In this modern era, many things can be used as businesses, whether in the creative, culinary, automotive, or other industries. A business ecosystem has been built in Indonesia. Assisted by the digitalization phenomenon, opening a business in various fields is easy.
To explore these business ideas, SBM ITB collaborated with Vokraf to hold a webinar entitled “Turning Your Interest into Something Profitable,” introducing entrepreneurship (16/9). The Co-founder of PT Niion Indonesia Utama, Tunjung Larasati, was the main speaker in the webinar.
Tunjung started his journey in the business world because he is interested in finding solutions and meeting the needs in society. Tunjung explained that the basic step to build an entrepreneurial mindset. An entrepreneur is a person who always sees opportunities in various conditions, sees failure as a place to learn, and always tries to create value and a positive impact on the community.
The process in entrepreneurship includes idea generation, opportunity identification and evaluation, market research, business planning, resource acquisition, product development, prototyping & testing, branding & marketing strategy, market entry strategy, sales & distribution channels, launch & promotion, customer acquisition, feedback & iteration, scaling & growth, and continuous innovation. Tunjung shared three tools to help analyze an idea, including Scamper, 5W1Y, and the 6 thinking hats method.
When developing a business idea, it is crucial to consider various factors and carefully analyze the approach to identify the most promising opportunities. This process can be carried out through several methods.
First, entrepreneurs should adopt a problem-centric approach. To begin, they should identify the challenges or problems they anticipate. Subsequently, they need to devise practical solutions to address these issues. In the second approach, entrepreneurs should explore technological advancements and their potential to address the identified problems. This involves seeking innovative ways to leverage technology to solve specific issues.
Another strategy involves merging existing product concepts or adopting a blue ocean strategy. This entails combining elements from various sources to create a new, distinct value proposition that stands out in the market. The adaptation approach involves transferring successful concepts from one industry to another context. Entrepreneurs can learn from the success of one sector and apply similar principles to their business ideas.
Fifth, entrepreneurs should be adept at using emerging trends as a catalyst for generating ideas that cater to evolving consumer behaviors. Staying attuned to trends can serve as a foundation for innovative business concepts. Lastly, the reverse engineering approach entails dissecting existing products to gain insights and knowledge that can be used to create competitive alternatives.
“Once a business idea has been created, it is very important to carry out lean validation to identify whether the market will accept it. “We have to look for feedback and attend events to know consumer tastes and preferences,” said Tunjung.
He emphasized that building a strong team is the key to success. Create a team of various specializations, such as graphic designers and others.
Other things include financial sources for initial capital. Tunjung stated that as beginner entrepreneurs, we should not borrow from the bank or borrow money for initial investment, but we should start small. This is due to the uncertainty that the market will accept the product.
So, how can we get to know our target consumers? Tunjung shared his story that he will identify the needs, habits, and context of consumers with a market survey.
After knowing the target customer, Tunjung maximizes his marketing with digital platforms. Digital platforms allow business people to interact directly with their consumers. In the webinar, Tunjung did not forget to provide feedback on the participants’ business ideas.
