Dragon’s Den Feedback – Waiting for the Cows

WizOf.Biz, in sponsorship with KPMG Enterprise, recently hosted a successful networking event called Business Wisdom Beyond Dragon’s Den. This was a chance for SME’s and entrepreneurs to network with some of the best minds in the industry.

One of the main attractions of the event was the engaging Dragon’s Den panel which WizOf.Biz CEO Reg Charney and its business mentors have invited to speak at the event. Attendees were given the opportunity to ask questions of Dragon’s Den alumni as well as walk away with practical tools and advice on appearing on CBC’s Dragons Den. Most, were eager to learn what to expect when facing the Dragons. They also learned a lot about the wisdom contained in their organizations and the ways in which Wizof.Biz can help them unlock this wisdom and grow thier success.

Heidi and Ron Kuus, from Kuss Inc. were amongst the panelists presenting that day. They have given WizOf.Biz the go-ahead, to include this letter on our blog. Heidi, wrote it back in 2009 reflecting in a very candid way,about their experience on Dragons Den. It is filled with insights and advice that can help businesses that are preparing for, or are considering appearing on the Den increase their chances of success.

This is a letter that I wrote to myself back in 2009, a year after we had been on Dragon’s Den. I thought I would share it with you and any new potential Dragon Den presenters. It’s a great insight into the process and the value of wisdom in business.

June 8th, 2009 ~ Waiting until the Cows come home!

You know that old proverb, “you can wait until the Cows come home!” Well, I can state as a fact, Brett Wilson’s cow has come home; Brett literally has a life size cow in his front waiting area of his office in Calgary.

Well as you know my cow has not come home, it has been over a year since we auditioned for the Dragon’s Den and presented our product line Mosquito Shield Insect Repellents. It was an exciting time, preparing, practicing and trying to second guess what the Dragons might ask us, such as, “what makes your product so special?….you’re just a me-too product?….you only have XXX.XX dollars in sales?!”

When there are billions of dollars in net worth amongst the Dragon’s, a measly couple of hundred thousand in sales seems so unspectacular.

We had the same nightmare thoughts that probably everyone who presented to the Dragon’s had (and some presenters that probably should have had but obviously didn’t)…. that our idea was just “nutty” and we were going to win the “crazy chicken” award bestowed by Kevin O’Leary. (Luckily we didn’t win that award!)

There is a great Chinese proverb, “I got where I am because of luck and the harder I worked the luckier I became.” In my experience I have found this to be true…we knew the rules of the game, we prepared well, thought out our strategy, we knew our product, we even asked a good friend to be a Dragon and grill us…put us through the paces. We put in the time and effort to show that our years of experience actually did rub-off…. that we had learned from our mistakes and benefited from our successes…blah…blah…blah…blah.

“Why did you audition for the show if you are sooooo successful?” you may ask.

Well to that I would answer, “we are Entrepreneurs!…yes….blatantly always looking for creative, inexpensive (ok cheap) ways to flog our new products and ideas and find new cash for those ideas……cap that with guts (Ron has the lion share of that), perseverance, (some formal education doesn’t hurt either)…..but most importantly PASSION for what we are flogging…..that… my… friends…. is what makes an entrepreneur! No doubt there is the good, the bad and the ugly in entrepreneurial characteristics and I think I can safely say that we have already seen most of the bad (but very entertaining) on the Dragon’s Den episodes. But I digress…….

In the end, we were “lucky” enough to score a “show deal” with two of the dragons, Brett Wilson and Arlene Dickinson! Yes! $400,000.00 for 33.3%. Even during the presentation to the Dragon’s they didn’t say just 33 percent…. but 33.3 percent. The rich know that each cent counts, you only have to look at your latest bank statement to see transactions of .03 cents debited from your account!!!

Well again…. it was an exhilarating experience…and based on how the show was edited (lots of creative licence taken), it looked like in 1.5 minutes (that was the amount of air time we had) we managed to convince two of the Dragon’s to become partners and Kevin even said something like “great packaging”!

It was a “Once Upon Time Story”, business finds its investor and everyone lives happily ever after……….The End!

But this is actually the beginning of this story because there is a “fairyland” it’s called the “show deal” and then there is the “real deal” that resides in the real world.

