School of business management

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Entrepreneur development

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Aditya ashish raunair 2120703

Amey dube 2120787

Dasari Veera Venkata Shiva Suraj 2120743

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Entrepreneurs profile

Entrepreneur of post -economic reform

OYO
Ritesh Agarwal

(Founder and CEO )

Ritesh Agarwal is the founder and CEO of Oyo Rooms, a disruptive hospitality company and
app with 2,200 hotels operating in 154 locations across India, $3.5 million in monthly sales,
and 1,500 employees. It is also listed among the businesses that CB Insights research predicts
will emerge as the next unicorn start-ups, as reported in The New York Times. In total, it has
received $125 million in fundraising over the course of 4 rounds from 7 investors. For his
achievements, Agarwal has received numerous honours and medals, including the Business
World Young Entrepreneur Award. He is a fellow of the Theil foundation and a frequent
speaker at institutes and conferences for entrepreneurs in India and throughout the world.
Agarwal graduated from St. Johns Senior Secondary with a high school diploma.

Ritesh was a tech nerd; he began programming at the age of 10. Traveling the world was
another of his passions. He discovers as he travels throughout India that there is a demand for
inexpensive hotels in India that offer respectable services. The less expensive hotels don't offer
amenities like air conditioning, Wi-Fi, cosy beds, or breakfast options. He had the urge to do
action to address this issue, so he combined his passion for travel with his fixation with
technology to create something helpful.

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He found it challenging at first because he had no experience with entrepreneurship, but when
he built his strategy and presented it to potential investors, he was awarded a funding of
$100,000 that enabled him to get his business venture off the ground.

About the organisation

OYO Hotels & Homes, generally known as OYO Rooms (stylized as OYO), is an Indian global
hospitality business of leased and franchised lodging facilities. Whe n OYO was first
established it mostly featured cheap hotels. In 800 cities in 80 countries, including India,
Malaysia, the United Arab Emirates, Nepal, China, Brazil, Mexico, the United Kingdom,
Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, and more, it has over 43,000
properties and one million rooms as of January 2020. SoftBank Group, Didi Chuxing,
Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb, and China
Lodging Group are a few of the company's investors.

The invention of Oyo Rooms was driven by a necessity and completely altered how hotel rooms
were reserved. Oyo supports lodging establishments that are less well-known or famous in the
hospitality sector. They reach a deal with the hotels and offer to market or showcase their hotel
using the OYO brand name. The provision of high-quality services to the visitors is the main
focus of this plan.

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Entrepreneurial competencies

1.Opportunity seeking

Rising visitor numbers and rising economies: OYO rooms' primary target markets have been
developing countries in South Asia, particularly India. These developing nations have a tonne
of potential, which will lead to an increase in visitors and travellers. With OYO Ritesh solved
the problems of the Indian middle-class sector. With a asset line chain of predictable, easy to
book low cost accommodations, it was only a matter of time that this business set spreads
towards other nations neighbouring India.

2.Risk Taking

Due to the low entry barriers, every new business owner considers service aggregation. There
are several websites that offer a variety of services similar to OYO, such as Goibibo, trivago,
MakeMyTrip, etc. Insecure lodging is on the rise right now, and harassment instances are
multiplying. Ritesh Agarwal's solution is a booking app that promises truth in advertising and
branded hotels that do not deliver unpleasant surprises. Oyo Hotels, the hotel chain he founded
in 2013, has already grown to become the largest in India, a chaotic market worth $4.5 billion.
Ritesh was willing to face the challenges despite the fact that it sounded like a difficult and
risky task.

3.Systematic planning

Ritesh plans to assist entrepreneurs and small businesses with hotels and homes by providing
full stack technology that boosts earnings and simplifies operations. Providing affordable and
dependable lodging that guests can book instantly. Integrating cost efficient and a comfortable

In addition to increasing the number of listings, OYO intends to improve its branding by
designing and constructing more signage in order to pique the interest of potential customers.
"OYO has also been looking to improve its signage strategy in India, and has installed over
100 signboards in Bengaluru and Hyderabad. It is considering increasing the number." The
company is also hiring over 50'revenue leads' in the region, with all new properties being listed
on online travel agent platforms immediately. This move comes after OYO opened 75 rooms
in Jammu and Kashmir as part of the 75th anniversary of the country's independence. Mahotsav
Azadi Ka Amrit.

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4.Technical Knowledge

He knew exactly what he had to do based on his experiences while travelling and staying in
budget hotels across the country. Given his ability to identify multiple issues in the industry, it
was time for him to design a system based on convenience and ease of use. Oravel Stays, his
first company, was founded in 2012. It was a platform he envisioned acting as a catalyst in the
process of booking good low-cost hotels. He approached investors with his idea and tonnes of
enthusiasm, and within a short period of time, Venture Nurseries were supporting him.

5.Confidence

Learn something by doing it, he says one should be focused on your goals and learn anything
that will help you achieve them by doing it. Ritesh believes that if you pursue your passion,
you will achieve your goals faster than others. Create an opportunity to work with entrepreneurs
and start-ups; working with entrepreneurs and start-ups can provide you with a variety of new
and innovative ideas. Being restless and hunger to solve made him achieve his goal, “don't stop
there; set new goals and try again” Ritesh says.

