Depok-Entrepreneurship is a trend that many millennials are engaged in today. The various businesses managed by the younger generation are quite common, ranging from culinary, clothing, accessories, services, to digital paintings business. Seeing this rapid development, the Creative Business study program, Vocational Education Program, Universitas Indonesia (UI) held a industrial talk entitled “How to Start Business in This Era”on Wednesday, June 15th, 2022 online. The industrial talk was attended by Ifty Andara Setyoesaputri, Founder and CEO of Cottonary Indonesia, also alumnus of the 2017 UI Faculty of Economics and Business as speaker. Cottonary Indonesia is one of the local brands in women’s fashion that was founded in 2017.
Head of Creative Business Study Program, Dr. Fia Fridayanti Adam, M.Si., said that the various theories about business that students have learned can also be applied when they want to become entrepreneurs. “Through the industrial talk, I hope that students can take the inspiration and knowledge that is given. In addition, they will also be encouraged to dare to start building a business even from small things,” said Fia in her speech.
Andara–or who is often called Dara–said that when building a business, careful preparation is needed, both in terms of intention and capital. She said, “When someone wants to be an entrepreneur, of course the first thing that needs to be done is to collect business ideas according to the capital they have. After that, determine the target market of the business you want to build.”
The target market for each business is different. An entrepreneur needs to pay attention to these aspects to meet the benefits of selling their products or services. No less important is determining the selling price of the product correctly because it will affect the course of the business that was started.
“Product sales are not only focused on profit, but also need to take into account margin costs and product packaging. So, the net profit received can be calculated and become the next evaluation for the business,” explained Dara.
In addition, today’s increasingly sophisticated technological developments also make it easier for entrepreneurs to sell their products. Several platforms that are favored by most people, such as social media (Facebook, TikTok, Instagram) and e-commerce, are options for entrepreneurs to easily attract consumer interest.
(Photo: Question and answer session between Dara and the audience)
Utilization of social media can also be done to market a product. Digital marketing, for example, can be done to increase awareness through Instagram Ads, Facebook Ads, endorsements, the use of Key Opinion Leaders (KOL), and others.
Dara added, “The use of digital marketing in promoting products is quite effective. Building public awareness, especially the target market, is the beginning of brand recognition. Of course, people need to get to know the brand first so that they have an interest and desire to buy the products they produce. The process also takes quite a long time.”
Another tip, Dara added, is that an analysis of competitors is an important thing to do. The advantages and disadvantages of products produced by similar businesses can be a reference for entrepreneurs to continue to develop their products. Finally, a unique product that has emotional value can be an advantage so that it attracts the interest of the target market to buy the product.
