Earlier, I wrote about what might be the right question to ask on experience. There are Two and this is the second: Does the team have drive (passion with results), ambition, zrizus, and relevant experience?
The first question was on the hard aspects: do they have the knowledge and skills?
This question asks about the soft aspects of experience: can they deal with the challenge facing them, and do they have proof of that!
Will they give up (or will others give up around them)? A lot of people try to start a business when they lose their job. Those that fail return to work for someone else. There are a variety of reasons for the failure. A number of people just do not want to continue because it was too hard. Some people could not convince others to commit like themselves; and then gave up due to lack of support.
An experienced start-up person knows there will be problems that seem impossible, moments that feel like make-it or break-it, and others that will crack and leave. Furthermore, an experienced start-up person will know when it is time to change course, or even quit while they are still ahead.
However, ultimately, the key factor is how they motivate others with their own drive, ambition, willingness to take action (aka zrizus-more on this later). This can be called leadership, but it is best when it is based on history. The investor wants to understand that history.
Has this person been in the business trenches? Did they fail, and learn? Did the win, and also learn? Can they win again?
Once again, like with question 1 on the hard knowledge and skills, it is the entrepreneur’s job to convey the message that they have this experience. The next question is how to do it.
