Binod Chaudhary – The Man Who Proved “We Can Do Business In Nepal and Still Succeed”

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Full NameBinod Kumar Chaudhary
DOBApril 14, 1955
NationalityNepali
ProfessionBusinessman, Politician, Philanthropist.
Net worth1.4 billion USD (2022)

Binod Chaudhary is a Nepalese businessman, politician, and philanthropist worth billions of dollars. He is the  Chaudhary Group chairman and president. He was named Nepal’s wealthiest individual and single billionaire in February 2013, with an estimated net worth of $1 billion. His net worth has increased to $1.7 billion since 2013. He has done charity work, book writing, and filmmaking in addition to his business, which focuses on distribution, retail, leisure, and manufacturing.

Early life & Business career

Binod Chaudhary was born into a Marwari family in Kathmandu, Nepal. Bhuramal Das Chaudhary, his grandfather, was an entrepreneur who started a textile business. His father was also a businessman who helped his grandfather expand his company. Rather than joining the family business, Chaudhary chose to further his education early in his career.

Chaudhary attributes his motivation to his grandfather and father.  Amitabh Bachchan and  Ranbir Kapoor are two of his favorite Bollywood actors. He admires former South African President Nelson Mandela for bringing freedom to the country, as well as businessman J. R. D. Tata for “building a company of rare distinction.”

Binod Chaudhary was about to embark on a journey to India to study chartered accountancy when his father was diagnosed with heart disease and told by the doctor that he could no longer handle the family business. He assumed leadership of the company because he was the family’s eldest son. According to The Telegraph, “My life was entirely transformed in an instant. I didn’t have much of a choice. However, it has made me a stronger man.”

He considered bringing Japanese Suzuki cars to Nepal at first. He stated earlier that “Suzuki was afraid of me because I was a youngster in the clothing business. I managed to persuade them. They handed myself and four other people a trial dealership in Nepal to market Suzuki. The dealership would go to the person who sold the most automobiles in six months.”

Success Of Chaudhary Group

CG group wai wai

Chaudhary’s grandfather Lunkaran Das Chaudhary started the  Chaudhary Group, a business conglomerate. Wai Wai instant noodles, which were first introduced to Nepal in 1984, quickly became the company’s best-selling product. “Running that disco taught me a lot about business,” Chaudhary wrote when he took over his family’s firm when he was 23.

Chaudhary got the idea to sell Wai Wai noodles after observing a lot of Thai people carrying packages of noodles. He soon discovered that there was a demand for Thai noodles in Nepal. He traveled to Thailand and paid a visit to Thai Preserved Food Factory Co. Ltd., which produced Wai Wai noodles for the Thai market. He wanted to partner with the company, but the owner was unsure that exporting the noodles to Nepal would be successful owing to the country’s “poverty and bad infrastructure.”

He showed Chaudhary how to make the noodles after noticing his enthusiasm. “I’m a tremendous admirer of Thailand and this company that has given our group this type of status,” he said to the Bangkok Post. There are 7000 people associated with the Chaudhary Group (CG) in 19 countries. 

Binod Chaudhary in Politics

He got associated with legislative parties such as the Communist Party of Nepal-Unified Marxist Leninist during the first People’s Movement in 1990. (CPN-UML). In 1994, he was a contributor to the design of their economic policy. As a result of this, he was elected to the Constituent Assembly by the party in 2008. He’s also stated, “Economic growth should be the driving force behind Nepal’s politics, in my opinion. I’d want to see someone who does not put the country’s interests ahead of personal or political objectives.”

Chaudhary became a member of Sher Bahadur Deuba’s Nepali Congress party in 2017. Chaudhary has made important contributions to the country, according to the party.

He served in the Nepalese parliament as a member of the Communist Party of Nepal-Unified Marxist Leninist. “They [CPN-UML] wanted me to come and contribute to the making of the Constitution as a person who is known both inside and outside the country,” he has stated. Prior to the program’s collapse, he was also a member of the UML legislature.

Chaudhary Foundation

The Chaudhary Foundation is his own charitable organization. It has signed the UN Development Program for Nepal’s progress and promotion of the Sustainable Development Goals (SDGs). In 1995, the foundation was founded. Following the devastating earthquake, the foundation has been assisting in the reconstruction of Nepal. “The Chaudhary Foundation is ready to collaborate with the National Reconstruction Authority in order to help Nepal rebuild. We hope that the reconstruction activities are focused toward accelerating the country’s economic growth. Our Foundation is committed to making a meaningful contribution in this regard.”

Awards

1) In 2015 he was honoured by Sri Sri University for his outstanding contribution in philanthropy; he was given an honorary doctorate degree.

2) In 2016 he was awarded Asian Man of the Year Award.

3) In 2016 he was also awarded the 2016 Frost & Sullivan Growth, Innovation and Leadership (GIL) Award.

4) In 2019 he was awarded with Lifetime Achievement Award by Hotelivate.

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Top 10 Motivational Quotes By Binod Chaudhary

1) Yes, we can do business in Nepal and still succeed. That is what I proved.

2) Each country is different. Keep an open mind, and you will able to find where the niche entry level lies – the areas where there are gaps. You have to keep an ear to the ground, and you can find a business opportunity.

3) I was neither prepared nor had the education or experience when I started off, but I took each development in my life seriously. This helped me see clearly when I stood & where I had to reach.

4) Anyone who’s ambitious and dreams big has to be prepared to accept the challenges their ambition presents them with.

5) The big name of schools nowadays do add to your knowledge & exposure. But they are not integral to an entrepreneur’s education. Those skills& talent are found outside school.

6) No entrepreneur has the luxury of having enough time or resources. To my mind the management of these two resources is the most critical ability all entrepreneur should know when to spend, how to spend& where to spend

7) First and foremost, you have to be a dreamer. Then you have to keep dreaming the same dream until you achieve it. You can’t envision one thing today and then jump ship to another idea tomorrow

8) I always felt we were complting internationally in my own home turf when Companies from india and china came to Nepal to sell their products. And I thought why can’t we do that?

9) When I was 18, and when I entered my family business. I soon realized that it wasn’t as easy as i thought. I had to deal with people of my father’s generation. Building trust was key to doing business.

10) I want to tell entrepreneurs who are starting now that it is far easier to do business today than when I was starting. To be young and ambitious today, if you have access to technology and the advantages it affords is to have the world as your oyster.

URL:https://jevanee.com/binod-chaudhary/