Book Summary: Making It Big-Binod Chaudhary (Autobiography of Nepal’s first billionaire)
Honestly until I came across this book I would have never imagined a billionaire from a poor country like Nepal which has a history of political turbulence and stronghold of maoists. Both these conditions make any country economically unstable. Nepal- The only Hindu nation is less known for its world famous Wai-Wai noodles (Binod Chaudhary’s company) and more for the massacre of royal family in 2001 which followed a period of highly unstable government. Therefore the title rose an air of curiosity in me and I picked up this from the shelf just to try to understand about the business community of this country and looking at Nepal with a different perspective.
My Score: 5/5
If you are an entrepreneur, coming from a very humble and modest background, trying to make a mark in the world of business, consistently facing failures and hustling DO READ this book!!
A story that as an entrepreneur I could connect almost at every level. It is one thing to be a multi billionaire in America and another to rise to the height of success in an economically backward country like Nepal.
What kept me engaged with this book until very end, was undoubtedly the shared culture. After reading the book I was wondering why do we not celebrate our local heroes as a culture in Asia? Stories like BINOD CHAUDHARY must be shared more often.
Binod’s grandfather hailed from Jhunjhnu district of Rajasthan & had migrated to Nepal when the king of Nepal wanted to capitalise the local resources of Nepal in order to set up a robust economic environment in the country. The king invited few marvari families from Rajasthan to settle down in Kathmandu and Binod’s grandfather was an assistant to one such cloth merchant. The family was initially in the business of textile which Binod’s father later expanded to many other businesses one of them being Arun Emporium. This shop soon put Nepal on the Map of world. Arun Emporium had best of Nepal’s handicrafts and had all the celebrities, bureaucrats and royal family among its frequent visitors.
Since India and Nepal form amicable relationship time immemorial and both countries have no restrictions in terms of business, & trade apart from obvious shared culture. Many of Bollywood super stars like Raj kapoor, Dev Anand and Amitabh bachachan had also frequented Arun Emporium. Arun Emporium was the testimony to hard work and labour of Binod’s grand father who had come to this country as a labourer and now his son runs the most exquisite boutique at the heart of Kathmandu. Author shares fondly how his grandfather took his 10 year old father along with him while seeking sarees to his high end customers. Both father son duo would walk from the downtown areas of Kathmandu to posh areas of the city to sell their product. Binod’s father learnt his lessons of business from his father and not from a business school.
One first such lesson that he taught his eldest son Binod as well was “Frugality”. With Binod’s father being the second generation of entrepreneur in the family they still lived a modest lifestyle in order to expand the business and reinvesting money. Binod’s father was a small merchant with big dreams. Soon he invested into multiple businesses but none of them proved to be profitable in fact they made him lose money big way.
Binod took the reins of family business at the tender age of 23 before which he had already established a successful discotheque in Kathmandu with one his friend as partner. But he says “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.”
Along the journey Mr. chaudhary married his childhood love and daughter of his father’s close friend. Ventured into music industry (Udit Narayan became his friend during those days), bought luxury cars, entered into Chamber of Commerce of Nepal etc etc.
His major breakthrough in career was invention of Wai-Wai which is very popular across India and China, his contributions for the development of Nepal like cleaning rivers, earthquake relief, child education etc.
The second major breakthrough is collaboration with Taj Hotels across South Asia. This was historic and Changed the future of chaudhary group. After learning the nuances of hospitality industry the chaudhary group later formed two independent hospitality company both running successfully in many countries even developed ones like Europe and America.
Education has always been very close to Binod’s heart and he lays immense emphasis on an Educated Nepal. For this reason he himself have always bounced upon the opportunity to learn which has always kept him in the company of greats like Yusuf Muhammed who also became his guiding light when he was setting up Nepal’s first private bank. A frequent visitor to World economic summit and FICCI India (he also started FICCI Nepal chapter), being elected as President of Nepal chambers of commerce and two time MP he says all this he could achieve only when there was always an inquisitiveness and curiosity as well as desire to achieve more and contribute more for the people of his own country.
As Forbes announces the chaudhary group to be a billion dollar company Mr. Binod says that while the compliment his hugely motivating it also puts him and his company into a larger responsibility of contributing more and developing leaders from the youth of his country. Making Nepal a pro business country and creating a culture of entrepreneurship are his next dreams.
My takeaways:
Your friends today may become rivals tomorrow, and again friends day after. In the business world that’s how things work so learn to respect that.
1.) It always starts with a dream: we all know this, undoubtedly. For every success in his life Binod faced multiple challenges, government, maoists, bureaucracy, regulations, finances, legal etc etc. some were inevitable and some he was dragged into. But that never made him lose his confidence or giving up in fact he came out stronger.
2.) Family matters: it really does, if you want to go short go alone, but if you want to go longer, make a team. Family as a support system plays a crucial role in the success. I have studied so many ultra successful entrepreneurs and they all have undying support of family behind them.
3.) chose your company wisely, they define you: There was a time in Binod’s life as well when he fell for wrong company and start stealing money from his father but it was because of his good fortune that his father caught hold of him. Later in life he says that though I was not educated much but I chose to be in the company of wise people and that made all the difference. What sort of conversations drive you defines a lot who you would become eventually.
4.) Keep hustling, Never stop. Take breaks if you are tired but keep hustling.
5.) It takes time, preservance and commitment to achieve something bigger than your life. Mr. Binod started his journey at 23 and he became a billionaire by 63. 40 years. That’s it.
6.) Always holds your head high: there are numerous instances where he sights when royal kingdom tried to threaten him and his father using state machinery. But if you are true to what you do, it may take long but will pay off eventually. The royal family is lost in the past now and Chaudhary group is shining on the skies of Nepal.