Leadership: 5 Lessons We Can Learn About Communicating From Dragons Den
The current series of Dragons Den has just finished in the UK. For those not familiar with the show, entrepreneurs pitch to 5 highly successful business people for investment in return for equity in ...
The current series of Dragons Den has just finished in the UK. For those not familiar with the show, entrepreneurs pitch to 5 highly successful business people for investment in return for equity in their company. So what lessons can leaders learn about communication from Dragons Den?
Lesson 1: Make sure your message is clear and concise
When entrepreneurs pitch to the Dragons, they need to make sure that their pitch is both clear and concise. They have about 3 minutes to get their message across and get the initial interest of the investors. As a leader, you have a whole host of messages to communicate. How clear and concise are they? How well would they stand up to the 3 minute test?
Lesson 2: Be prepared
All of those pitching for investment in front of TV cameras are nervous which is completely normal. Those that communicate well during the initial pitch and the subsequent questioning are those who are well prepared. They have the information at their fingertips on current sales volumes, revenues, gross and net profit. They also have information on their projections and rationale for their business valuation. In other words they are prepared. How well are you prepared for key presentations or key communications?
Lesson 3: Think about the objections
The Dragons in Dragons Den raise many questions and objections. As a leader, when you are trying to win support or backing for a change in direction or something that is unpopular, you will face objections. If you have considered these objections in advance and how you will respond to them, you are much more likely to handle them effectively. Many of those who are successful in the Den are able to see their pitch through investors’ eyes. How effective are you at seeing objections through the eyes of those that will be impacted by your proposals?
Lesson 4: Show others that you can work with them
The Dragons (the investors) want to know that they can work with whoever they are investing in. As a leader, you need to demonstrate to others that you can be relied on to keep others involved as you implement strategy, make change and address performance challenges to name just a few. How effective are you at convincing others that they can work with you?
Lesson 5: Listen to feedback
The majority of entrepreneurs who make a pitch to the Dragons walk out of the Den without any investment. What they do get is a lot of excellent feedback on their idea and the potential it has or does not have. As a leader, you will get lots of feedback formally and informally to your proposals. The question is do you really listen to the feedback and use it to improve your idea or perhaps even pursue a different course of action.
Bottom Line – Shows like Dragons Den provide some great insights into how to communicate more effectively. So what lesson or lessons could you work on to be an even more effective communicator and leader?
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Duncan Brodie helps professionals to become highly effective managers and leaders. Sign up for his free e-course and monthly newsletter.