Key Takeaways:

OYO rooms were created from a really original notion or demand for an inexpensive stay in
India. The decision to standardise rooms is only one example of how the organisation continues
to uphold its strong culture of innovation. OYO offers discounts on rooms to help clients afford
them. What began as a one room, one hotel venture in Gurgaon now boasts about 170,000
rooms in India alone. The OYO rooms are generally operated by different providers, but they
have recently been standardised under the OYO brand. As a result, customers are assured of
receiving standardised service in all OYO rooms, no matter where they may be situated.

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Motive to start the OYO chain

OYO, one of the world's leading hotel chains, was founded in 2013 by Ritesh Agarwal with the aim of
making quality hospitality services accessible and affordable to everyone. The main motives behind
starting OYO include;

Lack of uniformity in low-cost lodgings: Ritesh Agarwal observed that there was a lack of
standardisation in low-cost lodgings, making it challenging for guests to know what to anticipate when
making a reservation. He recognised the need for a system that would offer guests a dependable and
consistent experience while making hotel reservations on a tight budget.

High price of hotel rooms: Ritesh Agarwal was also troubled by the high price of hotel rooms, which
made it impossible for travellers on a budget to afford top-notch hospitality services. He recognised the
need for a system that would offer visitors decent and reasonably priced hospitality services.

Inefficient hotel management: Ritesh Agarwal observed that a lot of low-cost hotels were run
ineffectively, which gave guests a bad experience. He recognised the need for a system that
would improve the passenger experience and aid hotel owners in managing their facilities more
effectively.

Disrupting the hospitality industry: Ritesh Agarwal was motivated to disrupt the hospitality
industry and to create a new model that would make quality hospitality services accessible and
affordable to everyone. He was determined to create a system that would provide travelers with
a consistent and reliable experience when booking a hotel room.

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Entrepreneurs profile

Entrepreneur of pre-economic reform

Larsen and toubro

Soren Kristian Toubro

(Founder)

Soren Kristian Toubro is a Danish businessman and co-founder of the multinational engineering
company, Larsen & Toubro Limited (L&T). L&T is one of the largest engineering and construction
companies in India, and has a diverse range of businesses including construction, engineering, and
manufacturing. In 1938, Toubro and his brother Henning Holck-Larsen established L&T with the
intention of offering top-notch engineering services in India. L&T expanded quickly under his direction
and eventually became one of India's biggest and most prosperous engineering firms.

Toubro was renowned for his sense of adventure, dedication to excellence, and capacity for forging
enduring bonds with partners and customers. He was a forward-thinking businessman who was
committed to creating a prosperous enterprise that would stimulate economic development in India. He
had faith in the potential of the Indian market. Toubro was also a visionary in the field of corporate
governance. He believed in the importance of transparent and ethical business practices, and he worked
to instill these values in all aspects of the company's operations. He was committed to creating a culture
of integrity and honesty, and he made it a priority to ensure that L&T was always guided by the highest
ethical standards.In conclusion, Sren Kristian Toubro was a Danish businessman and a founding partner
of one of India's biggest engineering and construction firms, Larsen & Toubro Limited (L&T). He was
renowned for his sense of adventure, dedication to excellence, and capacity to forge enduring bonds
with colleagues and clients.

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About the organisation

L&T, or Larsen & Toubro Ltd, is a Mumbai-based international conglomerate firm with
operations in engineering, construction, manufacturing, technology, information technology,
and financial services. The business ranks among the top five construction corporations in the
world. Two Danish engineers seeking safety in India, Henning Holck-Larsen and Sren Kristian
Toubro, formed it. L&T Group, which operates in the fields of basic and heavy engineering,
construction, real estate, capital goods manufacture, information technology, and financial
services, will have 118 subsidiaries, 6 associates, 25 joint-venture, and 35 joint operations firms
by the year 2020.

Construction, engineering, real estate, heavy engineering, information technology, and

financial services are just a few of the business sectors in which L&T is active. Large
infrastructure projects like roads, airports, power plants, and other similar facilities, as well as
projects in the industrial, defence, and energy sectors, are all part of the company's project
portfolio.L&T is renowned for its strong emphasis on innovation and technology, and the
company makes significant investments in R&D to maintain its leadership position in the
engineering and construction sector. The business is very dedicated to sustainability and
corporate social responsibility, and it has won numerous honours and commendations for these
efforts.

The National Stock Exchange of India and the Bombay Stock Exchange both identify L&T as
a publicly traded corporation. L&T is recognised as one of India's top conglomerates and a
significant player in the international engineering and construction sector thanks to its solid
financial results and dedication to innovation.

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Entrepreneurial competencies

Søren Kristian Toubro was a Danish engineer who co-founded Larsen & Toubro, one of India's
largest engineering and construction companies. In order to build a successful company,
Toubro likely relied on a range of entrepreneurial competencies that helped him to overcome
challenges and capitalize on opportunities. Here is a more detailed look at some of the key
entrepreneurial competencies that Søren Kristian Toubro may have possessed:

1.Strategic thinking: Sren Kristian Toubro may have possessed a high aptitude for creating and
putting into practise business plans that aided in the expansion of the company and helped it
stay one step ahead of the competition. He most likely had a thorough understanding of the
engineering and construction sector and was able to use this insight to make wise choices
regarding the company's focus and direction.

