When you're attempting to build a ride-sharing startup in the shadow of industry behemoths like Uber and Lyft, being timid is not an option. Regardless of the uphill battle you may face, if a market opportunity presents itself, you have to take it. This is something that definitely holds true for startup Founder & CEO, Louis Yson.
Ride Velo, Inc. is a subscription-based ride-sharing company, currently in preregistration with launch plans for New York City, and roll-outs to follow in New Jersey, Lower Connecticut, and Boston. Drivers using the Velo Ride platform will pay a monthly subscription fee, with the full value of fares going directly to the driver.
A New Kind of Ride
Differentiation is critical when launching an app in a saturated space, so here, riders will be able to book directly with their preferred driver or even gender. Female riders will be able to request female drivers and users will even be able to book rides based on the type of service they need (school pick-up, taking your parents to doctor's appointments, etc.).
The ability for each driver to build their own 'book' of clients by offering exceptional service will allow drivers to treat Velo Ride like their own ride-sharing franchise of sorts. Naturally, there are plans to license the app to limousine companies, as well as a plan to launch a referral program for drivers in return for lowered subscription fees. Mighty big plans for an up-and-comer, right?
The Three P's
Building Velo and rolling it out in multiple cities is no small feat. Yson knows the task in front of him and understands his entrepreneurial game will need to be strong. When asked about the most important attributes that are required when building his startup in a competitive space, Yson shared some insights for entrepreneurs -- and they all center around resilience & discipline.
Yson stressed to never give up on your dreams and that if you fail, you need to get back up and try again. Where it seems like common advice, it's the entrepreneurial DNA that success is borne from.
Yson shared that patience is something that is absolutely necessary -- and that it's needed more deeply understand challenges, the problems we face, and how to find solutions to complex problems. If you master the art of patience, you will be rewarded with the gift of better judgment.
Planning was something that was very critical to Yson and is an integral part of his life, spanning across family obligations and business. A true entrepreneur always plans and your decisions can make or break your chances in becoming successful. It's an ongoing iteration and responsibility that needs to be treated as such.
Yson shared one of his favorite quotes that he preaches to his children and staff -- it's particularly fitting.
"If you fail to plan, you are planning to fail" -- Benjamin Franklin.
These three P's are sound advice entrepreneurs can use as they attempt to grow their companies. Whether trying to scale a startup or taking an e-commerce retail business from concept stage to a thriving business, you need to remember that perseverance, patience, and planning are qualities today's entrepreneurs would be well advised to weave into the fabric of their companies.