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Startup

How do you turn an Idea into a Startup?

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Step 1: Take help.

This is a no-brainer. Every budding entrepreneur starts with asking this question because there’s a number of aspects involved in building a startup and you’re not aware of where to start. That’s where StartUps Programs come in!

Indians in general, have a strong entrepreneurship skill. Somewhere down the line, we started to let go of this skill, and lose faith in it. In the past couple of years, this natural talent for building a business has started to resurface. Which is why there is a boom in the number of startups budding in India. Just like that – there’s a boom in the help a startup can find. The problem isn’t finding help. The problem is – finding the RIGHT help.

So HOW do you turn and idea into a startup? When you first decide to build your company, you need:

  1. A Business Plan
  2. Business models and strategies
  3. Product development roadmap
  4. Tech Team
  5. Marketing Team
  6. Legal and compliances
  7. HR plan…. Okay, I’m going to stop right here because there are just too many things to list down.

The point being you obviously cannot do it yourself. For that matter, even if you DO find a Co-Founder it would be hard to achieve higher success at a faster rate if you don’t have the right people with the right domain experience. Which is why you then apply for a StartUp program, they do all of that for you, and more importantly – WITH YOU.

This is a crucial stage for you. It’s that point when you’re about to materialize your imagination. So not only do you need support, but also the resources to do so. Because let’s face it – You’re not the only individual with an idea, nor are you the only individual with the will to make it a startup.

You CAN however be one of the FEW individuals that successfully establish it.

RenB StartUp Program for Budding and Established StartUps @renbsolutions.com

The Role Of Conviction In A Startup

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Startups need to have CONVICTION in order to succeed. As flaky as this may sound, you would be surprised as to how IMPORTANT this little trait is.

Now let’s add some reasoning to that.

When you first start your company, let’s be honest – the idea is in bits and pieces, even if you think it’s not. It takes time, effort and the right people for you to make that idea fool proof. Which is what we do with our startups in the first phase of our program – Validate the Idea and a POC check. Where does conviction play here? This is a crucial stage. At this stage you need to be able to push through all the negative possibilities that stand before you. At this point we break down your idea and rebuild it into something solid. Although the core of your idea remains the same, in SOME cases, the idea shifts into something a little more unique than you originally thought. And let’s face it, if you don’t have the conviction to see the idea through this delicate process – it won’t work out.

Contrary to what most 21 year old founders/ “innovators” think, Building a Startup is NOT easy. You need seamless HR processes, business models, strategies for your marketing and advertising, solid legal and compliance, etc. And I’m just naming a few. This is where we begin building the startups with us…in all these areas, solidifying it. At this point, you start to see hurdles. You see little inconsistencies with your idea, you start seeing how strong your competitors are, and your lack of adequate resources begins to look crystal clear. For US? that’s just another Tuesday. Because we know how to pull you through those hurdles and get you safe and sound to the other side. But once again, you need the conviction in your idea, and the mindframe to pull through with us. We can hold your hand – but you gotta take the leap.

Lastly, we help you get funded. Now from helping you create your pitch deck, to prepping you for the big day, we’re there all through. But once again, you need the conviction to stand there before those investors and make them believe You’re Worth It. (I’m not promoting L’oreal)

If you feel your startup has conviction – the kind we need. Then you always apply to us at on our website or simply send us an email at mahira@renbsolutions.com

Mistakes that Kill StartUps #12: Spending too much

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This can often be confused with raising little money. If you do run out of money it can be either of the two mistakes – you raised too little, or you blew through it too fast. You can often distinguish between the two simply by looking at the amount you raised. If you raised a large amount of money and still ran out of it – you have a spending problem.

This problem seems to be dwindling in new age startups. The basic costs to set up a company have been getting cheaper by the day. HOWEVER, the cost of human resources is always high. There are many areas such as HR where startups can tend to get carried away. It is here that you need to be extra cautious.

Hire only the people you need and don’t underestimate your balances.

This can often be confused with raising little money. If you do run out of money it can be either of the two mistakes – you raised too little, or you blew through it too fast. You can often distinguish between the two simply by looking at the amount you raised. If you raised a large amount of money and still ran out of it – you have a spending problem.

This problem seems to be dwindling in new age startups. The basic costs to set up a company have been getting cheaper by the day. HOWEVER, the cost of human resources is always high. There are many areas such as HR where startups can tend to get carried away. It is here that you need to be extra cautious.

Hire only the people you need and don’t underestimate your balances.

Mistakes that Kill StartUps #14: Poor Investor Management

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Its important to be able to manage your relationship with your investors. When you get funded, the fact of life is – they’re your bosses. But there should be a line drawn defining who takes care of what. It is good to keep your investors informed and in the loop. Ignoring them will not get you to goo places. But simultaneously – you cannot let them run your company. If they could, they should have started one of their own.

Be smart at keep the business building to yourself, and keeping the investors happy in their own way. Your focus should be your product. Do not waste time disputing the little nothings with the investors. These problems are directly proportionate to the amount your raise. Like mentioned in the #13 – the more money you raise, the more accountable you are.

Mistakes that Kill StartUps #15: Sacrificing Users to Profit

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Your focus as a startup should be on generating users and not a profit. This doesn’t mean you ignore the financial side of things – but only that you keep it for later.

Startups often get hung up on trying to make money. What they fail to see is that the simplest way to do this is, by solving a problem. It sounds pretty easy, but oddly, there are only a few startups that actually succeed in figuring out what it is that people WANT really. The moment you have this covered, you can then focus on the business model. Keep the profit making discussion for later.

Paul Grahams simple ideology should be taken into consideration here.

How To Create Wealth = (How Much People Want Something  X  How Many People Want It)  – Now turn that number into wealth. Companies that put their users first, tend to do better. The happier the users, the happier your sales, and the happier are you.

Mistakes that Kill StartUps #13: Raising too much money

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There is such a thing as too much money. Contrary to popular belief. This plays an especially crucial role in the world of startups. What founders fail to realize is – the more money they raise, the more the accountability.

Raising too much money can cause a founder a tremendous amount of stress. The more the funding, the more sleepless nights. Investors want to see their money go to work. They want accountability for every penny you spend. It is safe to say that, when you raise too much money, your responsibility to show positive results (and FAST) is higher. Getting funded has a tendency to paint pretty pictures in the founders head. But the reality of the matter is, the problems you face as a startup with funds are more. Your team goes from founders to employees. It’s important to remember that an employee is not as committed as the latter. Many times, productivity reduces, sales go down, and the overall pace takes a backseat.

So when you map out the amount of funding you need, look at it realistically. If you raise too much money, you will have to showcase too many returns, in too little time. You want to spend more time building your business rather than consoling your investors.