2.Risk-taking: A readiness to accept risks is frequently necessary for starting and expanding a
successful business. To expand the business and seize new chances, Sren Kristian Toubro may
have had a high readiness to take on financial and operational risks. He probably understood
quite well the dangers of starting a.

3.Leadership: Sren Kristian Toubro may have possessed significant leadership qualities, such
as the capacity to oversee staff members, make difficult decisions, and foster a p roductive
workplace culture. He most likely had a distinct vision for the business and was able to inspire
employees and stakeholders to collaborate to accomplish shared objectives.

4.Technical knowledge: Sren Kristian Toubro, a skilled engineer, probably had a thorough
awareness of the technical facets of engineering and construction. His capacity to make
educated decisions about technological initiatives and to monitor the calibre of work produced
by staff would have been crucial in starting and managing the business.

5.Financial savvy: Sren Kristian Toubro might have possessed great financial abilities, such as
the capacity to control cash flow, raise resources, and make wise investment choices. He
probably had a solid grasp of the financial consideration s involved in establishing and
expanding a firm, and he was able to use this understanding to make wise choices regarding
the company's financial destiny.

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6.Networking: Sren Kristian Toubro might have had a large network of business contacts and
connections, which would have aided him in securing deals and alliances for the organisation.
He most certainly possessed the interpersonal skills necessary to develop and sustain
connections with important parties, such as clients, partners, and investors.

Motives to start Larsen & Toubro

Larsen & Toubro is a large Indian multinational conglomerate company. The company was
founded in 1938 by two Danish engineers, Henning Holck-Larsen and Søren Kristian Toubro,
and has since grown into a leading engineering, construction, and technology company with a
presence in several countries.

Here are some of the motives that may have driven the founders of Larsen & Toubro to start
the company:

Recognizing an opportunity: India was expanding economically and industrialising quickly at

the time of its establishment. The company's founders may have seen a rising need for
engineering and construction services in the nation and seen an opening to start a business that
could offer these services to regional corporations and governments.

Engineering zeal: Holck-Larsen and Toubro were both trained engineers with in-depth
knowledge of their respective fields. They may have been inspired by their love of engineering
to create a business that would enable them to apply their technical expertise and knowledge
to assist in developing and enhancing India's infrastructure.

Entrepreneurial spirit: Starting a company requires a high level of risk-taking, and the founders
of Larsen & Toubro may have been motivated by the desire to be their own bosses and to create
a successful and profitable business. They may have also been motivated by the challenge of
building a company from scratch and by the potential rewards of entrepreneurship.

Economic growth: The founders may have been motivated by the desire to contribute to the
economic growth and development of India, and to provide employment and economic
opportunities for people in the country. By starting a successful engineering and construction
company, they may have seen the potential to create jobs, boost local economies, and improve
people's standard of living.

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Independence: As foreigners in India, the founders may have been motivated by the desire to
establish their own business and to be financially independent, rather than relying on
employment opportunities with other companies. Starting their own company would have
given them more control over their careers and financial futures.

Overall, the motives behind the founding of Larsen & Toubro were likely a combination of
opportunity recognition, passion for engineering, entrepreneurial spirit, a desire to contribute
to economic growth, and a desire for independence.

Conclusion

Entrepreneurs are the ones who create innovations, ideas into the market. They identify the
market gaps, problem identification, consumer needs and expectations. A creation of new
market provide scope for consumers to buy the innovation and make use of it. An entrepreneur
is an essential component of a nation's ability to prevail in a world that is changing and
becoming more competitive is its capacity for exploration and risk-taking. The competencies
of an entrepreneur tell how the entrepreneur with work in order to make its company successful.
A company is successful only if its owner is competent in decision making, assertive,
innovator, a problem solver, goal oriented, a good leader with taking the consideration of the
welfare of its employees, making the company profit oriented.

Entrepreneurs have a vision that would benefit them in future, incorporate CSR in their
companies and have an expansion idea. Entrepreneurs enhance not only the economy but also
the lives of individuals and communities. Entrepreneurs have played a crucial role in bringing
about social change and transforming how people live and work. The entrepreneurs in the
above report Mr. Soren Kristian Toubro and Ritesh Agarwal have established various business
that are sustainable for environment as well for the individual's performance. Motivation is
necessary for the entrepreneurs to look after the mission, vision and values of their companies.

The various gaps, consumer needs and expectations, corporate social responsibility of the
company motivates an entrepreneur in making that organization employee oriented as well as
goal or profit oriented. Though the entrepreneurship is developing India has started various
policies, rules and regulations for the growth of Startup in India.

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References

https://www.seedtoscale.com/people/ritesh-agarwal

https://en.wikipedia.org/wiki/Larsen_%26_Toubro

https://businessindia.co/magazine/the-dane-who-stayed-on

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