The Questions Every Entrepreneur Must Answer


I watch Dr. Lu Qi’s speech at the Y Combinator China forum today. Dr. Lu Qi introduced that in 2019, based on the new global landscape and China’s innovation environment, he decided to become independent and establish the MiraclePlus Forum. “The original team has the same original intention. We have fully localized YC with a complete, unique and effective acceleration system and method in a more thorough and flexible way, which can serve Chinese entrepreneurs more efficiently.”


In his view, MiraclePlus vision is to jointly build a prosperous entrepreneurial community. Because starting a business is very difficult, entrepreneurs need long-term, multi-faceted support, “We think the most effective way is to build a community. We named MiraclePlus, not a fund or a capital company, because we essentially want to do that What we do is to build a thriving early-stage entrepreneurial community.”

He said that China’s innovation is maximized at the source, and a very important link at the source is entrepreneurs and entrepreneurs. “Our core work at this stage is to accelerate early technology-driven start-ups. Our core approach is to start a business through miracles. Ying, like a co-founder, works with entrepreneurs to solve core problems hand in hand.”

I found some interesting and profound questions in the application form of MiraclePlus Entrepreneur Training Camp, and I copied them down.

The Questions

Question 1

Why do I want to start a business?

Question 2

Who is my target audience for my business? What problem did I solve for the target audience or did I provide any help?

Question 3

Why did I choose this idea to start a business? Do I have any expertise in this industry?

Question 4

Compared with other competing products, what are the advantages and characteristics of my product plan? What alternative products are users currently using?

Question 5

Who are my competitors? Who is the biggest competitor?

Question 6

What is my business model? How about the size of the market?

Question 7

In my industry, what are the opinions that most people do not agree with, but I think they are correct?

Question 8

How do I acquire early users?

Question 9

What is the reason why you think now is a good time to start? What are the market factors?

Question 10

How to build the shareholding structure and option pool of my company?

Question 11

What are all the investments received in the history of the company?

Question 12

Who owns the product IP? Are there any restrictions on the company’s use of this IP?

Question 13

What wonderful or interesting things have you found in this industry field?

About Lu Qi

Lu Qi (simplified Chinese: 陆奇, born September 3, 1961) is a Chinese-American software executive and engineer who is the head of MiraclePlus, a startup incubator in China. Previously, Lu was the head of Y Combinator China until it was shut down. He was formerly chief operating officer of Baidu until he stepped down in May 2018. He has served as executive vice president of Microsoft, leading development of Bing, Skype, and Microsoft Office, and software engineer and manager for Yahoo!’s search technology division.

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