Prashant graduated with a B.Tech degree in Mechanical Engineering in May 2011. Even before starting his graduation, he had made up his mind to join the family-owned business initiated by his father. The business, which was established in partnership with a close family member, aimed to create a brand name in the labeling and stickers industry.
While Prashant joined the family business, he had a clear vision of transforming it into a corporate entity. At the time, his father’s business focused on printing advertisement media and metal plates, operating in an unorganized manner with a small setup. However, Prashant aimed to bring a systematic corporate culture to the business.
Despite having numerous opportunities to start a local market business, Prashant remained focused on his goal of dominating the OEM (Original Equipment Manufacturer) market. His competitors became a source of inspiration as he faced various challenges, losses, and pains of business growth. However, through unwavering determination and hard work, Prashant and his team never backed down and ultimately achieved success.
Throughout his journey, Prashant’s father has been his support system, acting as both the root and the main pillar of the business. Together, they have worked towards building a strong and reputable brand in the industry of labeling and stickers.
Prashant’s Journey into Entrepreneurship
Prashant’s inspiration came from his early exposure to his father’s factory. Before starting college, he underwent a three-month training program at his father’s company. This training was not handed to him on a silver platter; instead, he experienced it as an employee of the company. The purpose was to determine if he had a genuine interest in the business or if he wanted to pursue a different career path.
During this training, Prashant realized that the industry had a lot to offer. The combination of creativity, marketing challenges, and the sheer size of the industry attracted him. Money wasn’t his primary motivation; instead, he aimed to establish himself with his own brand name and make a mark in the industry.
While pursuing his B.Tech degree, Prashant continued to work part-time at the office whenever possible. He had his final exams in May 2011, but he and his father had already made the decision to take the first step into business as responsible marketers in February 2011. Finally, on November 13, 2013, they established the brand name “PRINTEMPORIO CORPORATION PVT LTD” with a minimal investment, marking the beginning of their entrepreneurial journey.
Forging Bonds, Building Legacy: Prashant’s Unique Business Approach
What makes Prashant’s business unique is not the specific products or services they offer in the printing industry, but rather the strong connections they have developed with their customers, vendors, and workers. They prioritize their workers and vendors, considering them more than just business associates but as part of their extended family.
The culture they have fostered within their factory, the relationships they have built with their staff, workers, vendors, and customers, are their most significant assets. Their approach is not solely focused on being hardcore professionals but on building a legacy and empire in the printing, branding, and advertising industry.
This emphasis on relationships, trust, and a familial atmosphere sets them apart from their competitors. By prioritizing their workers and vendors, they have cultivated a dedicated and loyal workforce, as well as strong support from their supply chain partners. This unique approach distinguishes them and contributes to their success in the industry.
A Day in the Life of Prashant
Prashant’s day as an entrepreneur starts with the delightful voice and smile of his 20-month-old baby, who calls him to go to the park. He spends some quality time with his child before moving on to his daily routine. After a short workout and getting ready for the day, he heads to the office.
Prashant typically arrives at the office around 11:30 to 12:00. In the mornings, he has scheduled calls with customers. As their factory is located 40 kilometers away from their home, it takes some time to commute. Once at the office, he takes a walk through the factory to understand the various challenges and concerns faced by the workers. This provides him with an opportunity to appreciate their efforts as well.
Attending production planning meetings is an essential part of his day, as it allows him to stay updated and involved in the manufacturing processes. Prashant also frequently visits different customers, which often keeps him away from the office for two days a week.
One of the highlights of his day is having lunch with his father at the office. This mealtime serves as an opportunity for them to discuss various matters related to the business. Additionally, Prashant ensures that he dedicates at least one hour per day to interact with vendors, discussing opportunities and possibilities for collaboration.
In addition to the activities mentioned earlier, Prashant also dedicates 30 minutes every day to New Product Development (NPD). This time is crucial for any organization to innovate and introduce new products or services to the market.
To ensure a work-life balance, Prashant leaves the office in time to reach home by 8 pm. This allows him to spend quality time with his family. As he is accustomed to staying up late, he values this time as an opportunity to connect with his wife, who he considers his best friend for life. They have conversations about how they spent their respective days and discuss their aspirations for the growth and development of their child.
Mastering Precision and Overcoming Challenges
One of the major challenges faced by Prashant’s business is the nature of their printing services for labels, stickers, badges, and graphics. They operate on an order basis, which means they are always at a risk of gaining a profit margin of 20% while facing the possibility of a loss of 80%.
A single mistake in designing, printing, or fabrication of labels can result in a significant financial setback. To mitigate this risk, they have implemented certain strategies:
Selection of a skilled and qualified team: Prashant emphasizes the importance of assembling a team with expertise and quality control skills at every stage of production. Having the right professionals in place ensures that mistakes are minimized and quality standards are met.
Automation: They have invested in automation to reduce the number of manual processes involved in label production. Automation helps in streamlining the production process and reducing the risk of rejection or errors, provided it is operated by a skilled operator. This further highlights the significance of having a reliable and competent team.
Their company has established a significant partnership with one of the largest suppliers in the Indian industry, which allows them to commence production and sales of paper products. The printing industry as a whole is valued at over 15,000 crore INR annually. With this market potential, they have set a target of achieving annual sales of 500 crore INR.
To support their ambitions, they plan to invest approximately 20 crore INR in establishing a well-equipped manufacturing unit. Additionally, they anticipate a minimum working capital of 20 crore INR, if not more, to ensure smooth operations.
One of the strengths of their business is its security and fail-proof nature across various aspects. Furthermore, their existing 20,000 square feet factory, acquired solely through their successful endeavors in the printing industry, has been running exceptionally well for the production of labels and badges.
By leveraging their partnership, investing in the necessary infrastructure, and utilizing their established factory, they are poised to capitalize on the immense opportunities present in the printing industry.