British interior designer Kelly Hoppen added some creative fire to the latest series of Dragons’ Den and, having begun her career at the age of 16, she’s got a thing or two to teach today’s young entrepreneurs. Here, she shares her tips for our small business owners and community members looking to secure investment and expand their businesses.
Is running your own business something you’d always wanted to do?
Every since I was young I have always been independent, so I feel that running my own business was something always destined for me – I like to be my own boss.
You've expanded your business into a range of different areas, including yachts, homes and jets, as well as having your own home accessories and books – and that’s just for starters! How did you decide which directions to expand in?
I didn't really decide – different opportunities were presented to me and, as a business woman, I chose what I thought would expand my career in the most positive way.
What would be your advice for other business owners wanting to diversify their businesses like you have?
There are so many things to consider. Mainly it’s about whether or not you think the idea will be successful. Take a look at other similar business and check how they have successfully diversified in the past. A lot of research is always key, don’t just take a risk without looking into all the pros and cons.
What are the biggest mistakes you've seen business owners make when pitching their businesses to the Dragons and to investors in general?
Not being prepared enough. We are there to fire questions at you and if somebody starts um-ing and ah-ing it can be off putting. It either demonstrates a lack or preparation or a lack of confidence, neither of which are positive attributes to have.
Do you have any top tips for a successful pitch?
I like someone who’s sure of themselves and their idea, and who doesn’t just listen to the Dragons’ advice, they actually take it on. Someone who is too stubborn will never succeed – they need to keep an open mind.
How crucial are entrepreneurs to the UK economy? And what steps would you like to see the government take to aid them?
They’re extremely crucial. I believe that young people today don’t have enough opportunity in the working world, and so branching off and starting something for themselves is a fantastic idea. I am part of the Princes Trust which is a charity which helps the younger generation better their business brains in order to one day start up their own independent company. It’s a great charity that I am proud to be a part of; it works very hard to help young people.
What are you looking for when it comes to choosing businesses to invest in as a Dragon?
Someone who is passionate and confident, someone who believes in themselves as well as the business. As a Dragon, I have to remember that it is my money that I’m investing at my own risk, so I need to feel 100% reassured that we, as a team, will succeed.
Who inspires you in business, and why?
My mum, Stephanie Hoppen. She has always been such a hard worker and successful individual in her business. I also admire individuals like Ralph Lauren and Donna Karan - they have stuck to their brand and philosophy for years – it’s all about longevity and timeless design.
Have your say
On Dragons’ Den, Kelly is tasked with watching a number of business pitches and deciding whether or not to invest her money. What are your top tips for a successful business pitch? What would a business pitch need to encourage you to invest?