Biography of Radhakishan Damani (His childhood, education, career, personal life, achievements, what can one learn from his life)

Biography of Radhakishan Damani (His childhood, education, career, personal life, achievements, what can one learn from his life)
 Biography        6 months ago         BlogzBite Team       0       655

Radhakishan Damani was born on 15 March 1954, in a Marwari family, his nourishment from childhood to young age took place in Bikaner, a district of Rajasthan. Radhakishnan is known for his success of being a self-made billionaire in our country despite having such a humble beginning. He was a college drop out because he dropped his B.com (Bachelor of Commerce) from the University of Mumbai to start his stockbroking business journey.

Radhakishnan is now the biggest investor and entrepreneur living in Mumbai. He owns the country's third-largest mega-retail stores chain, named DMart. He considers Chandrakant Sampat his mentor who was first generation investor. 

He says that he learned his techniques for dealing with risky situations in business from Chandrakant Sampat. His career began as a trader, but when his father died, he had to face an unwanted and drastic financial crisis at his home and he then decided to become a stock-market investor. In the few initial years the market was utilised for observation and taking knowledge. Meanwhile, he considered following menu Manek's stock-market strategies, who had established a kind of fear in everyone in the market because he was the real player.

Radhakishan established his roots in the Market after he vanquished Harshad Mehta who was the Indian stockbroker who was responsible for the biggest scam of India. From the late1980s to the early 1990s heavy amounts of investments were made by Radhakishan in large and multinational stocks and consequently it made him one of the leading stock market investors. 'he was also ranked as 12th-richest person in India by Forbes. 

Childhood & Early Life

R.k. Damani was born on 15th March 1954, he belongs to a Marwari family. Shivkishanji Damani was his father and he was also a part of the stock market. He has a brother named Gopikishan Damani. Radhakishan started to pursue his graduation in B.Com from the 'University of Mumbai' but then dropped out because he wanted to begin his career as a businessman.

Career

His career began in the ball bearing business as a stock trader. Before that, there was no interest shown by him in the business of the stock market. 

But due to his father's death made him enter the stock market business. Radhakishan had to shut down his prior profession and needed to accompany his brother in the stock market as stockbroking. After Entering his first work was to have keen observation and speculation because he had no knowledge about the market then and needed to learn accurate way by which the whole market functioned. After all his observations he invested for the first time at the age of 32.

After facing a few failures Radhakishan realized that just speculating will not be much helpful for him if he wants to take deep roots in this risky business while taking long term business. He understood that he needs to learn ways to invest and grow capital so he started considering Chandrakant Sampat as his mentor and Learned from him, Sampat was an investor they Both had already met each other in the early 1990s. After having a couple of failures, as he lost some of his initial bets. Since then, he started investing in the long-term. this Idea made him successful in this business.

Radhakishan knew that if he wants to become powerful in this market then he needs to understand the strategies of many Manek who was the dreaded market operator and used to rule over Dalal Street, after understanding his strategies for a few years he applied them practically and overpowered Harshad Mehta who is known to be the mastermind behind the 1992 securities scam which was the biggest scams in the history of Indian stock market.

D-Mart

Radhakishan established 'DMart.' in 1999 because he has a proper understanding of consumer companies with little experience in a similar occupation, Radhakishan and Damodar Mall, bought a franchise of ‘Apna Bazaar" which was a cooperative organization established in Mumbai in1948. Then Radhakishan decided to launch 'DMart' after 2 years and took over 'Apna Bazaar.' in the starting of D-Mart he had only one store based in Mumbai in 2002 and with an inclination of success he has about 160 stores all over the country. 

DMart's 'Initial Public Offering' (IPO) on its parent name the, 'Avenue Supermarts.' IPO is the general process by which a private company can issue Its stock shares to the public in form of new stock issuance. So D-Mart set a new record through an extraordinary opening which had a strong influence on the 'NSE (National Stock Exchange market) this made Radhakishan's name take the 20th position in the list of the top 20 Indian billionaires. the March 2017 Radhakishan became India's retail king. It's said that there are three pillars (its consumers, its sellers, and its employees) responsible for the success of 'DMart'.

Family & Personal Life

Radhakishan is married to Shrikantadevi Radhakishan Damani and the couple has been blessed with three daughters. Their daughter, Manjri, is the manager of 'DMart.' 

His brother, Gopikishan, and his wife does the promotion work for the hypermarket. Radhakishan prefers living a simple and peaceful life and has even fewer interactions with the media. 

He avoids public gatherings programs. because of his dressings, He is also known as "Mr White, because he has always been seen dressed in crisped white trousers and white shirts.

What Can We Learn from his life:-

 
  1. Focus on the long term:-
 
 

Radhakrishan always believed in the long term and all his investment were in long term goals. Understanding the fact that the long term gives plenty of benefits than short-term or shortcuts. This resulted in him in bigger profits when he started D-Mart.

  1. Value the people who support you:-

life and business run by the relationship that we make with the people we work with and who support us similarly when Radhakishan opened D-Mart then it was the time when he made connections with vendors suppliers and buyers, which never let him go down and prosperity kept growing. As like Radhakishan we should also respect the people and value the relations.

  1. Start from small don't hesitate:-
 

Radhakishan started his career small didn't rush to make it big in initial years he waited and took the time that gave him proper control over all his business that gave him increasing profit. And this is how he raised profit each year. Similarly, we should understand that starting small isn't a problem, but not starting is. Start and then gradually make it big.

  1. Walk out of the herd:-
 

Warren Buffett of India "Radhakishan", Learned his techniques and strategies without following the crowd he didn't follow any unknown's dumb advice, with his walking alone leaving the crowd behaviour he could lift himself and the business and earned plenty of profits.

  1. Don't speak and let your work answer it:- 

Radhakishan always avoided media and fame that helped them to completely focus and be dedicated towards his duty and work. Despite being the richest man he barely has shown himself on any tv channel. In the initial days when he was trying to grow it's really hard to stand in a business where stress welcomes you at every step, he kept his dedication and zeal on fire and kept growing.

 

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