How did you overcome the hardest challenge when you run this business?
this post was submitted on 04 Dec 2023
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How you did scaling that fast?
How did you get started?
What was the action that changed their direction after which there was no looking back? - finding a mentor, getting a big ticket client, inventing something
What do they look in someone before hiring them or making them their business partner and how important is the understanding of human nature in business
If you could give anyone one piece of advice to ensure success, what would it be?
What’s the top 3 things you wish you did (or changed, or didn’t do) early on?
What would you tell yourself if you could go back X years?
I‘d only ask on thing:
„Is it possible for you to invest 2 M to replicate your success and have me do it? You bring the plan and the seed money, I‘ll execute. We‘ll split profits“.
There's already a company which does the exact same thing. And has been doing it for decades. It's called Forbes. Might want to have a look.
I wouldn’t ask them anything because most business owners I work with and have come across do things quite poorly, and in many cases their success is despite their bad management rather than because of it, and is facilitated by people under them. I’d rather ask successful people who are slightly under them hierarchically (i.e., second or third in command) and would probably get more practical value out of whatever question I even would ask.
Second, one question does nothing. What’s more valuable in my view is having a person explain their thought process or methodology/approach rather than asking them a single linear one-question zinger.
Can I borrow a 100 million for this cool idea?
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What are the various ways to get early adopters and how effective are those?
How do you decide when to go all in?
"Can I ask you six more questions?"
Who were your parents
I’m always most interested in the non-business question: was there a toll on your personal life/relationships and, if so, was it worth it?
Survivorship bias interviewing successful/viable business owners but always interested in the answer.
What drove you to £100m when you could have easily tapped out much earlier with less risk/stress for say £10m? I’m currently wrestling with this Q - I can sell my business right now for enough cash to live very comfortably for the rest of my life. However, for some reason, I want to roll my equity over and keep growing the business - even though there is a risk I could be left with nothing (technically unlikely but you get the drift).
- How do you build trust with your first customers?
- When bootstrapping a product business, what are the drawbacks of augment cashflows by doing consultancy, jobs on the sides and how to mitigate them?
What percentage of your success would you attribute to just being lucky? (E.g Born to a good family, being in the right place at the right time, having growing customers, having good stakeholders etc)
I had the opportunity to ask a question in this scenario. He was in FineTech industry, I'm in the film business. I just met him very randomly and my question was, I'm having some challenges scaling, how did you achieve scale? He responded "I have no idea man, I make 0.02 cents on every transaction."
I certainly enjoyed my conversation with him but I walked away better understanding that each industry has its own challenges and not all skills as an entrepreneur translate to different industries.
I would ask what he would do if he had a 9-5 job and had no money saved