Questions you have to answer correctly to get funding for your startup

Re:Questions you have to answer correctly to get funding for... by GoranDuskic on Thursday December 22, 2011 @06:22AM (#3381178)

@amirmc Actually we were asked that question (outsourcing your project) couple of times. There are few more than tricky questions. You really have to think hard when someone asks you "What if someone copies your service, and offers it half the price?". Every question is a different test.

@ofca I totally agree! If you don't know the "WHY" there's no point in starting anything! There are lots of other important questions as well.

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Re:Questions you have to answer correctly to get funding for... by BerislavLopac on Thursday December 22, 2011 @07:59AM (#3381375)

I once read a great comment that when a VC asks "what would you do when Google enters your field", the best answer is "what would you do when Google enters yours"? http://www.googleventures.com/ ;)

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Re:Questions you have to answer correctly to get funding for... by amirmc on Thursday December 22, 2011 @11:11AM (#3381975)

Bok! If anyone had asked me the 'outsourcing' question I'd assume that they don't really understand how difficult it is to actually build a business. Furthermore, I'd assume that the person asking me that question, didn't attain their wealth by starting and growing their own company (which would lead me to other questions).

However the question "What if someone copies your service, and offers it half the price?" is an excellent one and is basically getting at what your advantage is. It's not the same as 'outsourcing' in my mind.

You should also bear in mind that you should be testing the investor also. It needs to be a two-way street unless you're only after 'dumb' money (although dumb money probably comes with dumb advice too).

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