From Bangalore to Delhi, Mumbai to Kolkata, many cities in India – and around the world –Entrepreneurs are coming up with new start-ups every single day. With passionate young folks driving, Start-ups are on the high rise these days.
The World is integrated, there are a lot of opportunities. Products that you create could be used by global customers and so means global opportunities for start-ups. This has given rise to a lot of start-ups, even though a majority of them may not see the light,but the ones that will make it will surely change the way we live. It’s good that lot of young people are foraying into this, as a result, a lot of unthought-of problems will be addressed.
The start-ups powered by today’s youngsters aren’t afraid to take on projects bigger than themselves and won’t take no for an answer. They come from all different walks of life, places around the globe, and with varied experiences and knowledge. And they all come with enthusiasm and a desire to learn. Over time, as they learn who they are as young adults, they grow the communities they are a part of into something unique.
We desire to see more and more start-ups in the social space. The motivation to start should not be money, but to build greater things for the society. There are a lot of unresolved problems which can address poverty, education etc., We hope to see many such start-ups coming to life.
We’ve got lots of enthusiastic youngsters at RentMyStay, who always thrive for new challenges with high spirits. It is because of this special team of ours, we can reach new heights together.
The Entrepreneurship ups and downs:
Growing businesses face a range of challenges. As a business grows, different problems and opportunities demand different solutions – what worked a year ago might now be not the best approach. The greatest challenge we faced was making people understand the concept of RentMyStay. Users instantly compare us with Service apartments and it took us a bit of time to make them understand that we are into a business of only fully furnished apartments.
Another main challenge was to build the right team especially when you are bootstrapped. We have addressed that by choosing candidates who come from non-traditional backgrounds but have the right attitude and desire to learn. This has really worked well for us.
The evident use of internet has disrupted and transformed almost every consumer experience and business model. So, our primary tool to approach the people and understand there requirement was served through internet. As now a days consumers don’t just want to turn to the internet to search what they want. They want the firms to work for them. So, understanding your consumers and working for them is where the challenge lies and we however succeeded to serve them in best possible ways.
Few key things that you might want to keep a tab on:
- Keeping up with the market
- Change is the only constant
- Cash flow and financial management
- People are the most critical asset of a start-up
- Be frugal
- Cut the go to market time, it is important to quickly test your hypothesis
- Collaborate with other start-ups
Keeping on top of these areas with your new business will help you keep your head above water. Many points may seem obvious, but many entrepreneurs fall into bad practices and don’t energy in the right areas. RentMyStay presently manages 300 properties in Bangalore and has served 1500 customers so far! The company is Cash positive and with a team of 23 members and is growing rapidly