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.