Starting an entrepreneurship does not have to be when you retire from a job in a company. In today’s world, being an entrepreneur is even a top choice for earning an income.
Entrepreneurship is also suitable for young people who are now at a productive age and are eager to explore many things. But it must also be understood that doing business is not just tempting to see the sweet results of successful peers.
Is this desire just part of FOMO
(Fear of Missing Out
), or are you already convinced that being a young entrepreneur is your choice?
Yes, to truly stand out in the competitive world of entrepreneurship, one must develop a mindset that is able to adapt to rapid changes and developments. Not to mention that careful preparation is needed, including preparing mentally to capital.
For that reason, here are a series of tips to become a successful entrepreneur at a young age that you can do. Check out the article until the end!
Opportunities and Challenges for Young Entrepreneurs in Indonesia
Deputy for Coordinating the Improvement of the Quality of Children, Women and Youth at the Coordinating Ministry for Human Development and Culture (Kemenko PMK) Woro Srihastuti Sulistyaningrum said that Indonesian youth have great potential to contribute in advancing the economy.
This is supported by the projection of a demographic bonus in 2030, where based on BPS data from February 2022 shows that the number of young people belonging to Generation Z and Millennials is 67.13 million people, or around 24.3 percent of the total population of Indonesia which has reached 275.77 million people.
According to the Deputy who is familiarly called Lisa, the potential of youth to advance Indonesia is very large, especially if they want to be independent and become entrepreneurs and dare to do business.
According to the World Economic Forum Survey (2019), 35.5 percent of youth aged 15-35 in Indonesia want to become entrepreneurs. This index is among the highest compared to other ASEAN countries.
“Youths have the potential, namely energy, creativity, and innovation in technology mastery, which can be an opportunity in the development of entrepreneurship,” he said.
However, Lisa explained, young entrepreneurs are still faced with various challenges, one of which is the fear of starting a business. Where according to the Global Entrepreneurship Monitor (GEM) Report shows, Indonesia’s position is ranked 40th out of 43 countries in terms of fear of failure (opportunity).
“Other challenges for youth entrepreneurship include products produced that are not in accordance with market needs, insufficient understanding of the dynamics of entrepreneurship, lack of family support to become entrepreneurs who are more encouraging to become civil servants / company employees, access to capital, marketing and the lack of business networks,” he said.
To answer the challenges of young entrepreneurs, the government has issued Presidential Regulation No. 2 of 2022 on National Entrepreneurship Development (PKN) 2021-2024 as a single guideline for all stakeholders related to entrepreneurship.
The government’s role is to build the entrepreneurial ecosystem, by building competence, opening markets, access to capital, institutional understanding, and regulations.
How to become a successful young entrepreneur?
To become a successful young entrepreneur, it takes time and effort, as well as the ability to execute your vision and goals to achieve results. There are many inspiring stories of successful entrepreneurs in the world and Indonesia that illustrate their struggles.
From the available stories, it can be concluded that becoming a successful entrepreneur cannot happen in a short or instant time. Success in the business world has the potential to be achieved for those who are ready to work hard and continue to hone their entrepreneurial skills.
Everyone’s entrepreneurial scenario is built in different ways and paths, but all successful entrepreneurs must be ready to face failure, criticism, and must continue to learn and improve.
For those of you who currently have intentions or are running a business, here are some tips for becoming a successful young entrepreneur.
- Build Your Potential
The first tip is to build on the potential you already have. However, before building that potential, you need to first find out the potential that exists in you.
You can apply SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) to figure out your potential.
If so, you can execute it. For example, if your strength is creative thinking, then you can start a business by producing products that are unique and different from others.
- Start Small
Many successful young entrepreneurs today started their businesses on a small scale. Starting small allows you to learn first. Although starting small, these tips for becoming a successful entrepreneur still require a strategy.
