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Faizal Khan and Gary Hillman approach the Den rather unprepared in a conventional sense. They are not talking cashflows, returns on investment or operating plans.

Rather they have the look of a young married couple who return from the hospital with their first born and are showing her off in the neighborhood - "isn't she beautiful?" Equally, "techies" can sometimes make their way into my offices or the Online Den with the latest whiz bang toy, gadget, clever online service, and have no plan as to how to commercialise the gadget. This is the "build it, they will come" school of entrepreneurship. It rarely works.

I encounter a lot of people who want the luxury of spending other people's money. They believe that somehow if they have the gumption to set up a business, that should entitle them to some investment somewhere.

But securing investment is one of the hardest things you'll ever do, and managing a relationship with an investor will be one of the most important in your life. Some liken it to a marriage. The divorce can be just as nasty.

What Faizal and Gary do have however is an asset. Peter Jones mentions the 1960s great British classic cars, and that is what they must exploit - those afficionadios whose passion for the British classic car will drive them [pun intended] to purchase the Peel small roadster.

It is true that they could build this into a larger brand from which they could spin out board games and other character branded merchandise. That would take considerable money to do.

James Caan's investment shows that you can't predict at all when that coup de foudre happens. You can and should be as prepared as possible, but sometimes the stars really are aligned.

James clearly has a hunch that Faizal and Gary have - by accident or design - stumbled across a unique item which - if managed carefully - can be properly exploited. He checks that there's demand from the leisure parks with 15 million people walking through them, and clearly likes the two entrepreneurs.

Faizal and Gary shine brightest in the negotiation as they show that they know how to protect their equity. They counter James' £80K for 50% with a £80K for 30% plus two cars which could be sold off. This has the dual effect of helping James to see that they are savvy despite their unpreparedness in the business planning, but also secures James into the business more tightly. It's a smart move on the part of the entrepreneurs.

This episode mostly reminds me of falling in love - you absolutely can't explain it when it happens. It's the way that someone is, but you just see something that others don't. Faizal and Gary clearly had that coup de foudre when they saw the Peel car originally, and now James joins them in their unique adventure.

Last updated: 16th August 2010

These are the views of Julie Meyer, not those of the ³ÉÈË¿ìÊÖ