1. Know your Dragons

Research every dragon and what their specialties are in order to design your pitch to appeal to them. By knowing who you are pitching to, you can decide who you would be most likely to attract and who would be best suited for your business. Mine was Ramona Nicholas, the head of one of the largest pharmacy chains Ireland. I also had my sights set on Gavin Duffy, who brought a start up tanning company from zero to over one million sales. As I designed my pitch towards both of these dragons, they were both willing to offer me an investment. 

2. Know your pitch off by heart

I cannot stress this enough. First impressions count and this will be your first form of communication with the dragons. I probably practiced my pitch over 500 times and to the very last detail. You will be given a pitching coach, but usually only on the day of filming. I hired one before the show and I would advise others to do the same. Be sure to practice in front of people and record yourself- ensuring to also pay attention to body language. Speak slowly and act confident. If your presentation is smooth, you’re far more likely to be a winner. 

3. Sell yourself as well as your product

Many dragons are looking for a great entrepreneur, as well as an excellent business idea. Everyone has heard of the notion of investing in the person, not the business. No matter how great your idea is, if you do not come across as competent, likeable and professional, then you are highly unlikely to gain the confidence of the investors. You must impress these people- be charming, extremely enthusiastic about your business and entice them through what you have achieved so far. It is one of the most nerve wracking experiences, but if you fake confidence through your nerves, I can guarantee it will work.

4. Know your numbers

It is important to know your turnover, costs, profits, so on so forth, completely inside out. I had to memorize figures down to the very cent of over 20 products. The reasoning behind this is that in the heat of the moment, you can melt under pressure and actually forget everything. You must be completely confident that  the stress of being put on the spot will not effect you, even if this means being able to recite the numbers in your sleep. 

5. Be honest and realistic

The dragons are not gullible. If you are thinking of valuing your business at $1 million in the next year even though you’ve only made two sales then you’re simply going to be laughed out of the room. Ensure you have realistically calculated your company’s worth and be able to back it up with facts and figures. The dragons appreciate honesty and understand the challenges that entrepreneurship has.

6. Prepare for surprises

There is so much that you are not told before you appear on the show and the entire outcome is unpredictable. You may have to arrive in the middle of the night to prepare for filming the next morning. You will film parts of your entrance hours before you even get near the den. You don’t get to see the den or your setup until you walk in and remove the board covering it. Your microphone may malfunction- I was stuck standing in silence for 15 minutes before I could even start my pitch (this was actually a good thing because it calmed my nerves). There are 2 minute silences in between each question. You have to attend numerous events and meetings if you’re successful on the show. The list is endless.

All I can say to anyone wishing to do this is that it will be one of the most difficult, yet most rewarding experiences of your life and it will provide endless opportunities for you to succeed. 

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I wanted to share a few (non-academical) insights I learned from my experience that may help others who are looking to start a business while being a student.

1. Stop wanting, start doing.

Many people will try to tell you to get a job within the industry you wish to start your business in. This may be all well and good to gain a greater insight, and if you feel your confidence may be lacking and want to gain experience first, then this may be more suited for you. However, if you have a business idea and it’s related to an industry you are interested in, then your passion will help you to drive your success. There is no point talking about an idea for months without putting anything into action. Even small steps, like creating a social media page, all input towards overall growth. People may say the “just go for it” mentality is immature and not well thought out. So what? We are young, we are stereotyped to already lack responsibility and think this way, so you might as well use it to your benefit while you can. 

2. Figure it out as you go.

This was my entire mentality for my business. Business is a fluid, constantly changing pursuit. Don’t try and plan everything out, just get started. Fail until you get it right. You’ll ultimately grow into a better business owner by embracing failure, taking action and learning from it.

3.  Utilise your student status.

I cannot stress this point enough. The majority of start up companies by students are small and do not require much capital. More than likely, students will be selling knowledge they already have or a product they already know how to produce. If capital is required, there are plenty of ways to get it, such as through a student enterprise initiative or local start up support companies. Once you have started your business, emphasize that it is a student enterprise. This is one thing I can promise you that will work. People will want to support you. You are young and showing initiative, use it to your advantage. 

4.   Know that it won’t be easy.

There will be times you will want to throw in the towel. There will be times where the pressure builds up and you have 100 things to do, as well as trying to stay on top of assignments and coursework. When all your friends are going out, you have to stay in to write business plans. It happened to me numerous times. The night before I was due to be on Dragons Den, I had a breakdown and tried to give up. In these times, you have to remember why you started in the first place. Keep your goal in mind and always think rationally- if you gave up, all your hard work and progress until then would go to waste.

