Have you got what it takes to be a Dragon?

Quite often we are approached by schools, colleges and other organisations running enterprise competitions who are looking for experienced entrepreneurs to judge the pitches. If you are taking part in a Dragon’s Den style event why not get some tips from Make Your Mark Ambassador Alex Tew and hear what he had to say about supporting the Ideas Igloo Road show as a judge!

Tips from Alex Tew, Million Dollar Homepage

How to judge an idea

“Is it simple to understand? That’s really important. How big is the opportunity? That’s also important - whether the idea addresses a big market or a small one, a local market or national or international one. Is there anything similar? Looking at competition is essential, what are they doing right and what are they doing wrong?”

What sort of questions should you put to young entrepreneurs?

“Aside from the questions around the specific idea and market, it’s important to assess the attitude and ability of the team - are they the right people to pull it off? Will they persist or give up?”

How do you know an idea is any good?

“A mixture of gut feeling and then a more conscious analysis - by finding out about the market and plans for an idea.”

What did you learn from judging the ideas?

“I learnt a lot about how enterprising young people really are in this country, and how given the opportunity to come up with and explore ideas, young people can be incredibly motivated and focussed. We need to do this more throughout the country”

What are your top tips for aspiring entrepreneurs?

“Take action - just try something out! If it doesn’t work out, you’ll learn loads. Then next time, you’ll be better prepared and more likely to succeed. Keep going regardless of what people think!”