startup success?
In summary,
- Herjavec says the best business mistake he ever made was extending credit to a customer without doing a proper credit check. The deal was very large and they ended up not getting paid. The common fundraising flaw he sees in entrepreneurs is overconfidence, bordering on arrogance.
- Dickinson says not spending more time looking at how traditional agencies are structured is the best business mistake she ever made.
- Treliving says the key to startup success is making sure you do your books well, and have your accounting in line.
- While Lewin says the fastest way to turn him off a pitch is being arrogant.
See Dragon attack Kim Shiffman. Profit. Toronto: Oct 2007. Vol. 26, Iss. 4; pg. 60, 4 pgs
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