So here we were all geared up for our Mock Dragon’s Den. All five of us gathered up before the pitching day and we had a lot left to do. The idea was finalized but preparing a pitch around it was not an easy task to do as there were a number of guidelines to follow and a lot was told in class that we had to keep in mind while preparing.
The first thing we did was we prepared a list of probable questions that arises in concern to our product and that could be asked to us by the judges while we present. Since we were not ready with the pricing and material of the product we exactly knew what questions we need to prepare. The questions that we had prepared were as follows :
Q1. Who will buy the product i.e. the target customers ?
Q2. Who are the probable competitors ?
Q3. How will you attract your target customers ?
Q4. How will the product be distributed or made available to the target market ?
Q5. What are the long term plans with this product ?
Q6. How do you plan to expand the business or grow ?
Q7. What is the production cost of your product ?
Q8.What will the price for the product be ?
Q9. How much investment will be made on this product and what returns and profit are you expecting out of this product ?
Q10. How do you think this product will have a long lasting sale ?
These were a few questions that we came up with and then we figured out the answers for them which took us long since we had to research a lot for it.
Then finally after a lot of discussion and a lot of pondering upon the pitching idea we came up with the idea of preparing a small introductory pitch about what our product actually is and how it functions and all details about it and along with it we prepared a small skit where we were supposed to enact a small scene in front of the judges and the audience giving our product a more realistic view through our enactment. We thought this was a brilliant idea for pitching and we moved ahead with it.
A lot of practicing was required before we could attend the Moc’s and so we did practice in the library. The introductory pitch was ready soon but the enactment part was tough as we had to come up with a lot of ideas for enactment to make our product appear like it already exists in the market and people already are using it. So after spending a lot of time over it we prepared a script for the skit and then rehearsed among ourselves.
We had our prototypes ready by then and then we printed leaflets for the judges with all the necessary information of our product so we could present it to them before we start our pitch, we thought it would be more professional to do so and would leave a lasting impact. So this is how we spent the day before the Mock Dragon’s Den. We hoped for the best and so did we get.