Chapter 8: Dragon’s Den

The day had come! The Dragon’s Den. Wooo… what a day. Everyone is in their groups doing last preparations, including YOBBAFIC. One thing I have been taking seriously along this journey is preparation. We had had multiple team meetings to construct our power point presentation and practice. Every member was prepared and knew what their talking point was. Nonetheless we made sure that all the points were logically cohesive and made sense to demonstrate the cooperation of the team throughout the structure of the presentation, as displayed below.

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My experience at the Dragon’s Den was pleasant during our presentation. I felt that the Design Thinking module is truly committed to the student’s product creations. The ambient was professional with judges, lecturers and all the students in one room. The audience listened very well and gave YOBBAFIC deserved attention. After our presentation my heart was pounding quite fast as now I needed to hear how the judges felt about our presentation. The remarks were quite positive and encouraging. However, there was one comment that sparked a light bulb for me about my approach to product selling. I was asked to scroll back to ‘’competitors’’ in our power point. Then I was asked what the price of FLUSHIES would be. I then answered, ‘’we are still in the early product development stages, however we aim to sell a pack of ten FLUSHIES for about £10’’. The judge referred back to power point about out competitor’s price of £1.08 with one pack of 10 seat covers. He then continued to advise us to consider competitive pricing. What I learnt in this moment was that we can have an amazing product but if it is not priced right, our targeted customers will most likely not purchase it, bringing sales income down and negative profit.

 

Additional questions were asked and my team members proceeded to answer them well to the best of their abilities. Another appreciative aspect about the judge’s remarks for me was that each judge had their own opinion, sometimes even conflicting to one another. However, that showed me that the comments were genuine and that it was ultimately up to us, YOBBAFIC, to take what works best for our company.

 

In my future aspiration to become an entrepreneur, I will make sure to consider competitive pricing and other suitable pricing strategy. The remarks from the Dragon’s Den presentation has helped me learn how to take in constructive criticism and make it applicable to my future business.

 

We, YOBBAFIC, are halfway through the product creation process. Next we will need to generate funds and manufacture our product. I cannot wait to see the physical manifestation of our product FLUSHIES, as we are still undergoing the product development stages. We have been pointed in the right direction and we are only heading forward. Honestly I am hopeful. Stay tuned for my upcoming blogs to how everything really unfolds!

 

 

 

Links:

‘’ Competitive Pricing’’

https://www.investopedia.com/terms/c/competitive-pricing.asp

‘’ Pricing strategies’’

https://en.wikipedia.org/wiki/Pricing_strategies

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