I am highly inspired by the Airbnb model and when we (I and my wife) traveled Europe and stayed at Airbnb hosts at multiple places, I realized the potential of the sharing economy and when this can be done for houses then why not for all the items/staff/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)

Your Website

www.rentomo.com

Industry of Business

Sharing Economy

Where you are operating from? 

Bangalore, India

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 by the Airbnb model and when we (I and my wife) traveled Europe and stayed at Airbnb hosts at multiple places, I realized the potential of the sharing economy and when this can be done for houses then why not for all the items/staff/resources. Where people can borrow items from owners, use the stuff, and return it back in the same condition. The 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 two hours after landing and on the way to his client office he contacted me via rentmo 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 audiences 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 thing in this space. That’s why we are majorly focusing on building technologies around the trusted network. Be its user verification, making connections between lenders and borrowers, or making people believe in 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 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 to me in doing this.

List a few of the most challenging situations you have faced in your entrepreneurial journey.

Finding the 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 teams. A 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 in 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.

Contact OurBusinessLadder for new entrepreneurial Business ideas, opportunities, and strategies to grow your business.