Lessons From the “Dragon’s Den”!

“If you ever watch ‘Dragon’s Den’ (on Canadian TV) or ‘Shark Tank’ (on U.S.A. TV), then you know that there are some simple rules for success. I had the pleasure of hearing one of the ‘dragons’ speak at a luncheon recently and want to share his tips for success with you. Jim Treliving kept it simple – which is totally in alignment with my own style – and was very inspiring to all of us in the audience.

1) KNOW YOUR NUMBERS! I tell my clients this ALL the time. You have got to know your numbers – your revenue, your sales, your expenses, the cost of doing business, average value per client, etc. You. Must. Know. Your. Numbers!

2) SHARE YOUR STORY. That’s what inspires many other entrepreneurs to either get in the game and/or stay in the game. Being an entrepreneur is tough stuff – if it was easy, then everyone would be doing it. So, be vulnerable. Share your story. It does make a difference.

3) SPEND TIME WITH FAMILY. It’s always so easy, especially in the early stages, to focus totally and solely on your business. That’s a huge mistake. Yes, of course, there will be times when you must throw your whole heart, soul and body into the business – ‘certain ‘times’ – not ALL the time. When most successful entrepreneurs are interviewed and asked what one thing, in retrospect, that they would change – most of them say ‘to spend more time with family’. So, just do it, OK?

4) LEARN FROM YOUR FAILURES. Everyone has them. If you’re not failing, you’re not trying and you’re not growing – and if you’re not growing, you won’t be in the game for a very long time. It’s OK to fail. That is how we learn.

5) HIRE SLOW – FIRE FAST! Yup – not everyone you hire is a perfect fit. Go with your gut – you know when it doesn’t feel right. Make a business decision and do the firing. Everyone will benefit.

6) REWARD AND RECOGNITION. This is a critical step to success – both for you and for your team. Stop – celebrate – acknowledge – reward – have fun – and get back to work.

When you watch ‘The Dragon’s Den’, Jim Treliving is always laughing and celebrating.

Here are some of Jim’s favorite quotes:

Success is about the big picture.

I like simplicity.

I believe that simplicity is the key to success.

I have to love what I do.

I make decisions about work with my heart, about money with my head, and about people with my gut.

The hallmarks of every successful person I know are these: they want what they have, they like what they do, and they love who they are.

Get your opportunities – take them, take a ride and see what happens.

The legacy I’d like to leave back is that persistence works. Hard work works.