Remembering what I don't know

It is the season for business plan competitions.  The MIT Enterprise forum of DC and Balitmore will be holding their competition in a couple of months.  However, I've been working with some schools on the VCIC, venture capital investment competition, where the teams of students act as investors, not entreprenerus, and go about judging/grading the companies based upon criteria that VC investors would use.
 
I enjoy these events, because it puts me in contact with great students, amazing companies, and it helps me remember what I didn't know about the industry when I first started.  Every once in a while, one of the questions get brought up that I still can't answer. and highlights how much I still need to develop my own tool kit.
 
In the past month, I've been at Wharton, and at Georgetown to act as a judge for their events.
 
The students were good in their thinking, but many teams stopped at the first level of analysis.  What the company does, how the company does it, and what the financial projections say the company will be worth.
Few investigated WHY the company should do what it does, and fewer probed deeper into the answers that were given by the entrepreneur.
 
A similar instance happened at each school, the entrepreneur was asked what the cap-table was.  Essentially who owns what?  One entrepreneur said that all 3 partners share equally 1/3-1/3-1/3 of the company.  I would have flipped upon hearing that.  Who runs the company?  I've already said no Co-CEOs, having 3 people is the death knell from my perspective.
 
Another entrepreneur didn't even answer the question.  The answer given was that different people purchased stock at different times, so each had a different ownership.  That's a problem.  If the entrepreneur doesn't know the answer, that's an issue, if the entrepreneur isn't willing to answer the question, that's a different issue.
 
One time a team was able to find an error in the finances that were distributed.  The CEO said, "well I don't know, I'll have to ask my CFO about that"  If the CEO doesn't know the company cold, you have a problem.  At the end of the day, one person is responsible, and if the CEO can't answer questions on the basic operations of the company, you probably need to find or develop a better CEO.