The real deal is that we presented Mosquito Shield product line to the Dragons for well over 1.5 hours…they peppered us with many investor type questions… We had a nicely planned presentation…I was the first speaker with the introduction of who we are and what we wanted and Ron was going to continue with what products we had etc. benefits, marketing, sales, product differentiation etc. However, Kevin rammed right through our very nicely planned presentation with, “What makes your product so unique…you’re just a me-too product?” basically immediately putting us on the defensive, trying to derail the flow of the presentation…but…hah! …we were prepared! We were relatively comfortable in front of the Dragon’s, they didn’t ask us anything we didn’t expect and had not thought of…all-in-all we thought a job well done. Well enough that we got a “show deal”.

Well a year and a bit later (who’s counting…O.K. I am)….it’s 375 days since being on the show…..and no “real deal”!

But the reality of the show is if the Dragons wanted to, they could say “yes” to absolutely everyone that presented on the show because they are not really committed to any deal! There are so many ways to uncommit from the show deal. They can say, “I have changed my mind (no explanation is required) or during due diligence there was something that did not work for them.”

Plus, you are not just presenting to the Dragon’s, but, just as importantly to the Dragon’s producers who make the decision on which presenters to actually air on the show….after all it is a “show”!

OK….yes, after getting the show deal, in my mind, I had already spent all the money promised us on the show ….and I am not talking about a new car or diamond earrings for me …..I’m talking about growing the business so that from success I could choose to eventually buy a new car or diamond earrings for myself. By the way, it was hard not to notice the diamond tiara like necklace around Arlene’s neck….very nice indeed! But back to reality…maybe I will be “waiting until the cows come home” to see if we have a “real deal”….but the truth be told, I would wait!

As a postscript to this letter many exciting events and growth has happened since our presentation on Dragon’s Den. In 2013 PROFIT 500 ranked Mosquito Shield (KUUS Inc.) as one of Canada’s fastest growing companies.

Image is used via Creative Commons. Thanks to Maciej Lewandowski

Business Wisdom: Beyond Dragon’s Den Event, Was A Success! Take A Look At Our Photos.

Wizof.Biz with the support of KPMG Enterprises ran a stellar event on July 24, 2013, bringing together a incredible panel of Dragon’s Den alumni. It was an amazing success! Here are a few of the photos that were taken that day:

Some Great Tips from the Wizof.Biz Dragons’ Den Event

5 Tips to Get Your Pitch on Dragons’ Den CBC’s

Matt Faulknor in conversation with Deborah Aarts

Go easy on gimmicks: Bells & whistles won’t get you past the audition unless there’s a truly solid and interesting idea at root.
Do your homework: Faulkner is amazed at how often would-be pitchers fail to do even the most basic due diligence.
“A good background story makes for great TV,” says Faulkner. “It ’s my job to find those stories.”
Prove that you really need help: “We’re looking for businesses that actually need the smart money the Dragons can offer.”
Keep your cool: Know your numbers, demonstrate passion, &
be able to competently & compellingly pitch under pressure.
Read the whole article: http://tinyurl.com/MattsTips

What To Do Once You Get The Chance To Be On The Den

Detailed video at http://wizof.biz/DDtips

Done well, it ’s good publicity even if you don’t get funded.
Dragons’ Den is mainly about entertainment.
Be a sage on the stage: Know your market & answer wisely.
Stay on message even if interrupted. Answer any questions, and then get back to your presentation.
Don’t contradict the Dragons or your team mates.
Engage in dialog: You’ll lose if you try to debate the Dragons.
Have an example or prop to illustrate your product or service.
Dress appropriately to your market: business, fun, casual…
Prepare a script with important points first. You may only have 15-30 seconds before you’re interrupted by the Dragons.
Rehearse and re-rehearse your script so you don’t get lost in interruptions. However, always answer Dragons’ questions first.
Have Devil’s Advocates acting as a stand-ins for the Dragons during your rehearsals, trying to throw you off base.Reply to all questions with humour, facts and figures.
Have back-up people on your team to step in with detailed knowledge on specific topics, or if one presenter is stumbling.
Know when to seek outside opinions & advice, to get beyond the frame of reference of your friends, relatives & associates.

Business Wisdom: Beyond Dragon’s Den – poster!

Tips to Avoid Burnout

One article that recently caught my eye, is from the The Globe & Mail, entitled “Ten Ways To Avoid Burnout At Work”, by Harvey Schachter. This piece intrigued me in part, because it tells the story of a young enterpreneur, Andrew Dumont, who at the age of 18 left school to launch his startup Tatango.com.

