Binod Chaudhary is the first and one and only Billionaire who hail from Nepal. He owns Chaudhary Group which is a conglomerate of around 80 companies. The conglomerate has 60 brands of wide-ranging products and services. The Chaudhry group is selling its products and services in around 30 different countries. Biond Chaudhry belonged to a middle-class family and is not like entrepreneurs who inherited large business empires. He is a self-made billionaire who has faced many challenges and obstacles throughout his entrepreneurial career. Despite all the political turmoil and instability, Binod Chaudhary entrepreneurial perspicacity enabled him to grow his business both locally and internationally. As he has been successful in growing his business despite the poor economic and political conditions of Nepal, he is the best encyclopedia for the generation who aspire to become an entrepreneur.
Biond had entrepreneurial DNA was in his genes. The grandfather of Biond shifted to Nepal from India. His grandfather was a textile merchant. Later on, Biond’s father expanded the family business and started Nepal’s first department store Arun Emporium. Arun Emporium gave the major boost to the business of Binod’s family. Binod was just eighteen years old when his father suffered from cardiac diseases. As a result, Biond had to leave his education and start assisting his father in business. The entrepreneurial DNA in the genes of Biond helped him to dispense his entrepreneurial responsibilities effectively during every stage of business development. His grandfather and father have always been a source of inspiration for him. When he was just about to enter the entrepreneurial world, both his grandfather and father were his role models. He had seen how his grandfather and father not only worked very hard but also took unflinchingly several business risks. Over the years, Binod saw his father expanding and diversifying grandfather’s textile business. To turn the vision of his industrious father into reality, Binod Chaudhary has worked relentlessly. He wanted to become leading industrialist of Nepal, and today, after four decades, he is the biggest industrialist of Nepal and a source of inspiration for many entrepreneurs.
In the 1980s, the biscuit business of Binod’s father was thriving. As a backward integration, they set up a large flour mill to produce ample floor to meet the demand of their biscuit business. However, the mill had capacity far more than the actual requirement of flour required for biscuit business. Binod was keen to find alternative use of his flour produces in their mill. Binod meticulously studied local demand for different products. He noticed that Nepalese international travelers would often bring noodles along with them while returning from foreign countries especially from Thailand. To tap the market potential and increase the utilization of flour produced in their mill, he launched Wai Wai noodles. Wai Wai noodle proved to foundation stone for the success of Biond.
A Risk Taker
Binod is a risk taker, and he never hesitates once he decides to invest in a specific business. Although many people would bring noodles back to Nepal, there was no obvious demand for noodles. Because noodles were brought in Nepal in limited quantity by only those people would visit other countries. However, Binod was not deterred by the fact that noodles weren’t preferred by the general population in Nepal. He was confident that with the passage of time, the demand for noodle would increase, and he was right. Today, on average, per capita demand for noodles in Nepal is around 30 packets which are way more than 2 packets when Binod started Wai Wai.
Binod’s Role in his Business
As a business leader, Binod only set the strategic direction of the business without going into nitty gritty of business management. He always delegates the management of business operations to a qualified team. He says that had he been involved in direct business management, he would never have been able to concentrate on the business expansion because business management is a full-time job. Therefore, his role has always been setting the strategic direction for the business, identifying areas of high potential, and put together the necessary resources under the management of a qualified team which is responsible for the management of the business.
Diversification and Internationalization
Diversification has always been an essential business strategy for Biond. He has launched several new businesses including hotels, banks, financial services, energy, retail, and many more. Through diversification, Binod was able to enter into new business and expand the product portfolio of its business. When the political stability of Nepal was shattered, it was difficult to grow the business locally. Therefore, Binod decided to launch the first multinational and grow in international markets. Biond launched Cinnovation. In Singapore.
Ambitious Vision and Fervent Passion
Biond is a highly ambitious person who always thinks big. Binod thinks that he has been gifted this quality through his entrepreneurial DNA. He thinks on the lines similar to his grandfather and father who could have opted to remain content with whatever they had but they struggled hard because their vision was big and their passion was fervent. They wanted to make Nepal an industrial country and open opportunity for the local population. Binod believes that a person gets only what he envisions for himself.
For all his life, Binod Chaudhary has made objective decisions and never let his personal feelings and emotions to bias his thinking. He is a vegan and doesn’t like chicken products; however, his preferences for vegetable doesn’t make him underestimate the market potential of noodles. Not every entrepreneur is blessed with such objective thinking. As we can see those original owners of Starbucks parted from Howard Schultz because instead of understanding the potential of Howard Schultz they thought that Howard Schultz is unaware about the original coffee.
Binod Chaudhary is a source of inspiration for youth. Especially in Nepal and India, there are millions of young people who are chasing footsteps of Binod Chaudhary. His business acumen and perspicacity are remarkably profound. He is the business encyclopedia for the new generations, and the young generation can learn a lot from his life. Binod Chaudhary is also a philanthropist who actively support many charitable organizations and social welfare projects. Chaudhary group provides scholarship for students. Recently CG Group provided equipment’s to disable peoples. Being born and raised in Nepal, He knows what poverty is and how important is it contribute to social welfare.