For example, you often hear of people mixing personal and business finances in the early stages.
This practice can lead to accounting nightmares and potential legal issues that necessitate emergency lawsuit loans, from companies like Tribeca.
By hearing how others overcame financial mistakes, you can avoid making them in the first place. If you don’t get a good answer, pry a little more.
Overcoming Challenges & Long-Term Growth
Every entrepreneur will inevitably face setbacks. But what separates those who thrive from those who fold is how they handle challenges and adapt over time. Growth doesn’t just mean scaling the business; it’s about learning from mistakes, making smarter decisions, and staying in the game when things get tough.
This final set of questions will help you uncover the lessons that experienced entrepreneurs have learned the hard way.
12. What’s the biggest challenge you’ve faced as an entrepreneur?
This question doesn’t need much explaining. When you ask the right person, you will learn about the real struggles business owners face as well as the creative solutions they employ to overcome them.
Many entrepreneurs face massive financial challenges, from a lack of funding to unforeseen problems like the pandemic and from personal accidents to supply chain issues. Understanding them prepares you for the inevitable.
13. How do you deal with competition in your industry?
Competition is a given in any industry, whether you’re a tech startup or an established injury law firm. Seasoned professionals in your industry can show you proven ways they’ve managed to stand out and succeed despite fierce competition.
