Quick-Fire Q&A: What Everyone Asks Business Founders

Starting a business is exciting, messy, and full of learning curves. Regardless of the industry, founders get asked the same set of questions repeatedly. For me, answering these questions isn’t just about sharing my story; it also gives me clarity on my path and reminds me of my why. So, I thought I’d share my answers to some of the most common quick-fire Q&As, as an entrepreneur.

Q: Why did you start your business?

A: I wanted to solve a problem I experienced myself. Let me expand on this...

Growing up, I used to think wearing expensive things was an age thing. Maybe you have to be of a certain age, have a glamorous occasion, or perhaps be a celebrity to wear expensive jewellery. However, this ideology started to change as I grew older, and my appreciation for more wondrous things started to develop, and so did my taste. I had to prioritise my budget, which didn't stretch as far as acquiring very expensive jewellery at the time. Yet high-quality jewellery was still inaccessible, from pricing to designs and styles offered.

Because of this, I stuck to the high street jewellers, which offered trendy designs that weren't sustainable and were of low quality; they often fell apart with awful fading, tarnishing, and corrosion. You would be lucky not to have allergic reactions.

I realised there was and still is a gap to be filled between high-quality jewellery with trendy, fantastic, 'everyday' pieces and elitist, pricey high-end brands; that's where Monica. B comes in. Born to bridge the gap between ‘fashion’ and ‘fine’ jewellery, Monica. B is where both worlds meet. The aim is to provide fashionable, beautiful, high-quality yet affordable jewellery.

I believe that luxury is a state of mind, and jewellery should not only be for a particular class of people or special occasions.

...this is supposed to be quick-fire... let's get back on track

Q: How did you get your first customer?

A: Personal networks.

Q: What’s the biggest challenge you’ve faced so far?

A: Balancing growth with limited resources.

Q: Did you raise funding or bootstrap?

A: I bootstrapped in the beginning to stay in control.

Q: How do you handle competition?

A: By focusing on what makes us different and serving customers better across all our pillars - product quality, product design and exceptional customer service.

Q: What’s one mistake you learned the most from?

A: Working with the wrong people because they felt familiar, and I was afraid to step out of my comfort zone.

Q: How do you stay motivated on tough days?

A: I remind myself of the bigger vision, and I have a few good people I can just talk to.

Q: What’s the best piece of advice you’ve ever received?

A: Start before you feel ready.

Q: What do you wish you knew before starting?

A: With limited funding, especially when bootstrapping, you end up wearing many different hats.

Q: What’s next for your business?

A: Expanding and scaling sustainably.

Love,

Banke x