IPB University Business School Lecturers Share Tips on Starting a Business

IPB University Business School Lecturer, Dr Raden Dikky Indrawan shares tips on starting a business that students can do. He explained, generally, common mistake is tend to imitate existing business ideas, even though they are not necessarily in accordance with the character of oneself in doing business.

Seeing this, the IPB University lecturer suggested that you know your own character towards risk preferences, whether it is a risk taker or a risk avoider. He also suggests adjusting risk preferences with the type and business idea that will be chosen. This will help students to determine the type of business idea that suits the character of the risk.

"A person who is a risk avoider character or tends to avoid risk, business ideas are chosen more carefully, based on things that have been understood previously," said Raden Dikky. He gave an example, a business can be based on hobbies or skills possessed. Examples include private tutoring, homeschooling, music lessons, sports business, or small tours and travel.

While the risk taker will have a wider and bolder type of business idea. Thus, the model businessman can develop and think of his own way of doing business. "The business idea is unique and out-of-the-box so that it can create a market and attract consumers for products that may not yet be on the market," he said.

This IPB University Business School lecturer also suggested doing research on business ideas to understand market needs. Not only that, this research can also be used to look at various potential problems of products and services. This effort can assist in the preparation of a business model that is in accordance with the character of risk preferences as well as assist in estimating one's own abilities when faced with losses and how to resolve them. It is also important to see the gaps in the niche market that may exist and were previously unknown and set business targets in the competition.

"Automatically we can determine the target market, can interact with the market so that when we enter the business we can find out who the competitors are," he added. He also explained that it was necessary to write a business plan. According to him, this planning is done starting from the simple or complex. Thus, a business plan provides a strategy, direction and statement of purpose for the business as well as a description of the product and how the system operates.

The next step is to develop a business model to provide an overview of the product or service so that it has a value that is in accordance with the intended target market. This will help you figure out how to generate business revenue and provide direction on efforts to control operations at the source of your expenses.

He continued, it is necessary to start business funding in accordance with the finances owned. “Businesses can be started with capital or without capital. Therefore, it is necessary to understand how the business can be financed through partners, loans, grants, crowdfunding or personal investors," he said.

According to him, one needs to start a business officially by launching a product through a grand launching, or if you are still in doubt, you can try it first with a soft launch. He continued, starting a business officially, of course, can be done by registering a company name, completing permits and identity for taxation.

“It is also necessary to prepare business protection. No matter how small the type of business, it still takes time, energy and money," he added. The next step is business development carried out with market engagement through careful planning. This can be done through promotional activities and well-monitored marketing planning through website pages and social media.

“Our knowledge of consumers at the time of market engagement will help us make decisions to improve and develop our business at the next stage. Decision-making for this development will return to the initial cycle, namely business decision-making begins again with the character of the business risk preferences that have been mentioned, risk taker or risk avoider," he added.

He emphasized that in order for this business to be sustainable, the most important thing is to know the development trends and market dynamics as well as consumer responses to the business idea being carried out. "Every era, of course, markets and consumers will always change so that business people's understanding of consumer behavior is the most important thing in keeping our business sustainable," he concluded. (MW/ra)

Published Date : 02-Aug-2022

Resource Person : Dr Raden Dikky Indrawan

Keyword : Lecturer of IPB University, business, how to do business, business tips