Saturday, June 07 2014; 08:00 PM. I packed the final stuff remaining. Officially I close the company I started on August 18 , 2013. My maiden startup it was rentnread.in. The concept was to make textbooks available for students at affordable rates. Allow them to take book on rent and return it upon use. i couldn’t make it large but it will always remain close to me as it was my first ever business and with no monetary help from anyone. Anyways I learnt many lessons from my start-up that I will always remember. Few things I learned from my start-up
1. Know your market: Yes. Its very important to know your potential market. Do pilot project. Go meet the potential consumers. Tell them about your product. Take their feedback. And make sure you use that feedback. Supply has no value unless there is demand,
2. Find a co-founder: This one is as crucial as your firm. Look for someone of the same wavelength like that of you. Someone who would take care of your firm in your absence. One reason rentnread suffered was my absence. I’d not discuss why; but I wasn’t available to provide services for a good period of two months and people thought firm vanished. Don’t let this happen. Go wherever services should never stop.
3. Communicate: Communication has kept world alive. Had there been no communication human beings would not exist. Communicate with your co-founder, your sponsors, your clients and most importantly talk to yourself. Tell yourself your mission, vision and goal behind having started this business.
4. Do your homework well: Do your homework well. When you pitch your project to potential VCs; tell them how your project is generating revenue. When you pitch your project to customer; tell them your USP. If your service depends on factors that seriously affect your business or a essential part of your business; make sure you take care of that part. Eg. rentnread heavily depended on delivery of the book to the consumer and pick up. Inadequate transport system was one reason for failure. had I figured it earlier ,story would have been different.
Anyways when I learnt this it was already too late. But I will bounce back. Soon