Enter the Dragons’ Den and you can feel the piercing eyes of the more formidable Peter Jones looking through you. One look at him and you will realize that this man means nothing but business. Jones feared for his sharp tongue and incisive take on businesses he invests in is a British entrepreneur and businessman with interests in mobile phones, television, media, leisure and property. His current net worth is estimated at around £1.157 billion.
Currently the last original panellist on Dragon’s Den, Jones is often asking tough questions to aspiring entrepreneurs and bargaining for a considerable stake in their companies.
So, what made Jones so successful and such a sought-after businessman? This prolific entrepreneur and serial investor does not take his investing lessons lightly which he learned after a lot of trials and tribulations. This ambitious businessman attributes his astute business sense to his bitter experiences in the past. Jones who invested in more than 100 businesses of entrepreneurs seeking capital at the Dragon’s Den shared his life lessons in the most lucid manner possible.
Know your numbers well
You need not study at a University to be able to do business. However, you must have enough common sense to know your numbers. You must be aware of what numbers you wish to achieve before starting your business. Unless you are clear on your target revenue, you will not be able to price your products nor will be able to decide how many products you must sell every year to arrive at the desired revenue. Also, be aware of your operational costs which include the amount spent on procuring raw materials, labour, taking premises on lease, and so on.
Recognize customers’ needs
You have something that you think your prospective customers may want. But how do you know if they need it, let alone want it? If you have the mind to start a business, look for what your customers need than what they want. Wants differ and waver with time, which means that you have to try to put all tactics to seek and gain their attention. However, if you are giving them what they need and just the way they need it, you will build a business in no time. A product that people actually need is much easier to sell than one that you have to convince.
Entrepreneurship is a skill that can be nurtured
Peter often remarks, “entrepreneurs are made, not born”, which means that entrepreneurs can achieve success with just the right skill and right mindset. Jones explains what makes a successful entrepreneur by explaining that it is the mindset that matters. The right frame of mind is a must to decide on the right idea, launch a business idea, build a team, look for sponsors and investors before moving on to sell to customers. The right business mindset will help them develop a killer marketing plan.
The last couple of years has changed the way we look at businesses. In turn, businesses have been forced to be agile regarding their use of tools, technologies and methodologies. There is a lot going on behind the curtains when one does business, thus, bringing forth the need to understand that doing business may not be everyone’s cup of tea.