I am highly inspired with Airbnb model and when we (I and my wife) traveled Europe and stayed at Airbnb hosts at multiple places, I realized the potential of sharing economy and when this can be done for houses than why not for all the items/stuff/resources. Where people can borrow items from owners
Your Name & Designation
Anshul Johri, Founder
Your Company name and Area of business
Rentomo.com – Sharing economy (online rental marketplace)
Industry of Business
Where you are operating from?
How long you are in this business?
3 Months (started in June 2015)
What was the driving force for you to start your business?
I am highly inspired with Airbnb model and when we (I and my wife) traveled Europe and stayed at Airbnb hosts at multiple places, I realized the potential of sharing economy and when this can be done for houses than why not for all the items/stuff/resources. Where people can borrow items from owners, use the stuff and return it back in the same condition. Borrower saved money and at the same time owner made money from the item which they were sparingly used. But trust plays an important role here.
Is the business running as successfully as you thought it would? Please comment.
Yes, exactly the way we thought. I have an interesting story to share here –
A guy (not my immediate friend) who landed in Bangalore from Delhi forgot to bring his correct macbook charger, by mistake he brought his macbook air charger instead of the MacBook pro. He was supposed to attend a business meeting in two hours after landing and on the way to his client office he contacted me via rentomo to borrow my charger (an extra one I have) for 2 days. Within half an hour he came, picked up the charge and said a very warm thank with a big smile on his face.
He was even ready to pay me extra for it (and he was totally unaware that I am the founder of the company).
Who is your target audience?
It’s a peer to peer sharing platform and it’s a marketplace so we have a wide range of target audience which varies from Students to corporate officials including people who want to make extra money by sitting at home.
What is the most challenging aspect of your business?
Trust: This is the most challenging think in this space. That’s why we are majorly focusing building technologies around trust network. Be its user verification, making connections between lenders and borrowers or making people believe on your platform.
If you are given a chance to start any business other than the one you are currently into, which one would it be and why?
Education or Health start-up – Still lacking behind in innovations.
Your Suggestion to the start up companies and entrepreneurs.
Invest in people. Make a good team. Talk to your customers, hire and develop the best. Do not bother or run behind investment to investors unnecessary rather spend time in the market, create value. They will eventually come back to you.
What is a success according to you?
Creating value, happy customers, which gives satisfaction for me in doing this.
List a few of the most challenging situations you have faced in your entrepreneurial journey.
Finding right people who give you the right advice
Ignoring negative vibes around myself (created by people when I left my job in Amazon especially)
Hiring good talent
Who/What is your greatest inspiration and why?
APJ Abdul Kalam – Highly inspired by his simplicity and his life journey. Till his last breath, he just spread knowledge.
What is your leadership/management style?
Invest in people and team. Great company/product is built by a great team, not by individuals.
What is your leadership mantra?
1. Don’t do micro management. Hire the domain experts and believe on them.
2. Be transparent to your co-workers and team.
3. Don’t do the work which you do not enjoy doing.
4. Keep your customers and your co-workers on top of everything. Without them you are nothing.
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