Five questions that I ask myself every morning…

I sip a cup of pepper mint tea at the Starbucks on the ground floor of Westin Chosun hotel this morning waiting for my guests. This Starbucks has done facial lifting with more upscale interiors. It is good to break a morning with minty drink especially for a still chilly early spring season.

I often ask myself following five questions whenever I talk with entrepreneur with a new business plan. This little framework is quite helpful for me to discern between good opportunity or bad.

1. What kind of business can generate at least $20 million in revenue for tis first year and continue making two digits growth annually?

2. What kind of business can create huge social impact such as giving attractive jobs and becoming a leading enterprise in the society?

3. What kind of business can recruit top talents and provide appropriate resource for them to achieve more at the dominant market position in the industry?

4. What kind of business can make top 1% talents dying to work for and devote their entire energy into?

5. What kind of business can make people happy and always imply image of good-hearted-ness?

These are quite simple, but meaningful questions that make my journey in the venture capital industry easy..Hope you have answers for the questions above.

Advertisement

Good news to share

My wife just delivered healthy baby girl. We put many hope and best wishes on this little one. I find many similarities between venturing a new company and baby-sitting. They need constant attention. They are fragile. They need responsible and caring parents (or founders.) One more important aspect, though, is a pregnant period (or preparation period.) Young starters often jump right into the project from conception to commercial period without too much thinking. They think it’s cool that way. I also admire those young ones with great energy and focus resulting in another great innovation. Though, most of businesses, even a small one, have better chance to reach their goal if planned and crafted carefully. We often forget why God gives us 40-week long pregnant period when we’re urged to see a new baby. It’s same case to you, Mr. entrepreneur. If you turn your intuition from day one to incorporation to day two, what are you really thinking?

Posted with WordPress for BlackBerry.