9 Simple but Important Questions to Ask For Your Business

Read time: 3 minutes

Welcome to The Ascend Archives Saturday Edition where I share insights from the brightest minds in business and life and how I'm applying them to my life.

Paul Graham is one of the most famous entrepreneurs / investors in the world.

He started Y Combinator, a company that advises and invests in early stage startups. He’s helped launch Airbnb, Stripe, Dropbox and many others.

Paul writes essays and posts them on his website. I've read a few of them but David Senra the host of the Founders Podcast made a few episodes on some of his favorite Paul Graham essays. David reads books, essays, and other writing from or about famous entrepreneurs and shares ideas his audience can use in their work.

I really enjoyed his episodes on Paul Graham’s essays.

At first glance, many of these takeaways and insights seem obvious. They are very simplistic. And yet they are very important. I feel like many entrepreneurs and business owners don’t actually take the time to reflect deeply on these.

Here are some questions to ask:

1. Are you doing something people want?

Many entrepreneurs miss this point by focusing on what they want to build rather than solving real problems for others.

2. Are you building a moat? Do hard things so competitors can’t compete

These hard things could be technology advantages, achieving scale, or forming unique partnerships. The harder the task, the fewer the number of competitors who can compete.

3. Are you solving problems for people with money?

I just listened to a MFM pod where a guy built a business making $50k / week by selling research to hedge funds. He solved a problem for people who had a lot of money to pay for their problems to be solved.

Graham advises focusing on markets where money flows freely and customers see clear value in what you’re offering.

4. Are you building on the previous ideas?

Innovation isn’t always about massive leaps. Instead, it’s about constant improvement and learning from your previous mistakes.

5. Are you being relentless?

Entrepreneurship requires a level of tenacity that goes beyond the norm. Graham highlights the unwavering drive to push through obstacles, iterate, and refine their approach a key to any entrepreneur’s success.

6. Are you looking at things from other people’s point of view?

Understanding others’ viewpoints can lead to better product design, improved user experience, and strategic business decisions that anticipate the moves of competitors.

7. Are you working on something great? You only get one life, so might as well

Graham encourages individuals to pursue work that is not only financially rewarding but also personally fulfilling and impactful.

8. Are you prioritizing spending less? That makes it easier to make more than you spend

Frugality is a virtue in the early stages of a business. Keeping spending low while revenue ramps up is crucial for survival.

9. Are you applying different fields to each other?

Innovation often occurs at the intersection of different fields. By applying principles from one area to another, new ideas and solutions emerge that are both creative and effective.

Thank you for reading! As always please reply and let me know what resonated, what didn’t, or what you question. I love chatting about this stuff!

Cheers,

Andrew