10 Questions for Student Entrepreneurs
“Remember teamwork begins by building trust. And the only way to do that is to overcome our need for invulnerability.”Patrick Lencioni, The Five Dysfunctions of a Team: A Leadership Fable
Howdy! We’re Prudhvi & Abhinay: Co-Founders Of WissionTalks, We spend a lot of time meeting with Student Entrepreneurs, founders, learning about different markets, and listening to dozens of pitches.
After collective assembly with hundreds of Understudies Business people, we’ve found that there’s a lovely little set of straightforward questions we require to inquire about the structure of our considerations. We wanted to post a few of these questions online, with trusts that they can be supportive of current founders.
1.Who are you?
This should be no surprise. When we are watching early-stage student-run companies, typically the foremost important thing to us is that the team, since it’s often hard to assess the market and merchandise potential at such an early stage.
2.What is the main point you’re addressing?
You’ve probably heard some version of Maslow’s law of the instrument before: “If you’ve got a hammer, everything seems like a nail.”
Reinterpreted for startups: Don’t fit a product to a problem. Lead with a true problem faced by real people and show us how your company arises from that.
3.What are you building?
Having secured group and torment focuses, we’re getting to need to listen to almost the arrangement. Having a brief portrayal is imperative, and being able to clarify what that will be now, and a small whereas into long run is additionally helpful.
4.Is this issue best unraveled as a company? And is this a highlight or a product?
A companion of our own once opined that “doing a company ought to be the final choice you seek after when understanding a problem.” If the issue can be illuminated by moving a propensity of composing up a great instructional exercise online, do that instep; indeed if it can be way better unraveled by composing a plugin to a popular piece of the program, do that instead. If, and as it were on the off chance that, the issue will be best unraveled by making a company to create and support an arrangement, that’s once you ought to seek after that.
5.What have you achieved in the last few months?
We want to listen to about how hard you’re hustling. If you come to us and say you have a great idea, don’t need capital, but aren’t going to start until you have it that shows us a wild lack of confidence. Show us that you’re driven by this problem and that you will solve it with or without us.
6.Why are you the one to build it?
Establishing a firm is hard. With very few exemptions, you are not the first to either consider this space or build a company in it.
do you think you’ll be able to?
This is particularly essential for college students wanting to form organizations in places most college students know little about it. If you’re trying to build a product for advertisers, Are you qualified? For these being, there are many instances seen in college students disrupting the fields they had with no formal experience but explain to us like are you a passionate or what is your unique insight or experience.
7.Can you design it yourself?
If you’re building a technical product, one of your cofounders is better in the technical stuff. If you’re building a company that uses “machine learning”, we’re going to ask which type of algorithms you’re using, who your ML person is, how long they’ve been in the field of Machine learning, and so on.
8.If you have a cofounder, How is your relationship?
So many great partnership ideas go up in flames because the co-founders start fighting while running the company becomes difficult (i.e. user acquisition struggles, hiring struggles, the difference in leadership styles, the difference in visions, etc). How long have you both known each other? How did you meet? Have you successfully worked on numerous projects before? Most importantly, are you actively working on the well-being of your relationship? What steps have you ever taken to create a sustainable and trusting partnership?
9.What’s your go-to-market?
Getting someone to initially trust your company is tough. How are you getting to get your first few users? This is orders of magnitude harder if you’re building a two-sided marketplace. Think about in which way to reach out with individuals or small groups of users and get used to grow from there (and no, “all their friends will also join the service at an equivalent time” isn’t an honest answer).
10.Why is it justifiable?
Consider that your company goes well, and you begin to scale and gather varied users and you are making 100s of billions a year, what you can do to stop a large competitor from rolling out an equivalent product? How will you build defensibility at that particular time so that someone else can’t straight away copies of the company? Does your product benefit from network effects?
These are few questions which are been mostly viewed by us when we have met varied student entrepreneurs, founders, and many great business individuals