Books That Helped Ritesh Agarwal Build Oyo
Oyo’s Ritesh Agarwal on business lessons from Netflix and why he is inspired by Peter Thiel and Elon Musk.
A few months ago, Oyo Hotels & Homes’ Ritesh Agarwal made headlines when he decided to buy out 15 percent of the company from existing investors Lightspeed and Sequoia and acquire another 5 percent. More than anything else, this spoke of how he was trying to take charge despite a large number of foreign investors on board. What makes him take such risks?
“I learnt the importance of risk-taking from Elon Musk,” the 26-year-old founder of the hotel operator told BloombergQuint, as he talked about the books that helped him strategise and plan his business. “The Thiel fellowship helped me learn everything while pursing my dream.”
A book recommended by Bill Gates is among Agarwal’s other favourite reads. Here’s a look at his reading list...
Zero To One, By Peter Thiel
“Peter Thiel is someone I look up to. The mentorship from the Thiel Fellowship and the quality of ideas I was exposed to were on a par with the best business schools, but the icing on the cake was that I got a chance to learn everything while pursuing my dream,” Agarwal said.
“The book has played an important role in shaping my approach towards life, both from a business and personal perspective.”
It successfully encapsulates the strategy behind running and sustaining a business, which is the most important thing to learn for an entrepreneur. It’s an inspiring and thought-provoking read that teaches you how to think like a leader.
Chocolates On The Pillow Aren’t Enough: Reinventing The Customer Experience, By Jonathan Tisch
This book by Jonathan Tisch, chairman and chief executive officer of Loews Hotels & Co. and one of the most respected leaders in travel and hospitality in the U.S., is a quintessential read for anyone working in a consumer facing business.
His book gives an insider’s perspective on how to engage with your customers and bring them back for more. It also gives real-life examples of companies across various sectors succeeding in the increasingly competitive marketplace by building brands, strengthening relationships, customising the client experience, leveraging technology, and achieving both security and transparency for customers.
Elon Musk: How The Billionaire CEO Of SpaceX And Tesla Is Shaping Our Future, By Ashlee Vance
“I admire Elon Musk’s risk-taking and innovative mindset a lot,” Agarwal said. This biography by Ashlee Vance gives insights into how Tesla, SpaceX, and SolarCity were formed and how Elon works to materialise his passions. The book provides insights into how Elon’s game-changing ideas have been conceived and born, and now flourish.
“One key takeaway for me was how critical risk-taking is when it comes to building a transformative enterprise that is ahead of its time.”
Elon Musk’s passion to ensure a bright future for humanity is tremendously inspiring.
7 Powers: The Foundations Of Business Strategy, By Hamilton Helmer
“I must confess I am a huge fan of how Netflix has been built. With over two decades of existence, few can doubt its success and its impact on not just the industry but the entire world,” Agarwal said.
This book by Hamilton Helmer can be used as a handbook for creating business strategies.
It is full of valuable insights into how winning businesses create and sustain their moats. The book dives into simple strategic concepts and explores the complexity behind them.
“While Oyo and Netflix operate in two vastly different domains, we have had a lot to learn from Netflix, both proactively and subconsciously.”
“One of the key takeaways from Netflix is the importance of keeping customers at the centre of everything we do and continuously working towards enhancing their experience,” Agarwal said. “I have also learnt why it is important to own the customer experience completely. The distributed leadership model deployed at companies like Netflix and Google is something we follow as well and has truly empowered all our employees as well.”
Business Adventures, By John Brooks
“I try and listen to audio books a lot when I’m on the road. As I spend a lot of time travelling between Delhi, Shanghai, Beijing, which see a lot of traffic, I get time to listen to a lot of books,” Agarwal said.
I recently came across a book called ‘Business Adventures’ which is interestingly also one of Bill Gates’ favorite books.
This book teaches many valuable lessons in all aspects of running a business, for entrepreneurs.