3rd Entrepreneur

With an ICT-based business idea geared towards servicing small businesses in Nigeria, OLUMEFU TOYIN has come to the den seeking 2 million naira in exchange for 30% equity. His opening pitch was neither persuasive nor compelling. He posited that most ICT firms targeted the large conglomerates and ignored the small businesses, but his business was strategically designed to cater to the needs of small businesses. His idea was to partner with large software manufacturers as a reseller of their products, then resell these products to small business for a commission.

His presentation did not elicit the dragons’ interest. He had also committed one of the cardinal sins of business presentations. He came to the den to seek 2 million naira from shrewd investors, dressed in very casual clothes and slippers. The dragons rebuked him for such a callous representation of himself and his business. Femi Tejuoso advised, “If you’re going to an investor to get 2 million naira, you must try to look like someone who can manage 2 million naira”

On that note the dragons opted out.

4^{th Entrepreneur}

GEORGE HEFZIBAR, an “innovative livestock entrepreneur” was next in the den. He is seeking 4.5 million naira in exchange for 30% equity in his snail farm. GEORGE seemed to have impressed the dragons with his nice-looking suit, but will he be able to convince these shrewd businessmen and women that his business idea was worth their investment? Half-way into his presentation, the dragons discovered that George had designed innovative snail-farming equipment for the racking and shelving of snails-they felt would be a more viable business than the proposed expansion of the snail farm. The dragons advised this entrepreneur to get a patent for his “racks system”, produce the racks for commercial purposes. The dragons felt strongly that there was a better business opportunity in the production of the racks. But the entrepreneur was stubborn, and according to Chris Parkes, he was paranoid about his racks system and confused about his entire business priority. With GEORGE choosing not to commercialize this innovation – the dragons opted out with the feeling that this entrepreneur was just passionate about his business, but lacked the business smarts to identify a viable business opportunity.

“when we come into this business, I hope you understand it’s no longer going to be a family business…” - Femi Tejuosho advising an entrepreneur

“What confidence do I have that you can focus 100% of your time and energy into this business…” - Chris Parkes responding to an entrepreneur with a resume clustered with several other active business obligations.

“Because of the obvious divided loyalty that is so visible, I’m not comfortable investing in your business…” John Momoh stating his apphrehensions over investing in an entrepreneur who has his hands in a lot of businesses at the same time

“Please next time you come into the den, or go to an investor to ask for N2million (two million naira), don’t wear slippers - dress appropriately because your presentation matters; you need to inspire confidence in the investor that you can effectively manage two million naira…” Femi Tejuosho & Ibukun Awosika advising an inappropriately dressed entrepreneur.

“We have this mentality that N50million (fifty million naira) is too much money - I’m here to challenge the Nigerian youth - see yourself as a millionaire and you will become a millionaire because money follows ideas…” an entrepreneur justifying his demand for N50million naira with no visible business plan.

“Just imagine I’m in your position, with a nice suit like you’re wearing, with two coconuts and a bottle, with no business plan -and I come to you for N35 million (thrity five million naira), will you give it to me?” - Alex Amosu quering a nicely-dressed entrepreneur who had no functional business plan for his proposed business.

-The Den Sweeper

I feel compelled by my love for you, to let you have a little background info on the dragons you’d be facing in the den, but I seriously recommend that you keep this revelation strictly between the two of us.

You have five dragons…

From different backgrounds…with different levels of experience…from different economic sectors and industries…they are different in character and fields of expertise…but they all have a few things in common:  they’ve all amassed immense wealth and achieved huge levels of success in their respective fields; they all have a unique success story; they are armed with very analytical minds and sharp business intuitions, and they are ready to invest in your business or idea:

One of these dragons is a household name in the broadcast media industry in Nigeria and indeed the world; in his early 50s, he has more than 30 years experience in the media business…he’s risen from the ranks of radio and TV presenter, reporter, news anchor, and news editor for the biggest broadcast network in Africa to occupying an enviable position as the owner of a burgeoning broadcast media outfit respected terrestrially and internationally. He is well-travelled. His analysis of any proposed business provides the pitcher with an itinerary for attaining great heights in business. He reeks with the aura of a motivational speaker-challenging and inspiring any young mind with his meteoric rise through the ladders of a highly politicized industry.

One of the dragons is a digital age entrepreneur who became a multi-million pound sterling millionaire at the age of 24 for a mobile-phone driven technology.  His passion for music and I.T encapsulated in a synergy of wealth and prominence made possible by his dexterity in running a cutting edge 21^st century mobile-technology service delivery company. This dragon is an exponent of inter-personal skills, upholding the belief that your product or idea is only as good as your personality.

One of the dragons is a brand name in the marketing communications industry with over 35 years experience in the African advertising environment. A new generation entrepreneur, with a fresh approach to emerging business challenges. He has amassed so much wealth and success by positioning his advertising company as a company devoted to providing unequalled and unrivalled leveraging platforms for its clients to reach the core of their target, and generate great revenue from doing so. He is very persuasive, and upholds the virtue of compelling and convincing persuasion. When you meet him-be sure to observe the cardinal rules of advertising.

One dragon is a venture capitalist who understands the theories, mechanics, and applications of money in the business world. She has vast experiences in negotiating global money matters and designing modules that drive more profits for businesses. She has also has a background in computers. She has years of experience in equity investing, and holds a keen interest in emerging markets. She holds a MBA from one of the world’s most prestigious business schools. Her mind works like a portable computer, analyzing numbers and figures at the speed of thought.

One dragon is a prince whose last name inspires awe and respect for the business savvy associated with his lineage. Let’s say he inherited a well-seasoned ability to make fortunes. Young and successful, with a background in engineering, and an expanding experiential resume in investment and portfolio management, petroleum, and agriculture, this dragon represents the new breed of African entrepreneurship with many business pies on his dining table. He sits on top a conglomerate that has grown in reputation as a vibrant provider of essential commodities and services across Africa.

I hope this prepares you…Good luck!

–James Amuta