Also remember that you start the process for your benefit. Many students have the mindset that giving up something that has no benefit to you (a night out getting drunk) is a burden when replaced with something that does benefit you (working on your business). This mindset needs to go before you even think of your company’s name.

5.  Believe in yourself.

Think of it this way, nobody actually knows how the world works. How does anyone know whether they will be successful or not? The only way to find out is to try. The only person stopping you from trying is yourself. If you truly believe in yourself and believe you will succeed, you will attract and achieve aspects that contribute to your success. If there is even a shadow of a doubt, it can outweigh all of your positivity. Many students have created businesses and succeeded, there is numerous amounts of proof that it is not impossible. 

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 Student Enterprise Awards Final

The night before the final arrived and I was up all night perfecting my pitch, point of sales stands and presentations. The day came and I was competing against over 50 other companies (all set up by students). I remember being one of the last people to be interviewed by the judges and I tried my best to nail it, despite my nerves.

The hard work payed off as I received my first award for my business.

I was grateful for this and proud of what I had achieved, but a part of me was telling myself that it wasn’t enough. All of the other students discontinued their businesses and just shared whatever profits they had between them. I knew if I wanted to be successful then that wasn’t an option for me. But I couldn’t succeed by myself. My ambitions were high and I was out of my depth at only 15 years old. I needed investment and expertise from someone who had the resources and knowledge to help me. I remember growing up always watching shows, such as Dragons Den and Shark Tank, and always imagined myself being on them. I just never had an idea to present to them. Until then. 

After hours and pages of application processes, I was finally shortlisted to the top 250 candidates and was invited to the all Ireland final, in Dublin, where I had to present my business to a panel of judges. The competition was very strong, but I believed in my business and portrayed that as much as possible in my presentation. A week after the final I had not heard anything, and I knew only 8 people would be shortlisted, out of the 250, to be put through to the show. My chances were slim, and I was giving up hope. Until I came home that evening from school and opened a letter that was left for me.

“Emer, Congratulations. You’re going to be on Dragons Den”

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I researched different industries in order to uncover potential gaps in the market to exploit (that would be within my capabilities). I wanted to create a business that I would be passionate about, could solve a problem and could help other people. One problem that stood out to me personally was that I realised that a lot of people, including myself, had sensitive skin and found it hard to get good quality, affordable skincare products for their skin types. This is when I came up with the idea: All natural, handmade beauty products which contain no harsh chemicals or preservatives. The range would include a variety of products including moisturisers, hand creams and lip balms (all fragranced with essential oils). As the cosmetic industry is enormous and still growing, I believed there was a niche in this market for a product like mine as many people are becoming more aware of the benefits of using natural products. 

I wanted consumers to become more aware of the toxic chemicals used frequently within beauty products and the harmful effects they have on health. For example, a recent study showed that the average woman applies over 515 synthetic chemicals to her body every day. I wanted my company to allow for individuals with sensitive skin not to feel excluded and have a lacking variety in relation to choosing products for everyday use. 

With help from family, friends and health professionals, we trialled and tested a variety of recipes for the products. This involved late nights, long hours, disagreements and stress, until I was completely happy with the combination that was achieved. This was all the while packaging,  branding, labelling and marketing had to be completed. 

A few weeks later, I booked a stall at a local event to promote my brand and sell my new products. 
I sold out within a few hours.

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I realised my dream when I was just 14 years old. I decided I wanted to start my own business. I had no experience, no knowledge in business, no resources- all I had was a belief that, somehow, I would do it and I would be successful. I was still in the mind space where anything was possible. When I told others of my ambitions, they would act supportive, but in reality I may as well have been a four-year-old telling them I was going to work for NASA. 

As a full time student I didn’t know how I was going to succeed in school all while launching a business. I had never even attended a business class in my life, nor had I ever had an actual job before. Eight years later I still do not know how I convinced myself my dream would become a reality, but I’m glad 14-year-old me believed in herself. 

Surely enough, I found myself faced with an opportunity. A group of ten students in my school, including me, were approached to enter a local student enterprise competition where you had to create a business, market and sell your product.  We were given a brief outline of what starting a business entailed, but we had to do everything else ourselves. 

All that we were given was 50 euros each.50 euros to create an entire business from scratch.

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