The fourth entrepreneur, Sanusi Adekunle had a brilliant idea, and needed 7.5 million naira to start-up a sophisticated taxi operation he called Metro-Cabs, a cab company that will provide comfortable and convenient cabs for its clients. He described his unique selling points as his company’s intent to service customers with an organized price structure, eliminating unnecessary haggling with the taxi drivers; call-ups and pick-ups from airports, hotels, offices, homes etc for customers. To make his presentation a bit juicier, he offered the dragons 65% equity stake in this business. However, his business plan exposed the speculative nature of his business, and his unsuitability as a competent manager of the business,as it was discovered that he had miscalculated the amount of money required to lease the 30 cars with which he was hoping to commence operations. Sadly, this entrepreneur was convinced that 20% of 1,050, 000 naira amounted to 52, 000 naira as opposed to 210, 000 naira. Having based his entire plan on the amount required to lease the 30 vehicles, it was shocking for him to learn after being schooled by the dragons how erroneous his mistakes were. He lost all the dragons based on his incompetent presentation of figures, and his lack of experience in the transport sector.

The fifth entrepreneur faced the dragons asking for 15 million naira to invest in an idea he had tagged “Creative Legend Academy of Design” where he would charge students an average of about 190, 000 naira to teach them graphics design, and multimedia. He had no accreditation from the government, or any affiliation with any professional organization relevant to the courses he wanted to teach. He was not going to be able to issue the students any certificate after graduation. And the dragons felt that even if he could find students dumb enough to pay 190, 000 naira tuition, that their money would have been wasted because they were coming out with no certificate to show that they have acquired any education. The business seemed ill-cooked, and the dragons detest the taste of half-baked business plans. They all opted out.