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Last Updated Sunday May 27 2018 05:25 PM IST

That luxury car can wait, focus on your business: Thyrocare founder

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That luxury car can wait, focus on your business: Thyrocare founder Thyrocare founder and managing director Arokiaswami Velumani | Photo: Malayala Manorama

Kochi: No business has been ruined by reducing prices. The maxim comes from none other than the man who built a stellar healthcare diagnostic company worth Rs 4,000 crore by offering thyroid tests for as little as Rs 60.

Speaking at the Young Entrepreneurs Summit 2017 in Kochi, Thyrocare founder and managing director Arokiaswami Velumani called upon greenhorns to focus on volume business. He recounted how his company made a mark by bringing down the price for thyroid tests from Rs 500 to Rs 100 and eventually Rs 60.

Velumani advised youngsters to tap the sources of revenue rather than fleecing consumers. He said that a company could offer services at a cheaper rate if they sold larger quantities. Thyrocare sold about 60,000 diagnostic kits a day, he added. The company can cut the costs and pass on the benefit to the consumers, like U.S. retail giant Walmart did, he said.

On a lighter note, Velumani advised young entrepreneurs to keep a distance from friends and relatives. Stay focused on your business, he told them, and stay clear of the temptation to borrow heavily.

Entrepreneurs could not ask for a better business climate. Investors would be lining up with funds if the entrepreneur could come up with a brilliant idea, Velumani said.

Do not even think of buying or building a new house or spending on a luxury car at the early days of your career, he counseled.

Thyrocare has about 2,000 franchisees. The company offers the franchisees 60 percent of the revenue, while most other companies part with a paltry 10 percent.

He said that a good business needed a good partner. He said his greatest strength was his wife who died of cancer.

Read more: Business News | Companies | This digital contractor can build your dream house, brick by brick

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

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