Why Products Fail

Since writing my blog below about Peter Jones' new show Tycoon, I set up a Google Alert which has since sent me every online piece documenting - in excruciating detail - the failure of Peter's latest TV project.

When you are entrepreneur just starting out, at least you can mistakes (and there always will be mistakes!) in private, whereas we 'Celebrity Entrepreneurs' are always under the full and often embarassing glare of the media spotlight.

Although I actually feel for Peter, having been through my own very public 'media meltdown', nonetheless it did prompt me to think about what makes a great product (whether that be a TV programme, or any other creation out of which you intend to make money).

When the Dragons were first approached by the BBC and introduced to the talented producer Martyn Smith, who had been commissioned to create the concept for Dragons' Den, I think we all expected an X-Factor type show in a studio at White City.

Instead we were sent to a desolate warehouse in one of London's less safe suburbs, sat on mis-matching chairs in a bleak set and had no real instruction on what was about to unfold.

But when the first series of Dragons' Den was aired back in January 2005, it was clear just from watching episode one that the BBC had a hit on their hands. Although it was quite raw and the entrepreneurs weren't brilliant, to me that first series was by far the best - it had a great energy; the Dragon egos had not become bigger than the Show itself and the entrepreneurs were truly desperate for funding and support - not just after a free primetime TV ad.

In short, Martyn Smith threw out all conventional TV wisdom - and took the risk to create something briliantly innovative and original, which would change the way business TV programmes were conceived forever. And the BBC has been milking the formula relentlessly ever since (in fact, some would say the cow has long since run out of milk).

The reasons why Dragons' Den was such a success are exactly the same reasons why Tycoon - and many other products like it - failed.

Playing safe and following what others have done before may seem like a solid option to achieve success, but in business it is actually often the riskiest approach you can take.