- The two most important mantras in setting up a successful manufacturing business are — First, in-depth knowledge of your market, your products, and the latest trends help you keep ahead of the curve. Second, the ability to handle customers respectfully.
- The biggest challenge is the recovery of payment. As, most of our business runs on credit, several times customers may default on the payment or don’t pay the full amount.
- If one is setting up a new Business, then one has to be very patient as Businesses take time to settle down.
- Being the owner of the company, I have to manage all aspects of running the business, which involves supervising the staff, manage Sales, customers, collections etc.
- MBA will definitely help you in running such a business. I’d suggest you apply to the top business schools in India for better knowledge.
- You ought to put your creativity into play. Add new features to your product, explore new trends, and cater to peoples’ tastes. Of course, hard work is a must, but innovation should be prioritized too.
- As the time goes by, if you haven’t looked for opportunities of expanding your business, your income more or less remains the same.
Name – Rajesh Gothi
Profession – Director of ‘Prince Ply’ business
Gender – Male
Age – 43 years
City – Mumbai
Industry – Wood and paper industry
Where were you born and raised?
I was born and raised in Kutch, Gujarat. I was born into a joint family. Back then, my father worked as a businessman and my mother helped out with agricultural work in our village.
Following this, I relocated to different cities like Latur with the intention of establishing a career there. Finally, I settled down in Mumbai. I’ve been working here ever since.
Who would you say had a remarkable influence on you growing up and how?
My elder brothers had immeasurable influence on me. We were almost a clan, and always together. Through the businesses they established, I acquired a lot of knowledge at a young age in life which turned out to be really helpful as I grew.
Please give us a summary of your career.
My career officially commenced when I shifted to Latur to work at my brother’s retail and wholesale business of steel called “Prince Steel”. We dealt in trading mainly.
After two years of working there, I moved to Kandla where I dealt with liquid transportation. This went on for about five years.
Following this, I decided to settle down in Mumbai where I started a plywood trading/ manufacturing business.
We established a plywood and laminate factory in Chandigarh and in Gujarat.
In this way, I set up my trading business all over India. My company is called “Prince Ply”.
Which institutes, according to you, are the best for pursuing this career?
In my opinion, pursuing your MBA, [Master’s of Business Administration] will definitely help you establish a business like this.
From what I’ve heard, ‘Narsee Monjee Institute of Management Studies’ is a pretty commendable university for securing a degree like this.
Also, you can always apply to the top business schools in India if relocating isn’t an issue for you.
What is the expenditure associated with the education/training of this profession, approximately?
If we’re talking about the top business schools in India, you’ll probably incur an expenditure of about INR 10–14 lakhs collectively. This course lasts for about two years usually.
Also, the top business schools are situated all over the country. So, lodging and boarding fees is another set of expenditure.
If you decide to pursue your Master’s after attaining some years of work experience, then the opportunity cost of leaving your current job is inevitable. These expenditures are considered from every perspective and situation so it may vary from person to person.
How does one manage to enter this business?
First of all, you should enrich your mind by acquiring a lot of knowledge about the products you’re going to be dealing with.
You also have to possess marketing skills. Only after this can you establish a small trading business or a shop of your own. And then things start settling down automatically.
What is the range of remuneration one can expect when starting out in your line of career & industry?
When starting out, one can earn a gross income of about INR 10–25 lakhs per annum.
As the time goes by, if you haven’t looked for opportunities for expansion, your income more or less remains the same.
For more profit, you ought to open up retail /wholesale/ manufacturing outlets in different places or even more shops if you have only one.
This will fetch you more income. If you don’t expand your business, there’ll be no scope for the growth of your income and your company.
Describe your work, please.
Since I’m the director of my company, one of my main responsibilities entails supervising the staff. I make sure they’re able to meet what’s expected of them. I also have to peruse through and manage the accounts and collections of the business, address my customers’ queries, manage my products, keep track of the sales, etc.
I put in about 6–10 hours on a daily basis and work on all days except for Sunday.
In your opinion, what are some benefits that would encourage an individual to consider this career/job?
One of the chief benefits of working in this field is the fact that I’m greeted by comfortable work hours. We have a fixed time, a fixed schedule and a fixed regime. So things occur smoothly without the problem of work stress.
Also, since my business is well established, I haven’t faced any financial difficulties as such. It all varies from business to business, honestly.
Can you mention a few challenges that you would want someone to be aware of if they’re considering this career/job course?
Like I said, challenges vary from business to business. It depends upon various factors like your experience, how old your business is, etc.
One downfall of setting up a business like this is the fact that there are times when we extend a line of credit to our customers and they may just default on the payment or don’t pay the required amount within the specified time period. So in cases like this, it becomes difficult to replace the capital goods. That’s the only disadvantage I can think of.
What are some relevant trends/skills/technologies that are currently commanding a premium in your job profile?
You ought to have a lot of knowledge about your products, the cost, the supplies, etc. Also, you should be able to put new ideas and your creativity to play. That’s about it.
What kind of a person, do you think, would be content in this field?
Honestly, you just have to remain patient and persistent while you’re in the midst of establishing a business. Businesses take time to settle down.
If you’re able to interact with customers in a strategic and respectable manner, your business will strive. Also, make sure you’ve obtained enough knowledge about the field you’re specializing in, the products you’re going to be dealing with and improve your marketing skills.
If you think you can match up to these requirements, go for it.
Given another choice, what would you do differently as far as your professional selections are concerned?
No, I’m pretty content with the way everything has turned out for me professionally. However, I always look for opportunities to expand my business. For instance, when I’d just started out, my business was just restricted to trading. Slowly, I started with wholesale and manufacturing. I’m still looking to grow my business. But, the question of transitioning into another career has never occurred to me till date.
What advice would you offer to students or professionals who are just starting their journey on a path similar to yours?
You ought to put your creativity into play. Add new features to your product, explore new trends, and cater to peoples’ tastes. Along with hard work, it’s important to remain innovative. Keep up with the changing trends and you’ll thrive.