According to Mr Malvinder Singh, Executive Chairman of Fortis Healthcare, there is a larger purpose to doing business than just making money. More importantly, he says, business should be done for a good reason and should make a positive difference to lives.
Mr Singh was speaking at the recent “Disruptive strategies for building successful businesses” fireside chat, part of the NUS Greater Good CEO Series hosted by the National University of Singapore (NUS). The dialogue was moderated by Mr Michael Zink, the Head of Citi’s businesses in ASEAN.
Mr Singh talked about the fragmented state of the healthcare system in India during the 1970s and how the non-prioritisation of healthcare and the stigma that it was a social obligation and should not be made into a business resulted in a lack of healthcare provision. Recognising the need to provide proper, affordable healthcare to people, Mr Singh established the Fortis Hospital and brought in talented doctors to provide medical care under a structured framework.
“I wanted to do something that would make a difference, something that is meaningful. Healthcare enables you to touch and save peoples’ lives,” Mr Singh says. Since 2001, the Fortis Group has grown and established itself as one of India’s leading Healthcare groups.
So what advice does Mr Singh have for building successful sustainable businesses? Mr Singh shared that one should always challenge the status quo, not be afraid of taking risks and not be deterred by failure. Failure, he says, is fine as long as one has the right attitude, motivation and determination to pick themselves up.
Mr Singh also emphasised the importance of having conviction in the right values and doing what is right for the company. This in turn, will create value for stakeholders.
The dialogue was the inaugural NUS Greater Good CEO Series event. To complement the NUS Greater Good Series which has a focus on leadership, philanthropy and mental resilience, the CEO Series will specifically share insights with a new generation of entrepreneurs and business leaders who aspire to grow their companies into MNCs. The series of talks has been made possible through the generous support of Newsman Realty Pte Ltd.
For further information on the NUS Greater Good Series, contact Chow Wei Ling on firstname.lastname@example.org.