Ritesh Agarwal, founder of OYO Rooms, recently sat down with Upstart Business Journal to talk about how he started and grew his business from his college dorm room to a multi-billion dollar empire. Ritesh’s advice can help any entrepreneur, whether you’re just starting out or looking to expand your current business! Here are some highlights of the interview Ritesh Agarwal, founder of OYO Rooms, shares his advice for business success.
Table of Contents
Follow your intuition
You must do what you love and feel like doing; it’s as simple as that. With that philosophy in mind, anything is possible. – Ritesh Agarwal, Founder of OYO Rooms You have to make quick decisions with no regrets because they often turn out to be right, says Ritesh when asked about his strengths. That being said, I am an emotional person so I let my heart rule my head sometimes! he adds with a laugh.
When you’re a young company with a lot to prove, it can be tempting to stay in your comfort zone—don’t take any risks! But without a little risk-taking and experimentation, you won’t ever reach your potential. Ritesh Agarwal’s career advice is to be bold; if something doesn’t work out exactly as planned, chalk it up as experience and move on. Ritesh Agarwal, founder of OYO Rooms, shares his advice for business success.
Don’t take no for an answer
If you’re turning an idea into a business, you’ll get rejected a lot. So keep your chin up and don’t take rejections personally—it means nothing if someone doesn’t like your product or service; that person just isn’t a good fit for what you have to offer.
Set realistic goals
Be honest with yourself about what you’re capable of doing and setting realistic goals can help ensure you don’t bite off more than you can chew—or sell than what you can sell. Start by thinking about your short-term goals in a year, five years and 10 years (we know it sounds like a long time away!). Then think about what sort of activities you want to be engaged in during that timeframe to achieve those goals—you want to start setting daily/weekly targets.
Never give up!
We have all heard these words time and again, but what does it really mean? If you have read any number of biographies on successful entrepreneurs like Steve Jobs or Richard Branson , you will find one common theme—these men never gave up despite failures in their professional lives.
Surround yourself with great people
If you’re not surrounded by people who believe in your company and that you can make a difference, there’s little chance you’ll succeed in your endeavors. It’s important to surround yourself with not only like-minded individuals who are at similar stages in their careers but also those who can provide a new perspective and offer constructive criticism—ideally both!
Explore different markets
Diversify your portfolio by venturing into other industries. Take a look at what else is working well in your industry and think about how you can apply that to another vertical. For example, if you own a French restaurant in Paris, don’t forget to consider opening an Italian restaurant as well! Not only will it help diversify your company and protect it from risks (e.g., dropping tourism), but exploring new markets also opens up more opportunities for growth and innovation.
|Born||16 November 1993 (age 28) Bissam Cuttack Rayagada, Odisha, India|
|Occupation||CEO and Founder of OYO|
|Awards||Thiel Fellowship, Business World Young Entrepreneur Award|