March 19, 2018

Tips for Start-Up Business for Beginners

The Local Market presents Mr. Agni Pratama (VP Business Development LiMa Group) as a resource workshop of local handicraft products.
 

The digital age is happening and have attracted many young people trying to build start-UP. But, it is not easy and it needs to do complete research in advance if you do not want to lose the competition.

Agni Pratama (Vice President of Business Development LiMa Group) is also a craft enthusiast, providing tips for young people who want to try to build start-UP company.

1. Starting from Problems
Agni suggested to start a business by looking at 'problems' that exist in the community. It's the best way to start building a start-UP.

"Starting from the problems experienced by the market, for example, the start-UP that started from the public transportation issue, looking for a lot of information, until now. It should start from the first research to create new products," said Agni to CNBC Indonesia when met at the bazaar of The Local Market, Le Marison Barito, Kebayoran Baru, South Jakarta, Friday (2/3/2018).

2. Know the Ecosystem
Agni also said that the start-UP key business persons need to know the business ecosystem. Do not just start based only from their own personal knowledge. It is important for start-UP owners to have a mentor or consultant.

"The main failure of start-UP is that they do not know the ecosystem, they do not have mentors, they just do it based on research so just know if this stuff sells but do not know its business ecosystem, this is not good," he explained.

3. Have Great Vision
As a businessman, Agni reminded that you must have a vision-mission in the long term. Not only think of the business that is built at this time but also has a formulation for its vision and mission development.

"Big vision and mission makes strong capital Investors interested, for example, I want to set up one shop that will make unique value and differenziation from every store across Indonesia," added Agni, the man who has been in the business craft industry since 1997.

4. Carefully Choose Investors
When your start-UP company is growing and many investors offer help or funding, Agni reminds them to be careful. Getting investors is not only get capital or funded, but also consider the business model in the future.

When you have different vision and mission with investors, it will greatly affects the business development in the future. According to Agni, when a start-UP already has good value and products in the market, no need to fear losing investors. It will be attracted others to come and you must be careful in choosing one or several of investors.

5 Tips for Millenials
It's no secret that millennials are more interested in making their own business, than mainstream office job.

In starting own business as entrepreneur, millennials tend to still have an ego that can keep them afar from growing the business itself. Agni reminded, five important things for millenials to consider before starting business and growing it fast in the near future.

1. Do not All Self-Owned
According to Agni, many millennial businessmen/women still have ego on their business. Many of them want to take care all of the things by themselves. In fact, to develop business needs collaboration with other parties.

"For example, a designer who feels like a great designer, even he/she doesn't have background as a designer. Because of his first design becomes best seller, he/she has felt like a great designer. No down to earth. They make their own cave. Limitation. Remember, he/she is not only a designer but also businessman and please start with that perspective to grow the business. Maybe, there are many designers or other business partner who want to help you, not only from just the design, but also other business function, so there is good business progress," said Agni to CNBC Indonesia.

2. Odd Number of Business Partner
Agni, who has more than ten years of business in the craft industry, also mentioned, that business should start with odd number of partners. It can also affect business in the future.
"If you need a partner, do not just one but two of them. I suggest if you want to grow the business, make sure your partner number is odd," said Agni. It will affect on business advocating on making decision on voting.

3. Reviewing
It is important to review your product, business model, and people who work together. Agni suggested to do the review every 3-6 months, so the company will always keep up with the competitors. This review can continue to have new innovations both in product development and business model.

4. Financial Projection from The Start
"Financial projection needs to be done since the first year of business, including making journals, budget, so this year the money is still owed here and there, two years later have to borrow BRI, the seventh year to seek funds through the IPO, it is planned long-term, "Agni suggested later.

5. Continue Research
Agni emphasizes that a successful businessman always researches. Continue reading, researching the market, which will be useful in business development. So research needs to be done not only when it will start a business but also after the business is running.

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