Guest: Dr. Velumani, founder of Thyrocare.
Host: Ranveer Allahbadia
Focus: Overcoming poverty, building a successful business, and reflections on life.
Key Takeaways
1. Money should be in the bank, not in the head : A reminder to stay grounded and not let wealth define you.
2. Success comes from facing challenges, not running from them :Emphasizing the importance of resilience and confronting obstacles.
3. Resilience builds success, not just luck : A strong focus on persistence, with luck being only part of the equation.
Podcast Notes
1. Business Start & Early Struggles:
- Dr. Velumani started his business in a small garage, initially with only ₹500.
- Today, his company, Thyrocare, is worth ₹5000 crore, but it took decades of hard work.
- Despite knowing little about the thyroid when he began, he built the world’s largest thyroid testing lab.
2. Family and Personal Responsibility:
- As the eldest son in a poor family, he took on leadership at age 10, supporting his mother and siblings.
- This early sense of responsibility shaped his approach to business and leadership.
3. Poverty and Mumbai Struggles:
- Velumani arrived in Mumbai with only ₹500, sleeping for 3 nights at VT Railway Station.
- He faced language barriers and financial struggles, yet pushed forward.
4. Personal Loss:
- His wife passed away 50 days before the IPO of Thyrocare, which meant she never saw his ultimate success.
- He reflects on how personal tragedies shaped his resilience and determination.
5. Education and Resourcefulness:
- Velumani worked to pay for his education, gathering cotton in the summer heat.
- Passed 12th grade with 200/200 in mathematics, and pursued science due to a professor’s encouragement.
- Shifted from commerce to science, which changed the course of his career.
6. Hiring Philosophy:
- Velumani does not hire employees based solely on experience, preferring freshers who are hungry to learn.
- He believes that experience doesn’t always equate to knowledge and that skills can be developed.
7. Philosophy on Success and Wealth:
- Wealth should not be flaunted or become a source of arrogance; money must be treated responsibly.
- True happiness comes from contentment and meaningful contribution, not just financial gain.
8. Scaling and Helping Others:
- His focus has shifted towards helping others, particularly entrepreneurs, scale up their businesses.
- Encourages businesses to grow responsibly and create jobs for society, rather than just focusing on personal wealth.
9. The Role of Luck and Hard Work:
- Velumani recognizes that while luck plays a role, it’s hard work and perseverance that are crucial to success.
- He describes his journey as a blend of both effort and serendipity, noting how timing worked in his favor at crucial moments.
Courtesy: @RanveerAllahbadia
