While a lot of us run after a peaceful, stable career with minimal risk, and find comfort in 9 to 5 jobs, there are some who embark on a challenging journey with a vision to create a successful venture.
Out of these budding entrepreneurs, not many taste the success. To be precise, 90% of the start-ups fail within the first 5 years.
But some who carefully scrutinize each step and embrace the challenges turn their business lucrative with their intellect, grit and business knowledge.
One such successful entrepreneur is Ritesh Agarwal – who founded OYO Rooms when he was 19 years. His story, full of passion and perseverance, is worth reading.
Today OYO Rooms is the world’s leading chain of hotels, homes, and spaces.
Ritesh is been named the youngest Indian in the rich list with a net worth of $1.1 billion (Rs 7,800 crore) according to Hurun Global Rich List 2020.
Here are 7 mantras from Ritesh for Business Success:
1 The Pursuit of Passion
"It is about having a passion for solving a big problem and leaving a huge impact. Once you have that, everything else falls into place. You take ownership, build conviction, and build capabilities to transfer that belief to investors, employees, and customers. You must be willing to stretch out of your comfort zone, take risks, and be emotional (in a good way) about your venture and the stakeholders involved."
2 Think Big
"Thinking big is an important factor. Initially we used to think that we will have 10 properties, but over time, our aspiration grew – to aim to become one of the world’s largest hotel chains. This has brought us to the present scale where we are India’s largest and world’s 14th largest hotel network today. We have a clear direction to become the world’s largest hotel chain especially because of the capabilities we are building."
3 Hire the Right People
"To be a successful entrepreneur, the first thing is building a great team of people. Most entrepreneurial ventures in India are run by the founders and their friends. I spent close to a year trying to bring some of the smartest people into our team, who were not only sharp but could also roll up their sleeves when required."
4 Remember You are Doing it for Customer
"At times, we tend to get carried away by what we think are good ideas, but in reality, they may not serve the customer’s purpose in any way. It is crucial that we understand the customers’ requirements and direct our efforts towards providing the best possible solution to their requirements."
5 Stay Relevant
"It is extremely important to build something that a 100 people absolutely love using rather than make something that a 1,000 people would just, kind of, like."
6 Build Your Brand
"Your brand reflects your culture, purpose and identity. It’s never too early to start thinking about it. In the quest to grow fast, the foundation may often get ignored. Why do we exist? What do we stand for? Make sure you answer these questions and communicate them internally and externally."
7 Declutter and Prioritize
"Founders often find themselves lost in a fog of activity, and need to step back and focus on a subset of decisions.
But what do you focus on, when?
First, focus on survival.
Next, spend energy and resources on building the solution that your customers truly want. Get to a stage where the product works like a machine – you provide the raw materials, and the model keeps scaling automatically.
Validate your ability to impact key business levers (e.g. unit economics, customer experience etc.) Doing so will give you the conviction to make deliberate trade-offs in the event this ever becomes necessary."
8 Final Words
"I aim to keep innovating for my customers. Learning to unlearn and learn again is my mantra of success."