Your Idea Can Make You Rich by Evan Davis
Nuria Ranking: #494 in Business
Many of us dream of running our own business, but lack of experience and entrepreneurial skills often prevent people from making that first step. For those with the nous, confidence and, crucially, vision it should be easy – but a great idea doesn’t mean investors will be queuing up at your door. In the BBC TV series Dragons’ Den, entrepreneurs were put on the spot in front of a panel of potential investors.
Given only minutes to pitch their idea, the pressure was on – some simply frazzled in the fiery breath of the dragons, others sweated it out, made it through and saw the money on the other side. Using case studies from the series, updates on the progress of the successes and failures – here’s one of the successes, but who got the best deal? Tracie Herrtage wanted GBP 54,000 for her suspendable Le Beanock – think the bean bag meets the hammock suspended from high ceilings and lofts to replace your sofa at a price of around GBP 900! The male dominion of Dragons mocked the idea and thought the prices swung too high, the concept ungrounded and it wasn’t an interesting proposition for their equity. Rachel Elnaugh wasn’t put off and agreed that Tracie’s vision hit a niche market. the tightest deal yet, buying 49 per cent of Tracie’s company as sole investor.
The done deal: 49 per cent company shares for GBP 54,000 investment. With essential insider advice and tips from the dragons themselves, this handbook will guide you through the hazardous process of finding your product, identifying your market, developing and maximising your business acumen, honing your presentation skills and finding the right partner. And most importantly, how to close the deal when you do find it.