Ramesh N Shastry, the founder of Magnatech India, shares his remarkable story.
Introduction
Mr Ramesh N Shastry, an electrical engineer by profession and is a highly passionate and energetic guy. He is the founder of one of the topmost transformer manufacturer companies, Magnatech India.
He’d been bitten by the entrepreneur bug in his initial stage itself. He always dreamed of being an entrepreneur when he was a student completing his degree in electrical engineering. He was certain that his internal desire along with an internal call, had guided him to his dreams.
Ramesh had also worked as Design head in Transformers & Power products manufacturing company after finishing his studies, where he was highly compensated. Despite being in a high paid job, he could never forget his dream of becoming an entrepreneur one day. To fulfil his desire, he decided to quit the well-paid job to start his own initiative, his own Magnatech company.
Stay tuned till the conclusion of the post to hear Mr Ramesh Shastry, the founder of Magnatech India, tell his remarkable life story.
Let’s jump right in.
Challenges
Ramesh began exploring the market for the sector he liked the most, which is specific types of transformers, as soon as he left his well-paid employment.
The initial days of his were very challenging for him, he saw both struggle and hope knocking at his door. Despite his struggles, he was very hopeful and optimistic about his dreams.
He founded his own firm, Magnatech India, in 1996, after doing extensive market research. However, here comes the true test. Ramesh didn’t have enough money to hire personnel for his business. At first, he operated as a one-man army, doing everything alone. He was in charge of a number of initiatives. The major pain point he had was that he had to do multiple roles and due to which his efficiency came down.
Without any personnel, he had to manage a number of initiatives on his own. He recounted how he could only get 2-3 hours of sleep during those days and had to devote his attention exclusively to his goals.
Straight for six months, he could not meet his expectation. He was finding it difficult to generate good revenue for his company. He told that the amount of money he received during those days was not even half of the money that he used to earn when he worked as Design head in Transformers & Power products manufacturing company. Such was the challenges he had to face during his initial days.
Breakthrough
With all of his determination, he took on all of the problems by himself for a whole six months, including sleepless nights his work began to take shape. He began selling his qualified products throughout Karnataka, in cities such as Bangalore, Mysore, and Mangalore.
He said that it took him six months to design and send it for re-evaluation. He also mentioned that his first-ever evaluation of the product was given a green signal as the designs he made was unique.
He told that he is very passionate about electrical engineering. Whenever people tell that such and such design is impossible, he takes it as a challenge and completes the design and make it ready for the customer. Ramesh loves creativity and he said that creativity helps him envision his end products.
The enterprise began to stand up on its own knees after six months, and it began to take life. Ramesh’s focused hustle spent building his own enterprise was beginning to show good results. He also hired 2 employees at the beginning to make the workflow as smooth as possible.
Magnatech India now sells certified transformers to industries such as defence, aerospace, and medicine, among others. Furthermore, Magnatech India serves clients in over 20+ countries.
Previously, Indian enterprises had to import these items from nations such as Germany, France, Israel, and the United States. He said that foreign nations were dictating to Indian corporations and that the companies acquisition restrictions were so strict that the company had no choice but to acquire it.
Today, he is able to provide his highly qualified items to Indian enterprises through his company, Magnatech India, making it easier for them to obtain the products without having to travel to other countries with strict buying rules.
Magnatech holds the title of being unique in itself as the products they manufacture are special, the technicality of it is strong, designs are no doubt excellent and this is why probably the company is number one in India, said Ramesh.
In terms of worldwide recognition, Ramesh stated that he began selling his product in Germany first, claiming that the country is the most difficult to capture the heart of, and that satisfying Germany is challenging. Ramesh intended to start with the most difficult country possible, and he was successful on his first try. Magnatech India now has more clients in Germany than all other countries combined.
The vision of Magnatech India
In terms of his future vision, Ramesh stated that by 2028 he wants Magnatech India to be a 120 crore revenue company. As of now, the company has around 50+ employees and also aims to hire 250 to 300 people at once by creating employment opportunities for the people. And also desires to have a strong international presence. The company also desires to have a design and sales office in abroad countries.
Corporate Social Responsibility
The corporation also practises corporate social responsibility, participating in a variety of social initiatives such as tree planting and empowering persons with disabilities.
The firm employs persons with disabilities, and they do so on a weekly basis.
Ramesh explained that his firm pays a visit to an organisation named Kuteera, where at least 8 to 10 specially-abled persons are accessible and who are always given extremely simple tasks. The firm individually trains them and assigns them small tasks, therefore providing them with jobs. And this is a worthy responsibility that the company has taken on for society’s welfare and well-being.
Mr Ramesh’s message to Youth
In the end, Mr Ramesh gave out a positive message for today’s growing youth, he stated: “There is a great opportunity in India, the country is very big and has its own hype for many products, I would rather encourage youth to be an entrepreneur”.
He also said that the youth should have the passion to do something which is more creative.
He continued, “ India has a greater opportunity, no doubt about it. The technologies have started advancing much better in the nation. The Indian ecosystem is growing and this is the best time for young technocrats to use their knowledge and build an empire for even better initiatives. Instead of getting employed, you create an employment opportunity for others rather than working elsewhere”
He concluded by telling “Be an entrepreneur rather than being a high paid employee”.
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