Assignment 1: Entrepreneur Profile Review
Select anyone entrepreneur (from Nepal or abroad) of your choice, review
his/her profile by accessing different sources and prepare an entrepreneurship
profile. The profile should be structured as under (but not limited to):
Background
Binod Chaudhary is a Nepalese billionaire businessman, politician and
philanthropist. He is the chairman and president of the Chaudhary Group
(CG). In February 2013, he was recognized as Nepal's wealthiest person,
having an estimated net worth of $1 billion. Since 2013, his net worth has
risen to $1.7 billion. Besides his business, which focuses on distribution,
retail, leisure and manufacturing, he has done charity work, book writing,
and filmmaking.
Early Life
Binod Chaudhary was born in Kathmandu, Nepal, to a Marwari family. His
grandfather, Bhuramal Das Chaudhary, was an entrepreneur who started a
textile business. His father was also a businessman who further developed
his grandfather's business. Early in his career, Chaudhary chose to pursue
further education rather than join the family business.
Chaudhary credits his grandfather and father as inspirations. He is a fan of
Bollywood icons Amitabh Bachchan and Ranbir Kapoor. He admires
Nelson Mandela, the former president of South Africa, for bringing freedom
to that country, and businessman J. R. D. Tata, for "building a company of
rare distinction".
Turning Point
The Chaudhary Group is a business group, founded by Chaudhary's
grandfather Lunkaran Das Chaudhary. Wai Wai, a brand of instant noodles,
introduced to Nepal in 1984, became the company's bestseller. Chaudhary
took over his family company at the age of 23, and wrote "running that
disco taught me a lot about business but it was only when I took over the
family business of running Arun Emporium, turning its fortune and looking
after family, I understood the business. "The idea to sell Wai Wai noodles
came to Chaudhary after seeing many people from Thailand with packets
of noodles. Soon after that, he realized that there was a craving for Thai
noodles in Nepal. He went to Thailand, where he visited Thai Preserved
Food Factory Co. Ltd., the company that produced Wai Wai noodles for
Thailand. He wanted to collaborate with the company, however, the owner
was not that confident the idea of bringing the noodles to Nepal would
work due to the country's "poverty and poor infrastructure”.
Success Stories
Binod Chaudhary is one of Asia’s most prominent businessmen. President
of the Chaudhary Group which deals in banking, insurance, finance and
housing, he has invested in hotels and real estate, and collaborates among
others with India’s Taj Group. In 2013, he became the first Nepali
entrepreneur to be listed as a dollar billionaire by Forbes.
Lessons to Learn
The following are my top most important criteria and what I believe to be
the key factors of the success of Binod Kumar Chaudhary.
Honesty: We must be dedicated to your work. Without hard work and
dedication, unlimited success is not possible. Being honest means a strong
passion for the work and simply being natural. Honesty is the voice of
trust. Without honesty, you can’t build up strong relationships with people.
Analytical Skills: Chaudhary has amazing analytical skills, coupled with
visualization. He has the innate ability to solve complex situations right
away. He believes business does not run on the lines of elaborate theories.
Book theories only create another business expert or business professor -
not a businessman. He is astute in knowing the market. He studies the
possibilities by analyzing the positive and negative before he invests.
Stay Updated: If you want to be a successful person you have to be current
on news. That’s the main way to gain knowledge.
Learn from Failures: Binod Chaudhary has faced so many difficulties in
his life. Those conditions never discouraged him. From them, he always
learned something to become stronger.
High Ambition: Binod explains “whatever I am now, that’s the result of
high ambition.” He suggests to people if you don’t have good vision to do
your business internationally, it’s better to not come into the realm of it
because business is all about “unlimited horizon”.
Believe in yourself: This is another quality of Binod Chaudhary. He is very
humble and he believes in himself. The person who believes himself is the
person who becomes highly ambitious.
