Monthly Archives

April 2017

Mistakes that Kill StartUp #9: Launching too Early

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Launching Your StartUp too early: This may see contradicting, but it is true that launching your StartUp WITHOUT just enough preparation can be pretty damaging as well, however not as damaging as a delayed launch. Your first launch creates an impact on the early adopters of your market. It is important to impress them (to some extent) with the features.

Your product doesn’t necessarily have to do everything right away. Early adopters can be fairly reasonable that way. But as long as you have your basic features intact and working seamlessly, there will be a receptive feedback.

However, it is not right to compromise on the quality of your product in a rush o launch. You are now accessing the first bar of target customers. If they don’t like it, they might not ever come back. And this needs to be taken seriously.

Mistakes that Kill StartUps #7: Choosing the wrong Platform

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The previous mistake is one of major consequences. And choosing the wrong platform is one of those consequences.

Much like the lack of knowledge to hire the right programmers, choosing the right platform for your service can be nerve wrecking. The wrong platform can completely destroy the purpose of your product. A number of companies failed to know this, and saw themselves waste away in the dot-com-bubble.

Think of your platform as the foundation of your house. Would you want to build your house with mediocre talent? I didn’t think so. There are some places where you just DON’T cut corners, and hiring the right programmers and choosing the right platform is one of them.

If you do end up hiring great programmers, you can easily avoid this mistake by letting them choose. However, if you still want to keep a close eye for yourself, you could always step into a top computer science department and peek into what they use for their researches.

Mistakes that Kill StartUps #8: Delaying your Launch

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If you’re taking too long to launch your StartUp, there is a serious flaw in your plan. Procrastinating and pushing the date of your launch can be damaging to your resources and your reputation.

It is important to understand that there is a need to launch “SOMETHING” soon. Not because you need to get it over with, but because you need the feedback. You won’t truly fathom the depth, and seamlessness of the product or service your providing until you get actual customer reactions and then work on them.

StartUps Founders usually say that they delay the launch in order to still work on the development of the product. When it’s mostly just a delayed process of what could have been done earlier. The reason for this could be the anxiety of having to deal with the prep for the launch or even the need for perfection – both of which are highly irrational. Don’t be an extremist about perfection and eliminate the fear of being rejected. As far as your preparations go – there’s going to be a ton of work, no matter how much time you take to delay it.

What does the RenB Virtual Startup Program Do For Early Stage Startups ?

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A lot of Early Stage Startups wonder WHY they should go for a Startup Program. Let us just tell you a FEW reasons why.

  1. It is absolutely essential. Not only are you developing your skills as an entrepreneur, but you’re pacing yourself for the race you’re going to begin.
  2. It helps strengthen the basics of your business.
  3. It definitely does a great job with boosting your confidence.
  4. As a startup having a big team is a luxury. With this mentoring you automatically start feeling like a part of something bigger.
  5. It propels the speed with which your startup will function 5X.

We at RenB provide virtual startup program for early-stage entrepreneurs. Unlike the mainstream incubator that requires you to sit in a little room with your laptop (probably surrounded by other startups) and potentially being fed with philosophical startup jargon, we ACTUALLY try to make a difference.

How you may ask? You see, at that crucial point of you just beginning your venture, you will notice making a lot of mistakes, wasting a lot of resources (time, money, etc) and and trying to fight back a lot of competition. In the midst chaos, we try and provide some clarity.

Our startup program basically involves us sitting with you and actually building your business with you. I mean practically building your documents and roadmap to success. Not with some flaky-done-and-dusted concepts. But actual working frameworks.

So yeah, as a newbie to any industry you choose, that little push we give, or the help we provide will boost you past a lot of other entrepreneurs.

You’ll be organising your Marketing, HR, Launch strategies and much more while the others are still trying to figure out the background to their powerpoint presentation. THAT’s how much better an early stage program makes you.

Look at that picture above. You see the guys running down below? You won’t be them. You’ll be the happy guy on the rocket. And usually – we’re the rocket, man.

If you’re going to do something – do it right. Build a STRONG reliable foundation. And take the help you need. If it’s going to add value to you – Why not?

