The last entrepreneur in the den in episode 7 was AARON ADEGOKE WRIGHT. He came seeking for 5 million naira, while generously offering 50% equity in INDIGENE CREATIONS- a company that promotes Nigerian and African culture through artistic products. Aaron seemed intelligent and passionate about his business, and was very articulate in his presentation. The dragons gave him their full attention. But being the astute business men and women that they are, they fired him with what could have appeared as tough questions to any other entrepreneur- but not Aaron. He was resolute and determined to slay the dragons. Even at a point when Tokunboh Ishmael indicated her interest, but warned Aaron to answer the other dragons’ questions smartly or risk loosing the interest his pitch has already generated in her buoyant pockets.

He remained unperturbed, delivering the answers to the questions like someone who was used to being in the presence of very intimidating millionaires. His idea had a lot of merit, his presentation appeared flawless, the product was patriotic, but Femi Tejuoso needed to be convinced that Aaron was proposing a viable business. He was tested with fire, bombarded with business concepts like target market, exclusivity, and demand.

But he refused to be boxed into a corner; sensing Aaron’s passion and doggedness, Alexander Amosu who is reputed to be one of the most meticulous dragons invested 500 thousand naira asking for 5% equity. Alexander Amosu’s investment was followed by Tokunboh Ishmael’s investment of 1 million naira for 15% equity; then came Chris Parkes- with his vast experience in marketing – offering his knowledge and 2 million naira for 35% equity; John Momoh liked the idea, and felt his contribution and investment would add value to Aaron’s company, so he invested 1 million naira for 15% equity. So far, Aaron had gathered 4.5 million naira, and as the rule states he would have to leave the den with nothing if he wasn’t able to raise the total amount he asked for, so his fate rested with Femi Tejuoso – who playfully reveled in the power he had to make or mar the deal, after a hearty comment, he invested 1 million naira for 20% equity.

At this point, Aaron Adegoke Wright had 5.5 million with a total of 90% equity amongst the dragons. He had walked into the den with the intentions of giving away 50% equity- yet he seemed okay with giving away 90%.

Tokunboh Ishmael came to his rescue, soliciting and negotiating with the dragons on his behalf, for them to collectively settle for less equity-stake in Aaron’s company in exchange for the full 5 million naira. With Tokunboh Ishmael prevailed upon her fellow dragons to collectively settle for 75% equity instead of the accumulated individual equity of 90% that Aaron has previously negotiated. The dragons agreed to invest 5 million naira, while they all shared the 75% equity amongst themselves.

The deal was sealed. Aaron Adegoke Wright was happy and grateful to Tokunboh Ishmael for coming to his rescue.

Aaron believes he made the right decision, and posited that though he had initially offered to give away 50% equity he was glad, and had no regret about letting the dragons take 75% since the success of the business will depend majorly on the dragons’ contribution of their network and various professional experiences.

It’s certain Aaron Adegoke Wright will profit tremendously from this business alliance with these successful men and women.

The third entrepreneur, EBUNJU CHIDOZIE, came preoccupied with a business idea that he said would help protect the environment, and generate huge sums for his company. He needed 10 million naira in exchange for 15% equity.

But Tokunboh Ishmael was concerned with the value this pitcher has placed on his business, and seemed disappointed with the equity he was offering considering the fact that a large chunk of his company’s value depended on their investments.

John Momoh wanted to know what will happen when the companies who were to provide him with raw materials run out of business, to which he was unable to provide a satisfactory response.

The dragons had no option but to opt out.

The fourth entrepreneur in the den, OBIHARE CHIMA came in search of 7.8 million naira in exchange for 20% equity in his “document management services” business – a platform which he intended to use in offering large organizations industrial scanning services. But the dragons felt his business idea lacked any unique selling point. Tokunboh felt strongly that most prospective clients may be unwilling to compromise or jeopardize the confidentiality of their documents since the entrepreneur had no measure to guarantee their peace of mind.

The fifth entrepreneur, MATHEW OLATERI came asking for 20 million naira in exchange for 20% equity in an auto club called the “Auto-Care Alliance”. Though he had a cheerful time with the dragons, who confessed to liking his attitude and personality, he was unable to convince them that what he was proposing was a viable business opportunity in Nigeria. They advised him to put in more time into researching the project, fine-tuning his business plan to make an investable business.

The self-styled ‘first aider’, EFE ADEMOLA was the sixth entrepreneur to face the dragons; he asked for 9 million naira, sixty-eight thousand in exchange for 25% equity in his first-aid business. He was unable to explain his business to the dragons. According to the dragons, his business idea lacked clarity, and his presentation was devoid of well-articulated thought. John Momoh was disappointed in his style of presentation, and clearly pointed that out in the den. To the dragons, he had come in ill-prepared, jittery, and appeared very unserious. He was politely dismissed by the dragons.

The art of negotiation is an interesting business subject. Oftentimes, when business men and women negotiate with clients and investors, there’s always an angle to the conclusion of the bargain – an angle that may elude an unobservant third party. Oftentimes a wise business man or woman may intentionally wish to appear to have taken a fall in a bargain in order to get more from that same bargain in the long run. In the smart business circuit, the business man or woman who seems to be holding unto the shorter end of the baton may actually be the business man or woman who stands to gain the most from the deal in the long run. The beauty and complexity of the art of negotiation came to the fore in episode 7 when a certain determined young entrepreneur went to battle with 5 successful and astute business men and women in the fiery den, and walked out with a sly grin on his face.

Welcome to episode 7 of your number business school on terrestrial television – Dragons Den Nigeria.

The first entrepreneur to face the dragons in episode 7 was YAKUBU YAKUBU; he came to secure an investment in his media company Eclectic Design Grade and Enterprise to facilitate the production and distribution of a DVD magazine called D-9 THING.

Having mentioned his huge demand for 33.1 million naira, in exchange of a generous 40% equity; but the dragons were not easily swayed by generosity, they wanted to go beyond the speculative nature of the idea to what makes it unique and marketable.

His production cost of 60 naira and retail value of 800 naira showed that the profit margin of this DVD magazine business was incredibly tempting. But the dragons refused to swallow this tempting bait.

The concept of producing a DVD magazine may be novel; however the dragons seemed more concerned with how this idea would effectively replace the conventional paper magazines and how it would appeal to its target market.

Alexander Amosu noted his discomfort with the inappropriate and unattractive ‘magazine’ cover, but the prevailing issue was the entrepreneur’s inability to convince the dragons that he had a market for this DVD magazine, or that he could compete with the conventional magazines, Femi Tejuoso was the first to opt out, followed by the rest of the dragons.

The second entrepreneur in the den was ANTHONY OGUNLADE and his partner, they came in with a concept they tagged “Naija Music League”. A mobile and internet-based music game targeted at avid fans of music and football in Nigeria.

They were seeking 50million naira, and offering just 30% equity, one would wonder how the dragons were expected to warm to their idea, their huge demand and their thrifty equity offer. Femi Tejuoso decided to get straight to business, asking the entrepreneurs to establish the money making potentials of the business, but Anthony and his partner found it difficult to convince the dragons that their business idea had any unique or viable business concept. They froze when certain questions were asked, and they couldn’t quote crucial figures from their business plan.

The dragons quickly opted out.