Being quite a fan of entrepreneurial investment reality TV show The Dragons' Den, I was chuffed to see that they were showing back-to-back episodes on cable TV last weekend. (In case you're not familiar with it, the idea is that budding entrepreneurs pitch to a panel of 5 successful business folk - the "Dragons" - and try to persuade them to invest in their idea or business.) Seeing so many together, I picked up on something I'd not really noticed before. Peter Jones, one of the Dragons, is really picky about appearances.
You can see his point of view. Complete strangers come before him to say, "Here's my idea, I'd like you to trust me with £150,000 of your money to turn it into a lucrative business." He's going to want to get the impression that they know what they're talking about and are committed to doing whatever's necessary to make it a success. And presentation's part of that. The ones who turn up in jeans and a shirt, unless they have a really brilliant idea, often get a roasting from him on that very point.
Most people take it in pretty good part, and chalk it up as a lesson learnt. There was one guy though who got incedibly prickly and defensive about it. Actually he sounded rather like a teenager pouting and insisting he had a right to dress how he liked. The Dragons were being utter brutes. He really felt he DESERVED their money, and virtually had a tantrum when he didn't get it. It was almost "The only reason you won't give me your money is you don't understand me."
Unfortunately he didn't get that the thing about business is that it's not personal. If it has rules and conventions you're expected to follow, that's not an attack on your individuality.
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3 comments:
Yes, Mark, but on the other hand didn't that navy pin-striped Saville Row Peter Jones look go out with the business alpha-male dinosaur?
I agree there are times when it pays to wear navy and black (eg visit to bank manager)but the vast vast majority of successful entrepreneurs wear nothing more elaborate than jeans and jacket these days.
I really believe that what is essential is finding an investor that understands you and your business; if you meet an angel investor and they don't accept you for what you are then you would be very unwise entering into an investment relationship with them. No matter how much money you are offered.
Business is tough enough without an investor breathing down your neck every day because you're wearing the wrong shade of navy.
Regards
Rachel
Hi Rachel
I totally agree. Understanding is vital in anyone you do business with, but especially your investors. Of course, that needs communication.
What struck me about the guy I picked on in my post was that he didn't seem to realise that the communication needs to be two-way. It's about self-expression, but it's also about listening. He seemed really unwilling to listen, and got very prickly at the first whiff of what he thought was criticism.
The clothes issue only came up after that, but it seemed emblematic of his attitude. I don't condemn his choice of clothing as such. (I'm not an afficionado of navy in any shade myself.) But his reaction to Peter Jones's comments seemed to show that he didn't understand the people he was asking for investment from.
By the way, I also agree that the whole idea of the alpha-male - whether in business or elsewhere - merits dinosaur status.
Cheers
Mark
One of my oldest friends (well - what I mean is one that I have known for longest - not that his middle name is Methuselah or anything) has a very successful career by any standards.
He loves his work, gets a sense of achievement from it, is paid the same as the GDP of a small island nation, his hours are flexible and he gets to fly 1st Class.
I know him well - he is a smart guy, personable and engaging. But he isn't a master of the universe. So I asked him what he attributed his success to.
"In business" he said "There are only two things you can really control. Where you are and what you look like. So, always be on time and always wear the best possible suit. People treat you differently if you have a really good suit on."
It's worked for him, anyway!
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