If you’re one such entrepreneur – you can always shoot us an email at mahira@renbsolutions.com or even apply on our website at www.renbsolutions.com

Mistakes that Kill StartUp #6: Hiring Bad Programmers

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Like we said before, this mistake is pretty self-explanatory. For StartUp founders that are familiar with coding, and are technically inclined themselves, this mistake is not applicable.

But everybody wants a piece of the tech-space. A number of startup founders have pure business backgrounds and zero knowledge on actually building their product. In these cases they hire their technical team. The conundrum with business-minds hiring techie-minds, is that they have no idea how to evaluate their profiles. So they end up hiring bad programmers, and what was once a seamless idea, is now a haphazard product.

Mistakes that Kill StartUps #5: Stubbornness

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Stubbornness can be explained the best through the ‘Kodak Case’. Kodak failed to accept digital photography as the new way of life. Stuck with their film-based business model, the Startup’s management failed to evolve to all that digital technology had to offer. Even with the growing fame, use, and extended technological boundaries, the company could not cope up with evolving it’s business model to accommodate the ‘new’.

Some firms are so rigid with their idea, that there is little to no space for improvement. Don’t get attached to your original idea. In the case of startups, that idea will be broken down and analyzed a number of times. You never know what the new change might bring.

It is important for your StartUp to be flexible with its business model. This does not mean changing the direction of your service/product every week. But if there is a change your users are excited about, adapting your model to incorporate that change is probably a good idea.

Mistakes that Kill StartUps #4: Derivative Idea

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It is easy to confuse the point above. Many startups run the other way with competition. The moment there is a winning idea out in the field, they tend to copy it, and follow their trajectory.

But it is key to remember that solving an existing problem formed the greatest StartUps. It is when you’re providing a solution to a very REAL conundrum, that you will start making headway. Solve a problem that you personally face too, or that you personally feel the need to fix. Ask yourself and the people around you about what they wish there was, or what they usually complain about.

Derivative ideas will lead you to creep in on some StartUps existing customer base and exploit only a part of it. Don’t try to eat out of someone else’s cake when you can bake your very own.

What should I look for in an Online Virtual Incubator?

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Virtual Incubator

You should look for reality.

If you’re going for a virtual incubation program, you need to ensure the program is solid. Most of the mainstream incubators are just way of getting a co-working space for you and your laptop. When it comes to online Incubation – it’s more than that.

We can equate this with our own virtual incubation program. You’re now sitting one on one with the team. So you need to ensure that the incubator is able to provide you with tremendous and diverse experience.. especially in your domain.

You need to ensure the incubator will give you face time. Let’s admit, going for a worksop with 5 other startups, listening in on some guy throwing startup jargon at you is not going to take you anywhere. Which is why we SIT with you, and help you ACTUALLY build your documents, roadmaps, finances, strategies… etc. (To name a few). You need exclusivity – so look for it.

You need someone who can support you through the highs and lows of that turbulent startup phase you’re in. So you need experts, with brilliant connections, partners and attention to detail. Plus the moral support of an entire team backing you up never hurts.

You need seamless execution. When you’re dealing with ONLINE VIRTUAL INCUBATION – you need to ensure that the people you’re working with have a system in place. Seamless meetings and brainstorming sessions, so that you can optimize your time with them.

Flexibility is another important essential. You cannot work with someone who either listens to everything you say and just goes with it (that would be counterproductive). Nor can you work with someone who says his way is the best way. Flexibility to innovating your own strategies and being able to mould your company for the better, with the help of this incubating team, is what will put you on the list of big names.

These are just of the few things we do at RenB Solutions for the startups in our Virtual Incubation Program. If you’re serious about what you do, and you’d like to apply, you can always apply at www.renbsolutions.com .

Mistakes that kill StartUps #3: Marginal Niche

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marginal niche

The crux of every startup is to build on an idea that will be catering to an untapped market. But there’s a thin line between and untapped market and an insignificant untapped market. It is important to identify the difference between these two and choose a profitable option.

In the race to offer a service that isn’t already available, most startups access a virgin segment. The hope attached to this ideology is that the number of competitors they will face will be little to none.

There is a certain risk involved with grand ideas. These are avoided to provide a safety net for the founders. But it’s important to know, by avoiding this competition; you’re running away from great ideas. Competition is a given, and if you’re building something good, you WILL have to deal with that. So you might as well deal with it head on.