{"id":3870,"date":"2012-01-07T09:00:23","date_gmt":"2012-01-07T17:00:23","guid":{"rendered":"http:\/\/foundersnetwork.com\/?p=3870"},"modified":"2018-11-11T21:52:20","modified_gmt":"2018-11-12T05:52:20","slug":"a-prudent-question-startup-style","status":"publish","type":"post","link":"https:\/\/foundersnetwork.com\/a-prudent-question-startup-style\/","title":{"rendered":"A Prudent Question: Startup Style"},"content":{"rendered":"

In 2011, JusCollege<\/a> had 6,000 student travelers. This year that number is projected to more than triple, the team expects to close the year with over 20,000 having used the service. For Andrew Citores, Founder and CEO of JusCollege, this meant reanalysis and an unexpected restructuring of the business.<\/p>\n

Citores wasn\u2019t looking to acquire a company; he just wanted mentorship and advice from the other startup founders and CEO\u2019s. He posted this question in the Founders Network list serv and got many responses from other startup founders.<\/p>\n

\"Screen<\/p>\n

Before he knew it Citores was sitting down with Allan Teruel, Founder and CEO of Embark. They clicked and it was obvious that working together made sense. Less than two months later they were announcing<\/a> JusCollege\u2019s acquisition of Embark. \u201cIt just happened serendipitously, like it was meant to be\u201d says Citores.<\/p>\n

Although unintentional, this pairing is crucial because it will and already has stared to shape the direction JusCollege takes. Citores has noticed that 20-30% more time and effort is being put into the startup. “We are focusing more on what is working.” He says.<\/p>\n

Lesson Learned: Don\u2019t be afraid to be mentored. Successful CEO\u2019s of startups aren\u2019t afraid to say they don\u2019t know something, they find someone who can answer the question or fix the problem. Utilize the expertise of your network and learn from others. You\u2019ll never know the answer to a question, or be able to see results like Citores has without asking for help.<\/em><\/p>\n

Why: Creating a Stronger Team<\/strong><\/p>\n

This acquisition happened, and it happened quickly, because it made sense for everyone involved. Together they create a well-rounded team. \u201cIt turned out to be a perfect fit.\u201d Citores says.<\/p>\n

The JusCollege team is passionate, young and focused. Their strengths are in marketing, sales and customer relations.<\/p>\n

Teruel has a different set of expertise and experiences, which he will use as the new CTO of JusCollege. He is a tech savy guy who has done everything from securities to engineering and has exited three startups successfully.<\/p>\n

Citores is already seeing results from the combined team and is more motivated than ever. \u201cAll of our weaknesses were their strengths and all of our strengths are their weaknesses.\u201d He says.<\/p>\n

Lesson Learned: You will be a lot stronger if you pair up with \u00a0people who have complimentary skills. If you can put the right team together your value as a company grows exponentially.<\/em><\/p>\n

New: Narrowed Focus<\/strong><\/p>\n

Right after Teruel joined the team, they took a hard look at the JusCollege business model. What they found was that although many of the services they were offering were popular, there was more growth, demand, and less competition for traveling services. Ultimately they chose to narrow their focus to the travel, entertainment and transportation space.<\/p>\n

This is a big shift from the previous JusCollege business model which strove to be a one-stop concierge for college students. Online food ordering and textbook services were popular among the many tools offered to college students.<\/p>\n

\u201cWe put together many different services and offered it to the college community to see what worked.\u201d says Citores. \u201cSometimes you have to throw a bunch of things against the wall and see what sticks. A lot of our services were very popular and gaining traction, but we realized that this one aspect of our business was doing so much better than everything else.\u201d<\/p>\n

Lesson Learned:<\/em><\/p>\n