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Browse this preparation areaPick a real bet that did not work. Explain why you made it and what you knew then. Describe the evidence that showed it was failing, and say clearly that the decision was yours. Then explain how you told the board and staff, honestly and without blame, and what you did next, such as moving resources. Finish with what the organisation learned and how it now checks big bets earlier.
Practise this question →Say you would compare them fairly. Estimate the expected return of each, adjusted for risk, using cautious assumptions. Look at the time horizon, since a new engine may take years to pay back while the core gives steady returns now. Ask whether we have the skills and people to make the new venture work. Often a balance is best, such as protecting the core while funding the new idea in stages with clear checkpoints.
Practise this question →Say that saying no is part of strategy. Look at each opportunity and ask whether we have a real advantage there. Check how much money and management attention it needs, and whether we can carry it out well. Then think about what we would give up by choosing it, since the same people and money could be used elsewhere. Decline if it pulls focus from the core. Explain the reason to the team so they understand.
Practise this question →First, get the cash facts straight. Build a clear weekly forecast of money in and out, and check how many weeks remain. Then list the options, such as slowing spending, collecting payments faster, changing terms, or raising funds. Give each action a named owner and a date. Meet the leadership team often, and be honest with the board, staff, lenders and key customers about the plan. Protect the core business and key people while you act.
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