Thy Shall Prosper – Dragon’s Den Final

After two terms, everything has been building up to this moment. A week prior, we had a mock to give us the feedback to help us improve anything that needed adjusting. We had made some sales, were hoping to make some more before the final but unfortunately we did not make as much as hoped. From the feedbacks received from the mock we decided to keep the way our pitch was structure and adjust a few things. We had the right amount of humour and powerful statements to capture their attention.

Although fully aware, what we failed to realised that we had a competitive advantage when it came to our competitors. We offered better quality at a lower price than our competitors, the idea was unique though the anti-theft gadget’s market is mature. By our third trade fair we realised that a certain demographic was responding confidently to the product as opposed to our anticipated target market. In fact, our original target group were young travellers aged between 18-25 years. Now 40-60 years who love outdoor activities were willing to pay for the asking price that young people did not feel comfortable paying. This could be explained by the fact that they are more financially stable hence could afford the product.

 Luckily before the final, we knew and concluded that firstly selling at a loss to drive early sales was a risky strategy but one we were willing to try, after all running a business is all about taking risks. Secondly, we knew that if we were given another chance at the experiment, we would most likely outsource the manufacturing of the product to a country where it is relatively cheaper. To allow us to price our product still lower than our competitors but enough to still make profit.

Knowing what went wrong or what could have been done differently before the final helped in a way where it was easier to not only understand the feedbacks but also hear what the judges thought of the suggestions we had about growing the business.

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Kingston Market Trade Fair 3rd Market

By the time the Kingston Market fair came around, we have had our fair shares of trade fairs and enough practice with pitching our product. We were extremely excited and everything had built up to this moment so nothing was going to ruin it for us, okay may be the number of sales but we were determined!!

Having many other deadlines besides preparing for the fair, put us a cross road where we had to choose if we could stay a few hours and leave early. It was not until one of our lecturer said something along the lines of what if your income depended on the sales or the business would you still leave early? Call it reverse psychology but it worked. We got to see what sort of paper work goes into booking a stall, which is A LOT!

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It was inevitably an interesting day; for luck of better words I had never thrown myself at people as much as I did on that day. You had to recover from rejections as fast as burgers are getting flipped at Mc Donald’s.

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We made the most number of sales on that day, most likely because the demographic was varied and also we realised that a new group of people aged 50+ were more willing to pay for the asking price rather than the young travellers we had previously anticipated.

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Breakthrough Success Summit W/ E J C Smith

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A few days, I had the chance to attend one of Edward Smith’s summit in Kensington. Those session are designed to break through your limitations, help you develop a powerful mindset that will enable you create things you want, to boost your confidence, to get the wealth and the future one wishes to have.

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Ed J C Smith teaches around the world how to apply business psychology to break through our limitations. The advantage he has over other business experts is the in-depth psychology background. Maintaining a healthy mind and being able to breakthrough any limitations our minds puts up is crucial in my opinion. Being an entrepreneur has it challenges but being able to surpass them and have the mental strength to pick yourself up when all hell breaks loose can make a great difference.

He occasionally runs sessions on Facebook Live to give free mentorship to any individual who is thinking of starting a business/new career or is just at a roadblock. He normally charges a substantial amount to his clients but such sessions are great opportunities for individuals who cannot afford it. One of my goal this year is to give the master I am studying my all, his live sessions motivate at times I feel less motivated. He talks a lot about valuing the end result to an extent where you are willing to spend your savings on knowledge and guidance. This is something that resonated a lot with me.