One of the questions I like to ask entrepreneurs is “How big do you want to make your startup” so that I can get a feel for their ambition. At this morning’s Shotput Ventures office hours at Emory, I asked the question several times and received vague, indeterminate answers, mostly centered around being large and dominating their industry. I think it is important to have a more concrete answer to this question and it should incorporate the following:
- How much do you want the company to be worth in enterprise value?
- What timeframe do you want to achieve this?
- How confident are you that you can do this?
My advice is to think through these questions and have a consistent, cohesive answer.