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Oyo founder Ritesh Agarwal is the second-richest self-made billionaire. As, he comes from the southern part of Odisha, and made the world talk about his success.
Yes, it is Ritesh Agarwal who built the world’s third-largest hotel chain OYO. He was fascinated with business from his childhood and went to sell SIM cards at age 13. Then he used to book tickets from IRCTC to their village people which he made a part-time gig.
However, his thirst for business never ends. Even, was selected for the Theil Fellowship in the USA, as he was the only one who got selected from Asia. In this program, everyone would get a $100k investment to run their startup.
In this way, Ritesh Agarwal went on to identify the problem in the hospitality space and founded OYO in 2013. Now, in 2022 there are over 1.7 lakh properties registered under OYO in the world.OYO accounted for 5700 crores of revenue in FY23.
How did Ritesh Agarwal go on to become India’s most successful businessman? So, what are his business strategies that made him so victorious.
In the latest interview, Ritesh Agarwal revealed his Business Rule of OYO.
Here are OYO founder follows DDD rules
In any success, it is important to have desire. Founders will have the desire to build a successful company but most founders fail to their employees feel the same desire for success.
Yes, this is one of the major reasons that every startup fails soon. According to the survey, 90% of the startup fails within 5 years of the operation.
So, it is evident that the desire factor makes a huge impact on the business. Even OYO founder Ritesh Agarwal advises people to have the desire to think big. It is essential for the founders to have a big vision then only he can motivate his employees toward the vision.
OYO business strategy makes their employee more desireful about their work. Before OYO, the traditional hotel industry was not maintained well and hygiene was expected the least.
This is one of the major setbacks for the low and mid-level budget hotels. However, middel class family would still compromise with the hygiene part. So, Ritesh Agarwal noticed the problems of the middle-class people. Then aimed to provide the best quality spaces for affordable price points.
OYO hotel staff desire
Now Ritesh Agarwal wanted to motivate the cleaners of the hotel rooms. Whenever the guest arrives and leaves, the room should be cleaned to the highest standard. But the only problem was the attitude of the cleaners. As they were the least motivated to clean.
Then Ritesh Agrawal introduced incentives under the OYO program. In this business strategy, the cleaner would get extra income from the OYO customer ratings.
So, now every housekeeping or cleaning boy would get enough motivation to matain the room with the highest standard. So, that they can earn a penny more from the ratings.
As Ritesh Agarwal said their staff now finds the best possible methods to clean the room. This OYO business strategy made the hotel staff more desirable about their work by introducing a customer rating system.
So, OYO fonder first rule is to have a desire to think big and also transfer the same intensity of desire to their employees as well
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Behind every huge success there will be a massive amount of dedication given by the team. Yes, if anyone really wants to make something big in their life then they have to devote themselves to the work.
Even Ritesh Agarwal also devotes himself to the relentless work and progress in his business. Devotion in business makes the founder’s lens more clear and can go in-depth into the business. Then it will help to find out the loopholes in the business.
Even OYO Founder Ritesh Agarwal spent more time with the customers. Because he knows that his huge success is highly dependent on customer satisfaction. Ritesh would spend 10 days a month conversing with the customers and getting their valuable feedback.
In this way, Ritesh said that devotion is one of the main pillars of building a great empire.
Diligence: Oyo founder follows DDD Rules
OYO founder spoke about the diligence of the work. Yes, it is possible that one would make a mistake in the process. But it is also important to fix the mistake as soon as possible. Otherwise, it would impact the business.
So, one should always cross-verify their decision with the team and also should be open up to receive feedback.
So, Desire, Devotion, and Diligence are the three rules that the OYO founder follows.
OYO founder follows DDD Rules in his business and it is also evident.