Conquering Difficult Markets

Are you one of those entrepreneurs or

founders who want to run a large business?
No Yes

Sure! You could still Is this the right time to scale? Do you
operate your business have a market-fit product? Do your
with one store and a customers like your product?
few customers who
you can constantly
serve.
Yes
No
Do you have resources to back up the
expansion? Do you have enough
capital? Do you have enough That's okay, let's put some effort into
employees to help you expand the improving your products! For
market scale? Does your company instance, before OYO launched in
have strong digital power? other markets, they already had
thousands of loyal customers that
No loved the product and shared it with
others.
Yes
“Take some time to get more
resources. Do more pitches to
get funds. Use your funds to
hire talented people, find Have you experimented in Oh no, that's not a good
good business partners, and small sizes and low risk first? decision. Even big successful
improve technical abilities. firms like OYO chose to first
Remember to leverage expand in countries like
digital, the power of internet, Malaysia instead of big
the power of social media, No markets like China. OYO
the power of content, more
than ever before." —— Ritesh Yes made a bunch of mistakes in
this two-year experiment
and learned a lot.

Have you talked with people

It's about time you did! From
conversations, OYO learnt
that if they directly brought
OYO Global to China, they
would definitely fail. Instead,
building up localized OYO (ie.
OYO China = some parts of
OYO Global + fresh new
features required to survive
in China) might give them
greater chances to succeed.
in your target market? For
instance, OYO spent one
month or more talking with
Chinese customers, hotel
owners, and employees of
hotel chains.
Yes
No
Have you given your market
enough time? Like 6 months or
9 months?

Yes
No

Wow! You're an Don't give up early! Be

patient. OYO was thought to
excellent have failed in every country
entrepreneur! one month after its launch.
But six months later, it turned
out that they actually did
well.

how to turn an idea into a billion dollar

business by ritesh agarwal