Andrew shares with us his own experience with burnout. He further explains that it is something that we all experience but are often unable to spot.“Ten Ways To Avoid Burnout At Work”, shows you how to recognize the first signs of burnout, followed by ten simple ways to avoid it at work. These tips will help keep you at the top of your game, while not forgetting to come out and play.

For another ten tips, check out “10 Surefire Ways to Avoid Burnout” by Bruna Martinuzzi on OpenForum.com. It’s the same theme and another great set of advice for all the entrepreneurs out there who are feeling overwhelmed.

You can also visit Andrew’s blog Always On, his twitter at @AndrewDumont or check out the WizOf.Biz blog for great advice posts like this one.

Creative Commons Licensed Image

Finally, a real business perk for after work…

“Business Wisdom – Beyond Dragon’s Den”

presented by WizOf.Biz and sponsored by KPMG Enterprise

“…It’s one thing to read about Dragons and another to meet them.
-Ursula K. Le Guin, a Wizard Of Earthsea.

On July 24, 2013, KPMG Enterprise and WizOf.Biz have come together to create unique afterwork perks! We would like you to join us for what will be the first in a series of Afterworkshop events. In running this interactive business series we are providing SMEs and entrepreneurs like yours, to have the opportunity to learn from alumni of Dragon’s Den and KPMG Enterprise seasoned professionals in a lively, interactive and open environment. A dynamic question and answer period will give you the chance to interact directly with some of Canada’s best and brightest entrepreneurial minds. You will learn directly what it’s like to be on Dragon’s Den and walk away with some practical tools needed to succeed on the show and beyond.

This Afterworkshop series will give you an opportunity to network with like-minded business professionals and provide you with information you can use to help advance your enterprise. You will also have a chance to take part in a series of applied learning labs as well as share best practices in a dynamic and relaxed manner. The event will feature keynote speakers, expert panels and of course plenty of opportunity to mingle.

The discussion topics at the inaugural Afterworkshop event will focus on best practices sharing from CBC’s Dragon’s Den Finalists who have taken their learnings from the Den and gone on to make their entrepreneurial dreams come true. Learn from some of the county’s most engaging and inspiring entrepreneurs. Take away great tools and advice that can help you succeed on Dragon’s Den.

You will be a part of an interactive forum featuring 2-3 interviewers, (combination of KPMG Enterprise professionals and WizOf.Biz mentors) posing a series of qustions to Dragon’s Den Finaliists who are thriving after surviving their experience with the Dragons. There will also be at least one surprise guest appearance and a chance to win one of ten copies of the book That’ll Never Work by KPMG Enterprise.

At the very least, we promise you good food and a glass of wine after a busy day at work.

Join KPMG’s Senior Manager Ana Chan and WizOf.Biz CEO Reg Charney along with their respective teams of mentors, supporters and professionals, for a business networking event you won’t soon forget!

Event Details:

When: Monday July 24, 2013 5:30-8:30pm

Where: KPMG LLP (Canada)
333 Bay Street, Suite 4600
Bay Adelaide Centre
Toronto, Ontario

Space is limited so register early via Eventbrite for free.. The panel discussion will also appear on YouTube on the WizOf.Biz channel.

See you there,
The WizOf.Biz team.

Institutional Knowledge Preservation in the Future

What if there was a way to take all of your personal characteristics and experiences and preserve them? How about a way of preserving institutional knowledge and passing it down generations?

Well, you can. Take for example entrepreneur Dr. Martine Rothblatt who had commissioned a project, run by roboticists Dr. David Hanson entitled Bina48, which would allow for all of her husband’s characteristics to be preserved in an android.

A Financial Post article by Dan Ovsey, on the Future Face Of Institutional Knowledge Preservation confirms, that when technology tycoon Bruce Duncan, and the Executive Director of the Terasem Movement Foundation and supervisor of the LifeNaut Project Dr. David Hanson get together, anything is possible.

The LifeNaut project, allows people who wish to have their knowledge and experiences preserved in alternative forms such as avatars, androids and clones, to do just that. This, many argue, is the future of knowledge preservation and a way to hold on to our human experiences. A three-day conference recently held in Toronto such as Ideacity, served as the perfect opportunity for Duncan to introduce Bina48 to its participants.

The passage of information within an organization and through generations is vitally important. It is what allows the continuation of a business and an continuity required to ensure trust and success. Technologies such as Bina48 are going to revolutionize business and enable exciting new businesses and new ways to grow on our existing knowledge.

