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The Fortune 500 world wasn't for Ajay Prasad.
He worked for years in that world, but after losing a corporate marketing job, he decided to become his own boss.
“GMR Transcription provides an easy and secure way to get any file transcribed by a team of professional transcribers,” founder and president Prasad says. At first, his firm brought in $250,000 annually with 10 employees, but their customer services was, by Prasad’s own admission, not running at its best. By decreasing the number of employees, creating better business processes and improving marketing by building a separate GMR Web Team marketing business, the transcription business turned around.
1. Why did you start your business?
I worked for years in the corporate world for various Fortune 500 companies. However, I was let go from my marketing position after developing an amazing product for their company. After this, I was really soured on big business as a whole and wanted to find an avenue in life where I had total control over my life. That is when I decided that becoming an entrepreneur was the best option for me.
I started out with my small marketing agency, GMR Web Team, since I knew that I didn't want to leave the field of marketing. Eventually, I discovered a consumer need in the area of online transcription services, so I built GMR Transcription as a guinea pig company to test out my digital marketing strategies.
I've built each of my businesses because I felt that there was an opportunity for me to create something great, either based on my experience or the needs of the market (or both).
GMR Transcription was really struggling in the early stages of its life because we were not providing the accurate services that were required to succeed in the industry. We were able to solve this by ensuring that all of our hired transcribers were U.S.-based and specially trained to provide great services.
2. What sets your business apart from others?
I really am an entrepreneur of opportunity. I've built each of my businesses because I felt that there was an opportunity for me to create something great, either based on my experience or the needs of the market (or both). I have also invested in a few web-based startups and am currently in the process in building a SaaS product called RepuGen, which is an online reputation development and customer satisfaction measurement tool. I actually built multiple companies as a way to test my digital marketing strategies in GMR Web Team. I didn’t expect that those other businesses would become so successful.
3. When did you first realize your company was successful?
When I realized that my company could literally run without me, and still generate substantial revenue, I realized that I had built something great. Being able to sit back and focus solely on marketing was such a great feeling, and really showed that I had succeeded.
4. What are three things you couldn’t live without?
My clients. Not because they are a source of revenue, but because I have developed such great relationships with them and they always inspire me to be better.
My office. The feeling of walking into my own office every day is a wonderful feeling.
My team. What better complements an office than an amazing team? I am thankful every day for what they have grown into.
5. What’s the most inspiring compliment a customer has given you?
One of my largest current clients told me that I saved their business from shutting down. I was on cloud 9 for weeks.
Photo: Courtesy of GMR Transcription