2013-10-28 00:00:00QuickBooks Business of the WeekEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/LED.pnghttps://quickbooks.intuit.com/in/resources/quickbooks-business-of-the-week/featuring-ledprince/Featuring LEDPrince

Featuring LEDPrince

2 min read

Cost effective and well researched lighting solutions are increasingly needed by India’s growing population. The market is flooded with Cheap Chinese products that may not be very high in terms of quality. In comes LEDPrince, a LED and Solar Lighting Solutions Company which aims to provide wholly ‘Made in India’ goods to its consumers. Founded by Prince Verma, a B.Tech dropout from Himachal Pradesh, LedPrince has made innovations in LED bulbs, lanterns, mobile chargers and more. Here we speak to Prince Verma on his venture.

An Excerpt from the interview What made you start your venture? I always dreamt of having my own business. After working and freelancing for a few years, I got the necessary experience and expertise on Solar and LED lighting products. This motivated me to finally take a call on starting my own venture.   What has been the key to your business’s success? The success of my business lies primarily in hard work, dedication, focus, giving first preference to quality and consistent innovations despite some failures. For me, hard work never goes unrewarded, sooner or later you will get something for your every effort.   What are the major challenges in your line of business and how did/do you overcome them? There are lots of players in this field. Low priced Chinese products have posed many hurdles, but because I give first importance to quality, I have been able to handle all these hurdles. I prefer to have 10 satisfied customers rather than having 100 unsatisfied customers.   Do you have a mentor who guides/advices you on matters of the business? I am the decision maker for all my right and wrong steps. I do consult my parents and Mr. S.S. Raman, owner of Raman Control Engineering (Gurgaon) where I completed six months Industrial training during my B.Tech course. He is my Guru. I often visit him for advice and guidance. He always shows me the right path instead of just having solutions to my problems. There is always a risk in every decision, but that is needed in order to move forward.   Have you benefited from the use of any specific technology for your regular operations? I use the internet a lot for my research work. I also use social media to market my products. The internet is a good source of knowledge and ideas for business development.   What strategy do you follow for Customer Satisfaction & Expansion? For customer satisfaction I follow one rule that’s “Quality First”. I also try to educate the customer over the pros and cons of LED lighting and provide them best solution regardless of my profits. I believe in focusing on good client relations with my customers rather than just making my business.   What, according to you, are the top 3 skills needed to be a successful entrepreneur? According to me, a successful entrepreneur must have these skills: • Focused and Hard working • Able to take their own decisions • A Good Leader

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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