Finance, Management, and Legal
Objectives:
Understand accounting, costs, revenue, and profit
Understand various leadership styles
Understand different legal entities and understand how patents work
How do finances influence your startup, specifically, how did you fund your startup in the beginning? Did you pitch to investors or did you take loans from the bank? Please the process in which you created your financial projections. Also explain how you incorporated as a legal entity. Often there is mystery surrounding these concepts. After going over finances, discuss management in the startup environment. Explain how your startup is organized in terms of seniority. Also discuss your leadership style and how you use leadership in your startup. Finally, provide some stories about legal issues such as patent lawsuits. Explain some legal issues that startups may encounter during their early days.
Questions to cover during talk:
Did you bootstrap, crowdfund, or get investor funding to fund your startup?
- What are the benefits and disadvantages of each strategy?
How do create a reasonable financial projection?
- What factors are the most important in your projections?
Did you ever get into legal trouble? If so, please provide an anecdote.
Did you get a patent for a product?
How did you keep track of the money (accounting)?
- Did you do it manually? Hire an accountant? Use a software?
What were some surprise costs that you encountered during the early stages of your startup?
What revenue model did you startup initially employ?
How close have you ever gotten to bankruptcy or giving up on the startup?
- What were some extreme measures that you took to stay afloat?
What was the initial investment and what is the startup currently valued at?
Are your profit margins large or small? Why is this the case?
Who do you sell your product to?
What was the process for incorporating like?
- When did you incorporate?
How is your startup structured in terms of leadership?
What position do you hold?
- How would you describe your leadership style?
What are a few traits that are essential for an entrepreneur?
What is the best way to get what you want from your teammates?
Do you inspire your peers to do what you want?
Do you give clear instructions to them?