Asking the right questions is key to understanding a startup and its potential for success. As a potential investor, employee, or partner, it's important to ask thoughtful questions that go beyond surface-level information. Here are some great questions to ask founders:
What inspired you to start this company?
Asking about the founder's motivation and inspiration can help you understand their vision for the company and how committed they are to seeing it through.
What is the problem you are solving?
Understanding the problem the startup is trying to solve is crucial in assessing its potential for success. This question will also reveal the founder's understanding of their target market and the value proposition they are offering.
What is your unique value proposition?
This question will help you understand how the startup is different from competitors and why customers should choose their product or service.
How do you plan to acquire customers?
Acquiring customers is a critical component of any startup's success. Understanding the founder's plan for customer acquisition will help you assess whether the startup has a viable business model.
What are the key metrics you are tracking?
Understanding the metrics the startup is tracking will help you assess whether they are on track to achieve their goals and how well they understand their business.
What is your go-to-market strategy?
A go-to-market strategy outlines how a startup will reach its target audience and generate revenue. Understanding the startup's go-to-market strategy will help you assess their potential for success.
What are the biggest challenges you are currently facing?
Asking this question will help you understand the obstacles the startup is facing and how well the founder is able to navigate challenges.
What is your exit strategy?
Although a startup's exit strategy may seem far off, understanding how the founder plans to eventually exit the company is important in assessing its potential for long-term success.
How do you plan to use the funds you raise?
If you are an investor, understanding how the startup plans to use the funds you provide will help you assess the startup's financial management and potential for growth.
What are your company's values?
Understanding a startup's values will help you assess whether it aligns with your own beliefs and whether the company is committed to creating a positive impact in its industry.
Hire a Startup Advisor
These questions can help you gain a deeper understanding of a startup and its potential for success. Remember to ask follow-up questions and listen actively to the founder's responses to fully evaluate the startup.
Upthriving is a fully integrated startup growth service for entrepreneurs that have built a product with market fit. More than a startup advisory service, we execute projects that maximize revenue for your business while you focus on building the product.