Dragons Den starting to teach me a thing or two

10 replies
After a bit of a break i started watching Dragains Den again. Great program although I do feel they can rip off some of the businesses.

Still, my point is I am starting to see a pattern.

They want something unique. If it isn't patented and can be copied they almost always shy away from it.
If not unique they want a busienss that can dominate a certain geographical area. i.e beat out the competetion or stop it from forming.

I suppose they want unique busiensses that will have very little competition in the future. Great idea.

Which then leads me to the Internet businesses. Is this ever possible? Seems every man and his dog is copying each other. If you come out with a great busienss,idea,site, software, product, you can guanatee they'll be hundreds if not thousands of clones in the near future. Not to mention to blatant copying and pirating.

So......is this "edge" ever going to be possble on the Net for small bizz? I suppose Google have done it. But let's be realistic.
#den #dragons #starting #teach #thing
  • Profile picture of the author Maddi
    Realistically speaking, there is always gonna be differentiating factors even when everyone copies the same style of funnels/marketing.

    Of course one can come with up a great idea, or follow some already practised great methods, but what differentiates you from others is Your work ethic, your discipline, commitment to customers, quality of product, support provided.

    These are just a few factors I can think off, that can differentiate 2 marketers doing exactly the same thing to make money online, even having the same topic for their product.

    Maddi
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    • Profile picture of the author Mohammad Afaq
      Originally Posted by Maddi View Post

      Realistically speaking, there is always gonna be differentiating factors even when everyone copies the same style of funnels/marketing.

      Of course one can come with up a great idea, or follow some already practised great methods, but what differentiates you from others is Your work ethic, your discipline, commitment to customers, quality of product, support provided.

      These are just a few factors I can think off, that can differentiate 2 marketers doing exactly the same thing to make money online, even having the same topic for their product.

      Maddi
      You really hit the bull's eye on this one

      You don't need to have the most unique and creative idea in the world to actually make money.
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      • Profile picture of the author H3x
        Im tempted to apply on the show with my latest idea but yeh you can definetly get ideas from the show, seen quite a few website ideas that have had the dragons interested.
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  • Profile picture of the author sloanjim
    i am sorry nice post but I do not agree with it at all. So you are saying you could come out with any bizz and if you work hard and offer great custmer support that will be unique enough? I do not agree.

    I could just imagine it on Dragons Den.

    "I plan to open a coffe shop in the city center"

    "OK....so how wil lyou compete with the big chains and hundreds of competitors?"

    "Oh I'll work harder and offer great customers care..."

    "I am out"

    It's not quite the unique edge I was thnking about.
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  • Profile picture of the author sloanjim
    did you see the women who had a friggin Recipe site? A;lready raised £600,000 (burning through £200K p.a.) and wanted another £100K...... How she got that I'll never know. There's absolutely no edge at all. As was told by three of the Dragons.

    Im tempted to apply on the show with my latest idea but yeh you can definetly get ideas from the show, seen quite a few website ideas that have had the dragons interested.
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  • Profile picture of the author Maddi
    Originally Posted by sloanjim View Post

    Which then leads me to the Internet businesses. Is this ever possible? Seems every man and his dog is copying each other. If you come out with a great busienss,idea,site, software, product, you can guanatee they'll be hundreds if not thousands of clones in the near future. Not to mention to blatant copying and pirating.

    So......is this "edge" ever going to be possble on the Net for small bizz? I suppose Google have done it. But let's be realistic.
    I guess I didn't get the OP right, I was just trying to reply to this part of your post as from what I get, you aren't asking how to get the Edge on Dragons Den but you wanted to relate that to the IM market.

    so I thought, by being honest, straightforward and CARING for your customers, you can get an edge.

    The Caring part, to be honest, I don't see it happen enough in this business so that most definitely can give you an edge.

    But I guess I got the OP wrong. Apologies.

    Maddi
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  • Profile picture of the author Imran Naseem
    Banned
    I think you guys are missing the point here. It does not matter about the Uniqueness of the idea the Dragons care about one thing - MONEY...

    If your business model will make them money from their initial return of Investment then they will invest in you and your business. If they like you as a person and feel they will make profit from your idea then they have a winner.

    You can have the greatest "unique idea" in the world but if it does not generate any profit then in the words of James Caan "Im out".

    Peace
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  • Profile picture of the author knowwow
    I watched one of the earlier episodes today.

    They only invested in two businesses. They can get really picky. Or at least they aren't very venture-y. Most ideas they invest in, I am pretty sure many banks would give loans for anyway. [I am aware that participants also get business experience and connections with the deal, but still...]

    Much higher investments are made in the US version, Shark Tank by the way if you haven't looked into it.

    Anyway, one of the investments was for an eco-friendly hauling service. They went on and on about how anyone could come up with an all biodiesel powered moving service but they still invested. Why? Because the guys had already secured some contracts. It is all numbers for these guys. They got 40% of a company that will do over a million within a year for a measly sum of 100K.

    Most of the unique ideas, they tear into pieces. They say: "it isn't a business."
    I am sure they would do the same for most of the internet business that you have in mind.

    I really recommend mixergy.com for success stories of "our" kind. Entrepreneurs really get into details of how they made it. Go check Randy Fishkin's interview for instance. It is a SEO services/apps company that got venture backing before almost going bankrupt. Anyone can do SEO right? It can be copied... But not everyone can charge with 86% margins. Because like most businesses "trust" is a big value.

    Can't patent trust...
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  • Profile picture of the author hometutor
    Is that like the show Shark Tank? Successful business people listen to new ideas then offer to invest with some over the top I'll take your business to people that have no idea how to negotiate?

    Rick
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    • Profile picture of the author JohnMcCabe
      Originally Posted by hometutor View Post

      Is that like the show Shark Tank? Successful business people listen to new ideas then offer to invest with some over the top I'll take your business to people that have no idea how to negotiate?

      Rick
      Rick, Shark Tank is the US's spin on the original UK show Dragon's Den. I believe DD also has a Canadian version.

      If you look at the investments that are made, there seem to be three criteria:

      1. Return of Investment - how soon do they get their investment back?

      2. Return on Investment - how much money do they make after that, and how do they make it?

      3. Can they work with that guy (or gal)?

      One thing I liked about the last season of Shark Tank was the follow-up segments they did, both on companies that got investments and ones that didn't. Sometimes the Sharks were right, and the company continued to falter and struggle. Sometimes they were wrong, and the company flourished without the Sharks.
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