Mr Agarwal noted that many young entrepreneurs tend to give up too early
Ritesh Agarwal, the founder and Chief Executive Officer of Softbank backed-OYO, tweeted a video on Monday and shared words of advice for aspiring entrepreneurs. In the video, Mr Agarwal noted that many young entrepreneurs tend to give up too early, fearing that ''big incumbents will hurt me.'' However, he believes that new companies have a greater chance of success if they are persistent and resilient.
He shared the video with a caption that read, ''Most valuable trait for a young entrepreneur? Do not give up too early in your journey! Determination and perseverance always pays off.''
Watch the video here:
"Most valuable traits for any young entrepreneur. I feel way too many young entrepreneurs give up too early saying that the big incumbent will hurt me. I feel that if you are at it, we overestimate the perseverance of incumbents. The ability for a new company to be able to make a dent is much higher if they are perseverant," Mr Agarwal said in the video.
Last month, the 29-year-old entrepreneur tied the knot with Geetansha Sood in New Delhi. Several corporate leaders, including Paytm's Vijay Shekhar Sharma, Lenskart's Peyush Bansal, and Softbank chief Masoyoshi Son attended the event. However, just a few days later, he lost his father as he died after falling from a high-rise in Gurugram.
The entrepreneur, now one of the country's youngest billionaires, founded OYO when he was just 19 years old. Oyo Rooms, which specialises in no-frills accommodation, was formed in 2013.
Notably, Oyo teams up with owners of budget hotels to help connect them with tourists looking for cheap but clean accommodation that meets certain hygiene standards. OYO now operates in over 800 cities in 80 countries and is considered one of the fastest-growing hotel chains in the world.