I invite you to read the full interview and their discussion on the future of Bina48. You can also check out the WizOf.Biz blog for more exciting posts.

Image courtesy https://www.lifenaut.com/bina48/

That’ll Never Work

The book That’ll Never Work: Business Lessons From Successful Canadian Entrepreneurs was recently commissioned by the KPMG, and should be read by anyone who has ever dreamed of starting their own business.

This is a funny and compelling collection of stories told by nineteen Canadian entrepreneurs who have become successful despite the odds. Its an incredibly insightful and honest retelling of their challenges and the desire to achieve their goals despite being told “That’ll never work”. It’s a powerful lesson on overcoming adversity and winning the race. The book is a careful look at the importance of recognizing that being an entrepreneur often means being able to forge one’s own path to success.

The practical tips and advice contained in this book, are meant to give innovative business men and women, the tools they will need to help them move forward and ignore the naysayers.

Take a look at this video presented by Ray Mills, Co-Founder of KUDU Industries, who talks about “That’ll Never Work”.

For a chance to win your copy of “That’ll Never Work” join us at the inaugural Afterworkshop business networking series. This is a chance to hear firsthand from a panel of CBC’s Dragon’s Den Finalist; their challenges and successes. This WizOf.Biz event, sponsored by KPMG Enterprises, will take place on Monday July 24, 2013 at 333 Bay Street, Suite 4600 @ Bay and Adelaide Centre in Toronto.

Please stay tuned for registration details.

We look forward to seeing you soon,

The WizOf.BizTeam

Photo Credit: Kate Ter Haar, Creative Commons

Vision Versus Mission Statement: Put An End To the Mystery

It’s true; even the most seasoned businessmen and women often find themselves baffled by the question: “What is it that distinguishes a Vision statement from a Mission statement?” In today’s post I’m going to put an end to the mystery.

Both of these documents provide basic guidelines for business success. They are your compass when it comes to strategic planning. A clearly written Vision and Mission statement will go a long way in helping you determine what’s next.

So What Is A Vision Statement? A vision statement should outline the personal values that compelled you to start your business. Clearly explain why your idea matters to you and how it is beneficial to others. The goal is to show how your business, directly or indirectly represents you as both an individual and entrepreneur. Highlight the need you are working to fill and establish an emotional connection with your target market.

Describe where you see yourself down the road. People want to know why your business exists.Provide the big picture scenario, your purpose and motivation. A vision statement is also likely to give you a better idea of what it is you are working towards.Talk about what you aspire to.Make your purpose memorable, achievable and realistic.

Decide what you stand for and what you envision as your future. Demonstrate in fair detail how you plan to achieve your goals. It’s important to highlight the evidence that supports your arguments.

Ok, What Is A Mission Statement? Now that you have the big picture, its time to hone in on the practical how-tos. Your Mission statement is about breaking things down into manageable chunks of information that will drive results.The objective here, is to come up with a series of specific goals that will help you get to where you want to go. Once you’ve outlined the how, its time to move on to the what. Focus on the key operational strategies of your organization. For instance groups that might have invested interest in your business, targeted professional connections and potential outreach opportunities. Your mission statement must reflect your vision at all times. Your challenge is to continue to reinvent and adjust the image of the organization to respond to the needs of your clients.

For more useful tips on what makes a good Vision or Mission statement check out this video below by Bruce D. Johnson or visit the WizOf.Biz site for more interesting posts.

Amazon CEO Jeff Bezos: Success Tips For Business Executives

When Jeff Bezos discusses what makes him successful, business people everywhere should pay attention. As founder and CEO of Amazon.com, business advice from Jeff is invaluable. In case you didn’t know, Amazon.com sells a wide number of books, products and accessories to happy clients. Despite feedback from skeptics and publishers, Bezos went on to introduce a whole host of innovative technologies which opened up opportunities for other internet based businesses.

The Five-Time Tested Success Tips From Amazon Founder Jeff Bezos is a fantastic article by The Globe & Mail in which this brilliant business innovator gives entrepreneurial executives his top five tips for business success.

One of the things in this article that resonates with me the most is the idea that the type of corporate culture you introduce into your business can drastically impact the end results. Making sure that you hire the best minds in the business is crucial. People on your team who know how to be both stubborn and flexible in their decisions, will be the ones better able to add to and enrich your business vision.

Don’t forget to visit the WizOf.Biz blog for more expert business advice, helpful websites for entrepreneurs and more articles like the one shown in this post.

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