Sometimes it is GREAT to have a playbook.  A coach loves a playbook.  A teacher loves a playbook.  A general contractor loves a playbook.

Well, for investors, a playbook is tricky because every investment is different.  No exceptions.  Never will all the key factors be the same:  founders, market, product, scalability, regulatory environment, IP protection, global market forces, etc.

Yet having some “standard” questions to ask when starting to learn about a team and a company is comforting.  So, yes, I am talking about “first meeting” questions.

Likewise, as a founder it is comforting to anticipate what those first meeting questions will be and good to have a general plan on how to answer them.

I read this morning a GREAT playbook on first meeting questions.  It is written from the angel investor perspective, but it is a wonderful resource for founders as well.

Here is it (thanks to Tim Ferriss and Jason Calacanis).

I do have one piece of advice for founders as they answer questions in an investor meeting:  be very open and honest and do not sound like a politician.  Answer the questions directly and thoughtfully.  If you have not quite figured something out, then say that.  No beating around the bush and no BS – that will only have the opposite reaction you are hoping to get.  My number one subjective factor when making an investment decision is trust.