Assuming that everyone should know the answers to simplest questions in a startup environment should not be taken a given. Asking questions and finding solutions is what entrepreneurs do. Young minds that are in the field today are so caught up with complex ideas that sometimes the basic structure or backbone of the startup is not set up. We have immersed ourselves in the complexities and often forget to see the simple solutions to problems. Entrepreneurs need to understand that there is no such thing as a “dumb” question. It’s true. Every question has a valid source of inquiry and has a solution that will help you unlock the mystery of startup fundas.
Dealing with investors
Your idea is new and exciting and you want the investors to take you and the company seriously. Before you approach an investor, be sure you have done enough research on them. Their last investments, their demands, their way of working etc. These are questions that will save up a lot of follow up with your investors because once you know answers to these basic questions, you know how to approach them and with what strategies.
Deepali Naair, Advisor IAMAI, says, ”Bring numbers to the table. Women often pitch their venture in terms of passion and hard work, but investors want to listen to numbers.”
The five ‘whys’
Ask enough whys and you will get to the needed answer. Entrepreneurs need to do this exercise with most of the decisions they make for their start-up. Building a brand takes time, energy and thought; the thought can only be thorough when it has gone through enough screening processes. The ‘why’ does that filtration that is needed for an idea. Why do you need it? Why should the users choose us? Why is our content the certain way?
Pin pointing specifics
Maximum utilisation is only reached when you have exhausted all the possible doubts and queries in a plan. As a start-up entrepreneur, before implementing a plan, asking minute details becomes significant. Your plan may be complex, but it needs to be broken down into simple language that your team can also understand. Sometimes the nitty gritties lag development, and with a thorough simple hack of asking simplest questions can give you a push in the game. Lucy Gadkari, founder of Moodoo says, “Building a team is of utmost importance in a start-up. If you have a strong team, your business is bound to grow.”
When you’re starting out, you have to know you are in a new field that is probably going to make you feel uncomfortable. When you’re discussing technicalities of your start-up, don’t be afraid to ask if you don’t know certain concepts, terms that may seem like jargon to you. Registering your company? Ask your CA questions that will help you understand the process better. Know laws, policies that work for your business. These are some basic study that one needs to do.
What kind of a company?
The most basic question any entrepreneur has is about registering the company. You may think you have this figured out until you listen to the types and categories of companies.
- One Person Company
- Private Ltd. Company
- Partnership Company
- Sole Proprietorship Company
- Limited Liability Partnership
Be sure to know what these means. Discuss what are the pros and cons of choosing one over the other and make an informed decision.
We believe everyday adds to the learning curve. Entrepreneurship is a great way of discovering our own ideas and capabilities. The last thing that should come in between us and that are silly questions!