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In this exclusive Q&A, the hard-nosed investors of CBC-TV’s Dragons’ Den identify what too many entrepreneurs get wrong — and why they have trouble getting it right.
Arlene Dickinson, President, Venture Communications, Calgary
The second season of Dragons' Den welcomes a new face to its investor panel. Arlene Dickinson is president and CEO of Calgary-based Venture Communications, a marketing communications firm with 2006 sales in excess of $24 million. Dickinson, who ranked No. 18 on PROFIT's 2006 list of Canada's Top Women Entrepreneurs, joined Venture as a partner in 1988, become sole owner in 1998, and transformed it from a local operation into one of Canada's largest independent marketing firms, with offices in Calgary, Edmonton, Toronto and Ottawa.
What's the best business mistake you ever made?
Not spending more time looking at how traditional agencies are structured. It was a mistake to not understand agency structure better. But, as a result, I've created a structure that's unique and actually answered a market need.
Complete the following sentence: You can tell I'm interested in your opportunity when...
I start talking about the future.
What's the fastest way to turn you off a pitch?
Misplaced arrogance.
Which Dragon would you least like present to?
Probably Laurence. He's incredibly strong with numbers, so if you don't have your numbers together, he'll get you every time. I think he sees balance sheets in 3-D.
What's the most common fundraising flaw you see in entrepreneurs?
Having trepidation. The ones that are held back despite having a good idea don't have confidence.
What element is most commonly missing from entrepreneurs' pitches?
Reality.
What's the best business lesson you can share with aspiring entrepreneurs?
What drives a business forward are confidence in who you are and what you believe in, and competency in terms of being able to deliver.
What's the key to startup success?
Not being underfinanced or stretching yourself too thin by trying to do too many things.
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