You can strategize for the products or services you offer, then build relationships and loyal customers. Your business can grow and thrive from there. Simply put, to be a successful entrepreneur, you must be able to make small strategic moves that have a big impact.
- Choosing a Business According to Passion
Apart from starting a small business, you can also start a business from a hobby. This is because the business is done based on pleasure so it feels lighter and can be the right step to start a business.
You can choose according to your passion ranging from technology, culinary, or passion so that you can deepen the business you start. When you work with passion, you won’t get tired even if you work for long hours and you’ll still be excited to come up with innovative ideas that have never been imagined before.
- Create a Strategy and Plan
To become a successful young entrepreneur, developing a business plan is an important aspect. A business plan can help you realize your ideas and help you envision how your business will operate.
The business plan should at least answer the following questions:
- What is your product or service? What are your priorities?
- Where are you going to run your business? Where do you want to be in five years?
- When will your business be operational?
- Why should people buy your product/service?
- Who are your target segments? Who are your competitors?
- How are day-to-day operations run? How will you deal with unexpected emergencies?
The questions above are just a small sample of questions to start brainstorming your business. The more questions that can be answered, the clearer the direction of the business will be.
- Involved in Every Aspect
It’s important that you take an active role in your business in order to become a successful entrepreneur, but that doesn’t mean you have to do everything yourself. You can delegate people to handle things that you don’t know how to do.
However, you still have to understand the work area of the delegated person so that you can give appropriate direction for the progress of the business.
By doing this, you can better understand in which areas you can be more hands-off and in which areas you need to step in more.
- Expand Social Networks
Expanding your social network is essential if you want to become a successful young entrepreneur. To do this, you also need to learn and improve your communication skills.
You can attend events such as entrepreneur seminars, conferences, MSME events, or join entrepreneur communities to make more connections.
That way, you can get a lot of useful knowledge and can promote the products you sell.
- Don’t Give Up and Don’t Be Afraid to Take Risks
This one trait is a must-have for those of you who want to become successful entrepreneurs. Yes, as an entrepreneur, you need to get used to taking risks and making decisions with various risks starting from the smallest risk.
If you experience failure when you first open a business, what you need to do is evaluate what caused the failure. Instead of just giving up.
For motivation, you can also learn from successful entrepreneurs who have also failed many times in the past.
Those are some tips that you can try. Indeed, becoming a successful entrepreneur will be full of challenges. But with passion and determination, you can definitely become a successful entrepreneur.
Become a Successful Young Entrepreneur with Contract Law X YES Conference
What about you, are you ready to become a young entrepreneur? Or are you still worried and hesitant about the steps and processes you have to go through to open a business? Contract Law is here to help!
We are a one-stop-shop for business start-up needs, including business licenses, taxation, trademark registration, and finance all in one place at Kontrak Hukum.
For more information on customized services, you can visit our website
KH Services – Starting a Business
.
In addition, in order to develop a business to be more advanced and know strategies and inspiration from experts, don’t miss the golden opportunity by joining the “Youth Entrepreneur Summit (YES) 2024” seminar.
In collaboration with Snappin’s CEO, Devin Cahaya, you have the opportunity to get insights directly from speakers who are experienced practitioners in their fields.
Let’s register yourself to attend the YES Conference which will be held on May 25, 2024 through the page:
https://app.kuyyaja.com/activities/e22da4cf-6601-4198-b905-418322797e04
Still available
general ticket
with a price of IDR 100 thousand, where you can get a variety of attractive benefits such as:
- Full package of event sessions with six speakers
- Networking session with participants, VIPs, and others
- Conference kit (Worth Rp350 thousand)
- Shopping vouchers up to Rp1 million
- Free financial and investment consultation with CFP
- Free legal consultations such as intellectual property rights, business law, etc. with lawyers
- FREE REMARKETING account worth Rp150 thousand
- FREE accurate account worth Rp250K
- And many other benefits!
Hurry up and register now! We look forward to seeing you at YES Conference 2024!!!
