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Startup

Mistakes that Kill StartUp #2: Bad Location

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Can you sell sand at a beach? Nope.

Location is one of the most crucial aspects of building your StartUp. There is a reason why startups flourish in some places more than they do in others – Silicon Valley being the perfect example. It is important to choose a location that will be favorable to the growth of your startup.

There are a number of factors that need to be taken into consideration. To name a few, some cities are a better option because of the customer profile they offer, the quality of employees you can hire, the technological support you can get, and even the supporting industries there. That’s just a fraction of the factors that you should consider.

Although this might seem like the easiest mistake you could avert, in a diverse yet developing country like India, it is harder to zero in on the right location than you might think.

Can 20 something’s start successful ventures?

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How do young entrepreneurs build a successful StartUp?

RenB is always happy to hear about Generation Y taking things into their own hand. The number of 20 something’s wanting to build something of their own is rising with each day. With the right mix of passion for product, and passion for money, they can actually be successful.

Being a 20 something, you’re either still studying or might have just finished your course. This is an optimistic time for you. We don’t want to rain on your parade, but we’d like you to know that starting a business is hard work.

There’s a famous quote by an entrepreneur that wanted to move to the U.S. to come up with his own StartUp.

“Before I moved to the U.S., I heard that the streets are paved with gold. When I got here, I found out 3 things :

1.The streets were not paved with gold.

2.The streets were not paved at all.

3.I was expected to pave them.”

This quote is a famous one that has been used by many entrepreneurs as a mantra. Why? Because it perfectly depicts what starting a venture is like.

Here are some statistics you should know as a YOUNG entrepreneur.

95% of successful entrepreneurs have a higher education. In fact 70% are married when they DO launch their first StartUp. What does this tell you? – Building something big requires two Ex’s (Not Ex- Girlfriends or Ex-Boyfriends, but we’re sure the rule applies with relationships too *wink*)

=>EX-perience.

=>EX-pertise.

It is hard for young entrepreneurs to have bundles of these two ex’s because these take time. Here is where – HELP comes in.

When we started the RenB StartUp program, we realised HOW many young entrepreneurs like you, needed our help. So we would suggest you join the program. Take help building what you want to build. Validate your idea. Have professionals HELP you solidify your business models. Help is a good thing.

If you truly are serious about your idea, and want to build it, you can always email us at natasha@renbsolutions.com  or log on to www.renbsolutions.com to apply.

Mistakes that kill StartUps #1: Single Founder

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The number of successful startups with a single founder is… well not enough to mention. Let’s be honest, as great as one-man-armies sound, they’re pretty unrealistic. Every Abercrombie needs a Fitch, every Wright needs a brother, and every Founder needs a Co-Founder.

To begin with, a single founder looks questionable. Get’s you thinking – “Could he not convince anyone to build it with him?” “Is he flexible to accommodate the opinions of others, if he can’t accommodate a co-founder?” and many more.

Now it’s not imperative to have more than one founder, but it is preferable. Building a startup is a lot of hard work, and that hard work cannot be done alone. It is only a bonus when you have co-founders that help you build on your ideas, provide a different perspective, give you reason against stupid decisions, and of course – lighten the load. You’re going to have a bunch of low points through your journey, and when you’re bound by other people, it helps you power through. Who doesn’t like a little moral support?