I was messing around yesterday in my last post; below are some real questions you could very well encounter when briefing VCs.
The excerpt comes from Guy Kawasaki's book, The Art of the Start. It's an excellent MUST read for anyone starting or thinking about starting a business, whether or not you will seek funding. It's filled with great tips, advice, information and what I considered to be Guy's sarcastic humor (which I absolutely love).
Can you guess who is the VC and who is the entrepreneur in the picture?!?!
| Investor Trick Question | What you Want to Say | What You Should Say |
| “What makes you think you’re qualified to run this organization?” | “What makes you think you’re qualified to run this venture capital firm?” | “I’ve done OK so far, getting us to this point. But if becomes necessary, I’ll step aside” |
| Do you see yourself as the long-term CEO of the organization?” | “What did your limited partners see in you?” | “I’ve been getting focused on getting out stuff to market. I will do whatever is necessary to make this successful—including stepping aside if needed. Here are the logical milestones at which we can make this transition… |
| “Is ownership control of the organization a big issues for you?” | “I’m going to be putting in eighty hours a week to make this successful, and you’re asking me if I care how much of it I own?” | No, it’s not. I realize that to make this successful, we need great employees and great investors. They all need have a significant stake. I will focus on making the pie bigger, no on getting or keeping a big part of the pie.” |
| “What do you see as the liquidity path for the organization?” | “An IPO that sets a new record for valuation for NASDAQ!” | BUY THE BOOK FOR THE ANSWER!! Aren’t I mean… |
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