An idea may be ingenious, novel, and unique but that does not necessarily make it commercially viable. And until you find a way to transform a good business idea into a profitable business plan, you might remain in the island of dreamers; while others who have painstakingly done their homework will trade freely in the Mecca of entrepreneurs and tycoons.

A case in study that readily illustrates this view point would be the presentation by one very interesting entrepreneur in the den.

He practically ‘crawled’ into the den in grossly animated steps, making the dragons and other privileged on-lookers wonder what he had up his sleeves. He walked in with a very ominous aura around him, literally counting his steps as he advanced towards the dragons. It was unusual to see an entrepreneur this sluggish with his strides in the den, when every other entrepreneur walked briskly and smartly. But this entrepreneur was performing a well-rehearsed act of morbid salesmanship.

Finally, he spoke up, jolting everybody in the den back to the present.

He announced his name, and announced the reason why he had come to the den…immediately after which, all the dragons opted out - eager to dismiss the entrepreneur and his ‘out of this world’ business idea; for the simple reason that he had made his idea was as lifeless as his personality and presentation.

He had come up with a ‘brilliant’ idea of how to preserve the memories of dead people electronically. The idea was ingeniously morbid, but his animated presentation made him look like he was just living an obsession with the dead…he just seemed like a mortician trying to get the dragons to invest in his morgue.

So far, dead people had about two conventional and morally allocated abodes; in the memories of their loved ones, and in the confines of a casket (or sometimes in an urn) but no one, before this entrepreneur, had explored the ingenious morbidity of cremating the dead in cyberspace.

A good idea…yeah…but come on, where was the plan?

Like I said at the beginning of this discourse, an idea may be ingenious, novel, and unique but if you don’t find a way to answer the following questions, the idea may never see the light of a business plan:

1. How do I transform this idea into a profitable product?
2. If this idea were a product, who would consume (or buy) it?
3.  Would this ‘product’ debase the sensibilities of those who buy it (or even those who will finance it)?
4. How do I sustain the commerciality of this ‘product’?
5. What is the best way to package this idea without losing its ingenuity?

I know how it feels to be consumed by the burden of transporting a one-in-a-generation idea; I understand the need for discretion and even secrecy, but in this age and clime, the wise ‘ideas-man’ may make himself a millionaire if he solicits the services of a professional business analyst.

Remember, Dragons den is a show where entrepreneurs pitch their ideas to 5 dragons in search of an investment. The advert did not say “Dragons den is a show where ‘dreamers’ pitch their ‘dreams’ to 5 dragons…”

And the difference between a dreamer and an entrepreneur is simple; while the dreamer nurses his idea, the entrepreneur transforms his idea into a good business plan.

See you in the den.

–The Den Sweeper!

Lagos, Nigeria

Lecturing a group of MBA students, in one of his entrepreneurial classes, at the Lagos Business School wing of the Pan African University on Thursday, Professor Pat Utomi confessed that he wished a programme like the Dragons’ Den had been available when he was younger, to help jumpstart his entrepreneurial career – and that of his peers.

“Entrepreneurs have to be creative”, lectured Professor Pat Utomi, “they have to abandon orthodoxy and add veritable value to consumers”

He cited the story of Virgin’s Richard Branson, referring to the period prior to the launch of the Virgin Atlantic route; narrating the clever technique Richard Branson employed to generate free media coverage for new Atlantic route. If you’re not familiar with the story, the publicity-hugging billionaire of the Virgin Empire took off in a helium balloon crossing the Atlantic Ocean – and on his carrier were the inscriptions “The British Virgin”. His adventure in the sky elicited a media uproar, Professor Utomi narrated to his class, “International media houses were eager to carry the story of the ‘crazy’ Sir Richard Bronson crossing the Atlantic in the British Virgin…unwittingly providing his yet-to-be-unveiled “Virgin Atlantic” Airlines with millions of dollars worth of free advertising”

More to the point, Professor Pat Utomi hammered on the need for entrepreneurs to forge new frontiers in business, by capitalizing on the potent platform of entertainment, urging entrepreneurs to seek ways of providing more than average service to their customers by approaching every aspect of their business with futuristic creativity.

“Identify opportunity”, he began, counting a few of the steps a successful entrepreneur must take to succeed, “commercialize the venture, and professionalize the business.

“There are mediums through which a clever entrepreneur may secure free advertising for his business, and don’t forget that luck smiles only on the prepared” the ex-presidential candidate continued, “on this note I’d like to introduce to you the crew from Dragons’ Den…they’ve come up with a wonderful business television show that ought to be exploited by the smart entrepreneur”

He invited in the U.K based Neil Oyenekan, the series producer of the UBA/ MTN sponsored Business TV Show: Dragons’ Den, to address the class; Oyenekan in turn rendered a graphically compelling presentation to the class. In fact, Professor Utomi was so impressed by his presentation that he promised to dedicate his next class to teaching his MBA students how to successfully pitch on the Dragons’ Den!

We’re talking about the upper echelon of the Lagos business society. With this as a sign of the contestants the Nigerian edition is going to attract, it is safe to say that world-class entrepreneurs are ready for this opportunity of a century.
Are you?

–James Amuta