Binod Chaudhary: Always Expanding and Growing
(Note: The following text was submitted to Dr Sagar Raj Sharma as part of the assignment of subject Entrepreneurship, he is currently (2013 february-August) teaching to students of Development studies of Kathmandu University)
Binod Chaudhary believes – ‘Nothing succeeds like success’.
Mr Chaudhary, who has recently secured his name in the world richest man list of Forbes Magazine, has always dream of growing and expanding beyond his normal capacity. He was never satisfied with his achievements – that triggered him to dream more and more in the world of business. Lack of preparation, education and experience was never an excuse for him to stop from moving ahead. A strong will and high optimism are central traits of an entrepreneur.
He dreams, he works hard and he achieves- and Now He had proved himself to be a successful entrepreneur.
From a retailer shop to CG global brand
His journey of entrepreneurship from the small Arun Emporium, a retailer shop in Newroad Kathmandu founded by his late father Mr. Lun Karan Das Chaudhary, has globally expanded to diverse sectors including fast moving consumer goods to hospitality and power companies across. Today he is the richest man in the Nepal and the first Nepali Billionaire to be recognized globally. He is the owner of Cinnovation/Chaudhary Groups of Industries, owner of Nabil bank and has investment in Hospitality business across the world.
It is not necessary that every entrepreneurs start from zero and becomes a billionaire. Mr. Chaudhary took the responsibility of Arun Emporium, found by his father and expanded his linkages with international business community to expand his investment and business sectors. The foundation of the his family business was installed two generation back by his grandfather Mr. Bhuramal Chaudhary who was invited by Rana Prime minister Bir Shumsher from India came to Nepal and initiate the culture of business. He admits that much of his business instinct and strategies were derived from his grandfather and father’s involvement in business.
It’s very interesting to note the diverse interests of Mr. Chaudhary. He had deep interest in singing, music and movies. He even came up with his first song album titled ‘Nepalese Modern songs’. However, he invested his maximum energy and time in what he was best since childhood- Business. In due course of his business expansion, he maintained his links with high profile personalities ranging from Indian film superstars to Prime ministers of India and America. He was equally good at showing sympathy and support, celebration and negotiation depending upon time and situation. He highly valued his personality and confidence to be what he has shown to this world- the first billionaire from Nepal.
Business Expansion and Growth
Probably, the worldwide expansion of WaiWai Noodles can be the ground breaking point for Chaudhary Group of Industries to establish itself as the global brand. It is very to interesting to know Mr Chaudhary’s entrepreneurship skills when one goes through how he traveled to Bangkok according to one of his colleagues to observe Noodles industry and negotiate with the owners of Noodles Industries of Thailand to reestablish WaiWai Noodles in Nepal. More than that his market instinct is impressive- he took great risk by establishing Noodles plant in Kathmandu despite ‘don’t go ahead’ hint by Thai market experts who came to Nepal to observe market for Noodles industry. Mr Chaudhary saw enough market opportunities in the changing Nepalese settings despite disagreement from many of his contemporaries. In near future WaiWai Noodles is expanding to 35 countries and it has already captured 70 percent market share in Nepal.
Had Mr. Chaudhary satisfied with what he had achieved with noodles industries, he wouldn’t have invested in Electronic equipment, hydropower companies, and hotels of Maldives, Srilanka and Hotel Taaj of India. Beside high ambition to expand and fulfill the dream of being a global entrepreneur, Mr. Chaudhary highly valued his relationship with Royal families, Political leaders, contemporary businessmen, Indian leaders and International business communities of Thailand, Maldives, India, Singapore, Malaysia, America etc.
Being highly committed for growth and expansion, Mr. Chaudhary utilized his instinct, experiences, money and power to meet his objective. His previous objective when he had just entered the business sector was- to take full responsibility of his family business founded by his father but slowly with his growing interest and insight, he continuously directed himself towards global expansion and growth of CG brand and its products.
Failure Vs Success
Failure has always strengthened Mr. Chaudhary to succeed. The journey was never an easy one as it seems now. He fought with every controversies and scuffles that came ahead of his target. Sometimes his business deals were hindered by political scuffles, Maoist war hindered his industrial production in different places of Nepal, many business competitors attempted to nullify the WaiWai Noodles brand and many such series of backbiting and unhealthy lobbying appeared before him. The interesting part to know is how he dealt with the difficulties. He developed an institutional mechanism to combat the technical problems for instance hiring Chartered Accountant and experts in his company was his decisive step. He used his business and political linkages to expand investment in diverse sectors whenever initially plan fails. He also developed his leadership skills by involving in different umbrella organizations like CIN, Federation of Nepalese Chambers of Commerce and Industries (FNCCI) and other financial policy level institutions. Getting in power centers helped him overcome controversies and baseless accusations.
Entrepreneurial traits of Mr. Chaudhary
- A high ambition always keeps a businessman to dream and work hard to achieve it through continuous dedication and hard work.
- To deal with business problem, the culture of institutional mechanism (for instance hiring experts) is necessary to achieve expertise control over the area.
- Doing business is more than being a Market analyst. Mr. Chaudhary avoid being dependent upon theory and followed the knowledge provided by practice and lively experience.
- Inorder to secure market of product, an entrepreneur created Demand and earns profit.
- Besides being optimism, an entrepreneurs has to do tough brainstorming in the consequence of his decision, his critical thinking plays vital role in providing safe direction.
- An entrepreneur should always minimize management and other cost and invests more money and time in enhancing market efficiency for the product.
- An entrepreneur is also leader, he/she should have bright, moral and discipline personality.
- Beside updating own selves about the changing demand of the customer, an entrepreneur regularly get informed about whets going in the world and identify the possible space where he/she can expand.
In sum, Mr. Chaudhary suggests any entrepreneur to be dissatisfied with what he/she has achieved and move for more. Optimism obviously motivates one to enter the business but for growth and expansion, one should be dissatisfied and ambitious. In addition, an entrepreneur should always take responsibility more than his/her normal capacity.
Chaudhary, B. (2013). Binod Chaudhary an Autobiography by Binod Chaudhary. Kathmandu, Nepal: Nepa-laya.