By David Mwenda
I think the Lions’ Den show on NTV is a knock-off of Shark Tank. But, honestly, it’s a good knock-off. I watched the show for the first time this week (not a huge fan of business shows).
The show has very good panellists actually. And as the show name suggests, it is the lions who are in the business of investing into ideas. Here are things I learnt from the show on how you can get a “KCB lion” to invest in your idea.
Time is a key factor for a businessperson if their business is to get investors. Take for example businessmen who were selling an idea they had left hanging four years ago. It is hard to get someone to invest in a business if you have not taken time to invest in it. If you have statistics from four years, there have been changes in the market and you have to be in the game to know the competition and how they work and their charges.
This is quite an important key in the business programme. How you present your programme is really important. Take for example both the sides that were there: one is that of the people presenting an idea of a business news site while the other was presented by a lady seeking to improve her business of training domestic workers.
The domestic worker trainer had the story but really she did not give right numbers. This actually really cost her some investments. The two business news site owners had the right presentation key and they were able to get a better deal. It is good to always present your proposal in the right manner.
It is always good to remember to relate well with the people who are judging you create a good rapport. Take for example the jewellery makers (allow me to call them that). They easily relate with their target audience and they are able to make sure they get sales. This makes it easy for the investors to think of investing in the business as if you are able to get to relate with the people then it means one thing sales and if you have sales you have a business.
4. Proper planning
The time you put in properly planning your business idea matters. Take for example the online business news website. They had the time to make sure they have rolled out their plan and made sure the business plan was well outlined. This is why they were able to bag the investment money. It is important to make sure the proposal is well managed as this will become a huge investment. The domestic service lady was able to make sure she has given the prospective earning and how it can be achieved.
The money you bring into the business is very significant to the investors. One thing is for sure: if you do not have the money then it is hard to get money for investment into the business. The lady involved in domestic worker training provided figures of her sale and actually had the lions’ ears and them begging to invest in her business.
The show is lit and everyone interested in business should watch it to get ideas on improving their businesses