A few years back when I was raising capital for my company, I had a discussion with some investors and as always, I too was confident about my product but was unaware of the reality that every founder must know when taking the product to the market.
One of the early investors asked me a very simple question:
Lakshman Singh, what is it that makes your product totally DIFFERENT (USP) from others when there are hundreds of similar platforms available and selling the same product??
I was speechless because this was the question, I was not prepared for whereas I was supposed to.
What went wrong: I thought my product is so good that everyone will feel in love with it and will come to me HOWEVER when I took the product to the market, I had to struggle in bringing the people to it.
That investor called me “NAIVE”, I couldn’t say anything at that moment but I was quite ANGRY which was natural.
After the discussion was over, I then thought why did he call me “naive”?? is it true?? really?? Lakshman Singh, won’t you get any investment?
But, Yes, soon I realized, this was true and that was the moment I started working on the questions which were asked by that investor and I figured out the answer to each and every question and how did it help in my business?? answering the questions means, improving your product by implementing those answers.
THIS IS MY ADVISE TO ALL FOUNDERS; WHEN AN INVESTOR ASKS YOU A QUESTION THAT YOU CANNOT ANSWER, DO NOT GET ANGRY OR AFRAID, JUST ASK YOURSELF WHETHER YOU HAVE ANSWER TO THAT QUESTION OR NOT. IF NOT THEN GO GET THE ANSWER.