What to answer an investor's questions if you don't know the answer
Attracting investment in your business project is an important task for an entrepreneur. You have prepared thoroughly for your presentation, you have a business plan, you know your business model, you have done market research, and you are generally knowledgeable about your industry. If you have done all these necessary steps in preparation, it is unlikely that any questions will catch you off guard. Roman Kirigetov, co-founder of the marketplace of Kabanchik and FlashBeats services, advises leaving out a point in your presentation which will obviously be of interest to investors. In this case, they will certainly ask about it, and you will be prepared to answer it. But what if an investor asks a question to which you don't know the answer?
Ways to say "I don't know" so as not to scare off an investor
The first rule is not to panic. Try to remain outwardly calm. Sometimes an investor really wants to know the answer to their question, and sometimes they want to see how you react to difficult situations.
Don't make up an answer to a question if you don't know. Chances are, the investor will understand it.
Repeat the investor's question, making sure you understand it correctly. This will give you time to calm down and perhaps realise that you have the answer.
If you still don't know the direct answer to the question, provide the information you have at the moment. If you don't know the answer at all, admit it. Say something like, "Great question, our team is in search of an answer." Let the investor know that your next step is research in this area.
Attracting investment into your business is a non-trivial task. The more often you talk to potential partners and investors, the more experienced and confident you become. On the bepartner online networking platform it is easier to answer an investor's questions, because you can quickly consult with the team and the correspondence format does not allow for instant answers. Improve and refine your project description, because the more interesting and attractive the description, the more contacts with partners and investors you will get!