037: Ajay Prasad: Your strength should be your anchor.

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Ajay Prasad is a serial entrepreneur, successful business strategist and an adept marketing expert who before laying the foundation of his various successful entrepreneurial ventures, served organizations ranked among the top 10 of Fortune 500 companies. His areas of expertise include marketing management, business development, consumer research, market analysis and strategic planning within industries such as consumer electronics, GPS-based navigation systems, enterprise software and consumer marketing.

The founder and president of GMR Web Team, a leading Orange County digital marketing agency dedicated to helping businesses maximize revenue from the internet.  Ajay also owns and operates GMR Transcription, a seven-figure web-based business and award-winning transcription and translation company which he founded in 2004 to fill a void in affordable and accurate transcription and translation services for writers, students, professors and businesses.

Ajay shares…

What motivated him to start a business in the first place?

  • Ajay wanted more control over his life because he was fired from his job after creating a great product for the company.

Did he start the business on the side or dive in full-time?

  • Full-time

What were the first few steps that he took?

  • Ajay first started consulting with larger companies. Then he got a consulting assignment with a smaller company. After that experience he decided to focus more on smaller businesses even though he still works with larger businesses.

What type of people does he surround himself with?

  • He had some mentors who helped and challenged him.

What was the low point in her entrepreneurial journey, what did she do to get back on track, and what did she learn from that experience?

  • Ajay had a hard time keeping some customers happy during the first few years and he also had low revenues. He even considered shutting the business down and going back to work in for someone else. He talked to one of his mentors who advised him to talk to happy and unhappy customers to figure out what’s working. Once Ajay looked at who were the happy and unhappy customers, he noticed a trend. Ajay’s company was not the right company for those customers. He retired those customers. Even though that impacted his revenue, it freed up 60% of his time. Once he know who his ideal customers were he was able to interview them beforehand to make sure they were the right fit.

One personal habit that contributed to his success.

  • Ajay is very focused on customer satisfaction. He never guarantees that his company will never make any mistakes, but he will make sure mistakes will get fixed. He doesn’t over promise.

What book(s) would he recommend aspiring entrepreneurs read?

What advice would he give to someone who is starting their journey into entrepreneurship?

  • The first few year of starting a business going to be a slog. Be mentally prepared. Whatever you think it will cost you to be success is actually going to cost you more. However long you think it’s going to be, it’s going to be longer. Once you start this journey, make sure you have the persistence and “stick to it-ness”. Whatever it is your business idea, it will evolve. Having the right people really helps.

How to reach Ajay?

Offer: Transcription for podcasters at a deep discount for crediting the transcript material and link to GMRTranscription.com.

About the author, Melin

Melin is a sales and business coach who works with aspiring, part-time, and new entrepreneurs to launch and grow their business. She partners with her clients to figure out their gifts and talents, explore opportunities that are aligned with their interests and purpose, create strategies to launch their business, develop sales skills and mindset, gain confidence and clarity, and so much more.

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