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From Idea to Start-up: Things You Must Pay Attention To in Building a Start-Up

Workshop

, (Mening Lestari)

Which team do you choose, Nam Do San or Han Ji Pyeong? If you are familiar with this team, you certainly know about the Korean drama series which is quite emotional, Start-Up. This drama focuses on the struggles of young people in creating their start-ups wrapped in a love triangle story that touches the hearts of the audience.

Then why is the Start-Up drama series is so popular? Apart from being a curious love story, this drama also describes the current situation where many start-ups have sprung up. Besides, there are many things that we can learn from this drama series, starting from leadership, strategy, and attitudes in doing business. One of them is when Nam Do San’s start-up team, who is a programmer, never succeeded until finally the CEO position is handed over to Seo Dal Mi, the female lead character in this drama who is only a high school graduate. In this drama, Seo Dal Mi managed to lead their team to become the winning team in a start-up competition. It shows that not everyone has the capability in building a start-up.

Then, how can we realize a successful start-up idea? For this reason, we have summarized material from the previous Act Global Indonesia online class with the topic From Idea to Start Up which included three professional speakers, including I Made Artana, S. Kom., M.M. (Chair of STMIK Primakara and young entrepreneur motivator), Hermanto (Co-Founder SLAB), and Akhmad Rizki Prayoga (Founder of Alihgae). Here are some things to consider in building a start-up.

  1. Background of the StartUp Team

Regarding the background of each individual in forming a start-up, I Made Artana S. Kom., M.M stated that three things can encourage youth to turn their ideas into start-ups, such as:

  • Mindset, sometimes many mindsets that are not right for starting a business. Mindset is closely related to the people who own a business or in a business family.
  • Skill-set,takes skills or the ability to validate the market, team, and market research which allows us to move forward.
  • Environment, a suitable environment such as oncampus there are various business incubators or start-up clubs.
  • Validate Your Start-Up Product Ideas

I Made Artana S. Kom., M.M said when we have an idea for a start-up, the way to validate our idea into a product is to form a team to explore and carry out the idea. The ideas you have must be great and solve problems in society. Currently, many start-ups failed because the products are not made on target or because there is no demand in the market. In this case, we must study the customer persona (characteristics/types of customers) and understand the market size so that we can be sure that the market we choose is growing. The market size must be quite a lot, if the amount is too little it will be difficult to grow because there is little demand or a small market gap.

  • Making Competitors as Encouragement

When launching a start-up, of course, your product has competitors. But, don’t feel too threatened by competitors. Hermanto from SLAB explained that you can research your competitors by observing trends. You can use tools like google trends and search engine optimization. Competitors can also be used as a reference for encouragement and benchmarks for their achievements. So, don’t be pessimistic about competitors!

  • Socialize with the Business Community to Get Mentor

Remember when the start-up team led by Seo Dal Mi was mentored by Han Ji Pyeong? Mentors are important in a start-up team because they can provide new insights and become discussion partners for the team. Their team received a mentor because it was a participant in the start-up competition and the mentor was one of the facilities. Of course in the real world, it’s not that easy to find a mentor. Then how do you get a mentor? Akhmad Rizki Prayoga from Alihgae gave tips that you can follow a circle of experienced people to find mentors. Join an existing incubator or community and actively ask questions to the best mentor to get in the running of the business.

  • Determine the Market Prize Carefully

Once you have determined the goal, concept, design, and even the marketplace for your product, it is very important to determine the market price. The three speakers in this class suggest that you can look at the prices on the market. The next way is to set the price below to be able to get a certain segment by gradually increasing the price.

  • Able to Adapt to the Market so that Products Can Compete

Good planning will not run smoothly if the introduction is not good. If your application is new, you need to adapt to the market first. Then a market research is carried out, whether it is well received or not related to the product. The product must be able to adapt to the market by listening to feedback after the market test.

  • Prepare to Anticipate Challenges in Running a Start-Up

When doing business, there are challenges. But make no mistake, the challenges are not only external. Most of the challenges come from the team. It is very difficult for a team to be able to stick to one vision and mission over time.  The Skill also needs to be considered, especially if it is in the development stage of a product, it must be available or at least responsive in solving it. Last are money and time. In the early stages of start-up, time and financial management are indispensable in facing every challenge.

Realizing a business like this might be as dramatic as the Start-Up series, there is a bittersweetness in it, there are ups and downs for you. But you need to remember that experience and strategy also make your team even bigger. So, are you ready to make your idea come true?