Actually, instead of generic info, I think it’s more important to see specific details. Then I can apply the lessons to other situations.
Instead of a generic comment like “know your customer” (well, duuhhh), I think it would be more useful to raise a specific issue: " who will buy a glow-in-the-dark waffle iron?"
That creates a specific and useful discussion, from which conclusions can be drawn, which apply to many situations.
Possible answers:
college students who think it’s a cool fad. Which then leads to the discussion :how many students, and how much can they afford to spend", and how will I profit?
Rich suburban households living in McMansions, who think it’s fun for their kids. Which then leads to the discussion: how many are there, and , since I know they can afford it, how will I advertise to them, so I can make a profit.
Nobody is stupid enough to buy this product.
Which leads to the discussion: how can I do market research and find a product which I can make a profit on.
The order in which these things are placed is preposterous.
“The founding idea,” if I understand what that means, and funding are basically 99% of the information you need to know. If the business idea is fundamentally sound AND there’s enough cash to survive the tough initial years, the business has a very good chance of succeeding. If those aren’t in place the business is dead.
Both these things come down to, as others have pointed out, math. I have known a lot of people who screwed up a lot of businesses, and I cannot think of any that failed because of the wrong “team.” They all failed because of math. Sometimes the devil was in the details, and sometimes the math didn’t work in broad strokes.
AskNott’s point about the food truck operator is a good one. If you have a startup budget selling widgets, and I ask you what your profit on a widget is and you cannot tell me that in detail, I wouldn’t invest a dime in your business.