The business model of wine cellar is difficult to come up

Question

When I was mocking with my partner, I assumed wine will be bought by consumer at year 1, and didn't come up with the possibility of wine appreciation. What kind of questions should I ask to get interviewer to give me these informations. How will I think structurally to avoid such mistake?

Answer 1

When you have a business you don't understand/know much about, you should directly ask “what's their business model? How to they make money?” as a clarification question.

You are not being asked to guess the business model of the company. So just ask it. It's that simple! ;)

Answer 2

Hi Xinlu,

It is indeed but it's not uncommon for you to face unfamiliar industries!

You need to get comfortable with the “unknown”. Identify what you don't know about the industry and just ask! In other words, turn your known unknowns into known knowns.

To practice, conduct research on various industries. Setup an industry deep-dive template and go ahead and fill it out. This should get you use to understanding the varioues levels/dynamics within various industries.

Answer 3

AI and ChatGPT are definitely game-changers for consulting prep! They’re great for structuring case frameworks, gener... (read entire answer)

AI and ChatGPT are definitely game-changers for consulting prep! They’re great for structuring case frameworks, generating potential interview questions, and even simulating cas... (read entire answer)