12 Interview Of Sole Trader Questions And Answers
It is not easy to be received by an investor – business angel – willing to listen to your business idea and risk money in it. If you fail, a suggestion to ‘improve the project’ and a ‘come back another day’ mean that there will be no second chance. Therefore, we must go with a well-prepared presentation, polished business plan and know how to answer all the concerns of the potential partner.
It may be the lack of employment opportunities or the explosion of a resurgent entrepreneurial spirit in our country. The fact is that business angel and private investors are seeing a strong growth of business ideas that entrepreneurs of all kinds make them arrive in search of financing for their business projects, especially related to the Internet, e-commerce and digital economy.
Thus, the potential financial partners of these new entrepreneurs are receiving more proposals than ever before in our country, and they receive a greater number of candidates to receive an injection of capital that makes their aspirations a reality. But convincing these investors is not easy. You have to go to these appointments with very well done duties. The project must be analyzed with rigor; the business plan must be done in a methodical and professional way.We must be prepared to answer with clarity and solvency the questions that every business angel does when he has a budding entrepreneur in front of him.
1-What is the problem that your technology, product or service solves?
This is one of the most important. It is about explaining what your company does, what it is dedicated to, what it sells and whether this novelty comes to solve a problem of a certain public or collective or responds to a demand. If not, the idea does not help much.
2- How this problem solved without your product?
You must explain what other alternatives exist so far in the market to respond to that need.
3- Why is it worthwhile to solve this problem with your service?
That is, you have to know how to explain what differentiates your proposal from those that already exist in the market and for what reasons there will be people who prefer your proposal to what is already there.
4- What does your product do?
You have to describe clearly and clearly what your service or technology consists of. As simple as what he does.
5- What are the main features and benefits of your service?
In line with the previous question, it is about explaining how our proposal works, what possibilities it offers, what advantages it brings to users or buyers compared to other options, and so on.
6- How is your product protected?
The investors who have designed the certificate point out that this is a very important issue for them and that few entrepreneurs have raised it when they present their projects. If the idea is protected against third parties: if there is a patent in between, if there are codes saved in the case of technologies, if it can be easily copied by a competitor. The same happens with the registration of the brand and the Internet domain.
7- What are your main competitors?
You have to study who does something similar, in what situation you are, whether you are ahead or not. Although it may seem something negative, the fact that there is already a market, users or buyers of a similar product or service can show the investor the chances of success of your idea.
8- What are the customer’s purchasing criteria?
You have to know what are the factors and their weight in the decision making of the audience you want to address.
9- How does it compare with your competitors’ solution?
In short, what makes you better.
10- What is your target market?
Identify what is your audience you are targeting.
11- What is its size?
You must have studied the number of people or companies that make up the market you are targeting.
12- What is the expected growth of your market?
This is perhaps the most important of the first three questions in the marketing and sales section. If the target market you are targeting is growing or shrinking and what future forecasts you have.