#1 – Be obsessed with what you do
When you’ve bought a dream, then you’ll want to comply with it and you’ll want to imbue your group with that keenness. Dig deep to search out out what your ardour is. What’s completely different about what you’re doing and the way is it going to disrupt the market? On Dragon’s Den, what Suleyman seems for is ardour, people who find themselves actually going for it.
#2 – You’ve bought to have a narrative
Every little thing begins with you. Why are you obsessed with what you’re doing? What’s completely different about your services or products? You want one thing that units you aside.
#3 – Know your competitors
Are you able to do what they’re doing higher and extra cheaply? Then you definately’re onto a winner.
>See additionally: Sara Davies of Dragons’ Den 7 suggestions for small enterprise
#4 – You’ve started working on daily basis
Or, as Suleyman places it, “The lease must be paid on daily basis.” He freely admits that he’s a workaholic who hates holidays.
#5 – Don’t elevate cash too early
When you do want to lift cash to bootstrap your new enterprise, elevate it from your loved ones. Too many pitches come to the Dragons’ Den studio having given away an excessive amount of fairness already. Don’t dilute your fairness too early. You wish to be answerable for your small business by the point you’ll want to elevate cash.
When you do want to lift exterior funding, then elevate it from individuals who can add worth to your small business, which is what he calls “sensible cash”.
#6 – Be open together with your financial institution in the event you’re having issues
It’s higher to be sincere together with your financial institution in the event you’re having a troublesome time of it. Don’t let the financial institution chase you, inform them what’s occurring. Consider it or not, the financial institution is there to assist – and Suleyman speaks as somebody who misplaced their home to Lloyds Financial institution when he used it as a private assure which went unhealthy. He stayed on with Lloyds although as a buyer.
And even when issues do go spectacularly fallacious, it’s just one misadventure and solely a part of the journey. All of us chase goals that don’t come true and there’s nothing to cease you from altering course.
>See additionally: Tej Lalvani: ‘Practically every part is feasible’
#7 – Watch out about money circulate
“Money is king” is Suleyman’s favorite phrase on Dragons’ Den and money is the bloodline of each enterprise. And be particularly cautious about spending cash on digital advertising, which might eat up money rapidly.
Suleyman, who was talking at this 12 months’s The Enterprise Present 2021, admitted he’d had his share of ups and downs.
He solely bought into the style enterprise by happenstance, making garments for now-defunct excessive road chain C&A, then allowed himself to be talked into turning a shell firm public, which ultimately price him his house.
Suleyman started once more, first shopping for stricken Jermyn Avenue shirt maker Hawes & Curtis in 2001 and turning it right into a high-street chain with 30 shops after which hip ladies’s vogue label Ghost. In fact, he has gone to make 30 personal investments by means of his involvement within the hit BBC present Dragons’ Den.
He stays upbeat about the way forward for the excessive road for vogue, as folks nonetheless prefer to attempt garments on, and predicts M&S and Subsequent will come roaring again, stocking impartial manufacturers in addition to their very own.
The Dragons’ Den decide was scathing in regards to the Authorities, which he stated “must be shot” for the best way it’s mishandled enterprise charges reform.
Suleyman stated: “They’re not courageous sufficient to decide about enterprise charges and all they do is kick the can down the street. Enterprise charges are very unfair for retailers.
“Small companies are the way forward for the UK and the Authorities doesn’t realise there must be extra assist for younger entrepreneurs.”
However, Suleyman believes there’s by no means been a greater time to start out a enterprise, given the low barrier to entry, with entry to Amazon as a market, the ubiquity of cell phones, and the way a lot angel funding is obtainable.
The world is about to rebegin, stated Suleyman, and alternatives at all times come out of any troublesome time.
Who had been the Dragons’ Den Dragons and the place are they now?