The first syllable is pronounced like the letter `s’ and the following `o’ is like the `a’ in `china’. The `e’ is like the `e’ in `set’, `pet’, and `bet’, and the final `ric’ is like the `ric’ in `electric’, `eccentric’, and `metric’. The main stress is on the third syllable `ter’. This is how the Americans pronounce the word.
The British, on the other hand, pronounce the `e’ in the first syllable like the `ee’ in `bee’, `fees’, and `geese’, and the following `o’ like the `o’ in `so’, `go’ and `no’.
When you say that something is `esoteric’, what you are implying is that it can be understood and appreciated by only a few people. The word is usually used in formal contexts.
Example: Venkat takes interest in esoteric subjects