Rajesh founded “MRK Innvoatives” in 2007 and explained what they do in detail saying
“Our company is engaged in the manufacturing of electrical apparatus (starters) to control working of water pumps. The product is very ordinary to sound and look, but can be a great tool to prevent waste of water on this earth. I started in 2007 by trading. Later on it was felt that the consumer is not getting the right product quality so started own mfg.At present our products are sold all over U.P., Bihar, West Bengal, Orissa, Delhi, Uttaranchal and Jharkhand. Our work force consists of technicians, administrative and marketing personnel.”
He has made sure his approach has been different from that of others. He says “The normal trend in the trade is low cost, low value product, sold to bulk dealers. 50% of the products have short life period due to substandard quality. We have invested heavily on quality inputs, stringent testing methods, new product look and style and a dedicated brand awareness oriented marketing strategy.”
Rajesh plans to take his product on a trial basis to the entire north and east, and set up temporary offices in the west and south. He believes “The business can be scaled up now only with the setting up of a dedicated supply chain system.”
He has a philanthropist’s approach to entrepreneurship and states so saying “I believe that “entrepreneuring” is an art and not science. It is an art of creating opportunities and thus wealth. It is social welfare also since it helps in creating job opportunities for many in the society. A job gives money security only but kills individuality.”
Despite a few non-believers, Rajesh won them over with his quality product. His reputation was built on the strength, performance and durability he endorses. He recalls
“The biggest challenge so far for me was to make the dealer accept that quality is long-term and price is short-term. I overcame it by trial use, persuasive selling and consistent effort in brand marketing and sticking to brand values.”
He had a learning lesson though, when he chose to compete and fielded lower quality material. He says “As far as I remember, the mistake I made was to compromise on quality for price once. And I paid heavily when my products got rejected in the market.”
Once his lesson was learnt though there was no stopping him and he admits that saying” The biggest achievement I can define is that, we have proved that persistent quality pays in long term and the brand sells.”
“My company is consistently growing annually at the rate of 20-25% without any capital infusion for the last 12 months. At present the employee strength is 30+, and we are operating from two branches.”
Rajesh relishes “The thrill of facing new challenges and creating wealth in the long term.” He seeks to establish MRK Innvoatives as a value producer, with innovative products for the trade.
Rajesh shares the insights he has gained so far hoping we could learn from it and says “Get here only when you know the art of selling, invest in communication tools and never compromise on quality and profit margins”
As an entrepreneur Rajesh may have just begun his journey, but he has already learnt a great deal. YourStory is sure that his lessons will be of good use to him as he satisfies his thirst for success.