(Sorry, I'm not good at speaking english)
You are right. You have to use the define
$$
\sigma_1 \cdot \sigma_2 = \sigma_{1,x} \, \sigma_{2,x} + \sigma_{1,y} \, \sigma_{2,y} + \sigma_{1,z} \, \sigma_{2,z}
$$
But you have the wrong answer, let's see.
Maybe it's hard using that components and easier using ladder operators, define as
$$
\sigma_{1+}=\sigma_{1x}+i \, \sigma_{1y} \quad \quad \sigma_{1-}=\sigma_{1x}-i \, \sigma_{1y} \quad \quad \sigma_{2+}=\sigma_{2x}+i \, \sigma_{2y} \quad \quad \sigma_{2-}=\sigma_{2x}-i \, \sigma_{2y} \quad \quad j=1,2
$$
or
$$
\sigma_{j,x}= \frac{1}{2} \, \left[ \sigma_{(j,+)}+\sigma_{(j,-)} \right] \quad \quad \sigma_{j,y}= \frac{1}{2 i} \, \left[ \sigma_{(j,+)}-\sigma_{(j,-)} \right]
$$
whit this relations
$$
\sigma_{j,+} \left|\uparrow \, \right \rangle_j= 0 \quad \quad \sigma_{j,+} \left|\downarrow \, \right \rangle_j= \left|\uparrow \, \right \rangle_j \quad \quad \sigma_{j,-} \left|\uparrow \, \right \rangle_j= \left|\downarrow \, \right \rangle_j \quad \quad \sigma_{j,-} \left|\downarrow \, \right \rangle_j= 0
$$
Then you know that
$$
\sigma_{1,x} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =\frac{1}{2} \, \left[ \sigma_{(1,+)}+\sigma_{(1,-)} \right] \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 \quad \Longrightarrow \quad \sigma_{1,x} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =\frac{1}{2} \, \left|\downarrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2
$$
$$
\sigma_{2,x} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =\frac{1}{2} \, \left[ \sigma_{(2,+)}+\sigma_{(2,-)} \right] \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 \quad \Longrightarrow \quad \sigma_{2,x} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =\frac{1}{2} \, \left|\uparrow \, \right \rangle_1 \, \left|\downarrow \, \right \rangle_2
$$
$$
\sigma_{1,y} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =\frac{1}{2 i} \, \left[ \sigma_{(1,+)}-\sigma_{(1,-)} \right] \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 \quad \Longrightarrow \quad \sigma_{1,y} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =-\frac{1}{2 i} \, \left|\downarrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2
$$
$$
\sigma_{2,y} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =\frac{1}{2 i} \, \left[ \sigma_{(2,+)}-\sigma_{(2,-)} \right] \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 \quad \Longrightarrow \quad \sigma_{2,y} \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 =-\frac{1}{2 i} \, \left|\uparrow \, \right \rangle_1 \, \left|\downarrow \, \right \rangle_2
$$
$$
\sigma_{1,z} =\left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 = \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 \quad \quad \sigma_{2,z} =\left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2 = \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2
$$
So finally have
$$
\sigma_1 \cdot \sigma_2 \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2= \left|\uparrow \, \right \rangle_1 \, \left|\uparrow \, \right \rangle_2
$$
Of course for anothers eingvectors it will be diferent