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Speculations Vs Research
The fourth set of entrepreneurs were Titus Emmanuel and Simi Oluwa, they came seeking 10.5 million naira for their food processes and food processing business, in exchange of 25% equity. They were proposing to develop and market of range of products derived from the soya bean – they even proposed the conversion of soya bean to bio-fuel. To demonstrate their meticulous research and preparation, they presented the dragons with a glass of soya milk, which Chris Parkes tasted, and seemed to like the taste. At this point, Femi Tejuoso noted, “you haven’t told us anything about the processes that lead to the product…” after which these vibrant and brave entrepreneurs who were both undergraduates explained their manufacturing and production process, positing that they’ve only been experimenting in a make-shift lab in their kitchen. Another ambitious idea they presented was to process a food product which was a mixture of soya bean and garri. A lot of sound ideas flew back and forth from these entrepreneurs, until John Momoh asked if they’ve bothered to conduct a market research, after Ibukun Awosika wondered, “how sure are you that consumers will like the taste derived from the combination of cassava and soya bean?”. At this point, these young entrepreneurs exposed the fact that they’ve based their entire business idea on speculations, and very little research or market survey.
Another loophole presented itself in their presentation when they started brandishing the word “if” in the middle of the cross-questioning…echoing the stance taken by Chris Parkes in his announcement, “I’m out because there are too many ifs…” the other dragons soon opted based on the speculative nature of the business.
Young and ambitious, brave and confident…these are words that best describe these young men…I think we’ve not heard the last of them…with a little business knowledge, these young men would blossom into successful entrepreneurs. Maybe they would know better to research and survey their market rather than base their pitch on speculations.
What do you think?
August 8th, 2008 at 7:22 am
I was very impressed that young people like these duo would think up such a brilliant idea. The only thing that killed them was the lack of research which ultimately killed their figures. However, I think they are of the opinion that their idea was thrown out because they are ‘too young’. I absolutely disagree. No investor will want to invest in something that isn’t sure to be accepted by the target market. And this Emma and Simi are key.