Cosmo knows building a business isn’t as easy as turning your palm, but that doesn’t mean you can’t start a business. Want to have your own restaurant? Or do you want to create a personal clothing line? Can be. Want to know how to start your own business from scratch? Worry no more, Cosmo has asked several well-known authors, CEOs, and entrepreneurs about the right way to build a business from scratch. Here are their answers.
Yes, based on research conducted by Global Entrepreneurship Monitor, the number of female entrepreneurs in Indonesia has now reached 14 percent of the total population. This figure turned out to be quite high, and managed to make Indonesia ranked 20th out of 65 countries for the number of women entrepreneurs in one country. Eits, not only that, according to research from the NUS Entrepreneurship Center, Indonesian women are also considered more courageous in opening new businesses than men.
In addition, according to the latest report published by the Indonesian Ministry of Manpower, the number of women entrepreneurs in Indonesia has even increased from 14.3 million people to 16.3 million in 2017. At least 51% of micro and small businesses in Indonesia and 34% of the categories medium-sized businesses are now owned by women. Do you want to be one of these women? Grab a pen and paper and jot down Cosmo’s guide to starting your business.
The first step, look for ideas…
Start by looking for ideas: What things are hard to come by in the area where you live? What do your friends usually need? “Find out what’s lacking in your area,” says Amy Wilkinson, author of The Creator’s Code and lecturer at the Stanford Graduate School of Business. Maybe your city has many tourist attractions but there is no official tour guide, or maybe there are many yoga studios in your city but cycling classes are rarely found. Well, from the many options, choose one type of business that you are most interested in. “When you want to build a business, you must be ready to be fully committed to the business. Therefore, choose the one you most definitely like,” said Amy.
…then find out who your competitors are…
“Find out who your competition is,” says Tina Wells, CEO and founder of Buzz Marketing Group. For example, you want to build a burger cafe that is gluten-free, find out how many burger restaurants there are within 10 kilometers of your cafe, then see how many are gluten-free. There isn’t any? That means the idea can be tried. But remember, you may have to compete with other similar cafes outside that distance. Make sure you have other advantages, such as 24/7 delivery.
…and what your customers are like
If you can’t name roughly who the five buyers of your product or service are, then the idea may not be that appealing. Alternatively, close your eyes and imagine that you are the customer. What do you think your profile looks like? “My name is Hana, I love coffee, and I want to do my master’s degree in England. So far, my parents are still able to help me financially. At least once a week, I will definitely buy coffee at my favorite cafe. The coffee I like is like…” By putting yourself in the shoes of the customer, you can find out what the customer really wants.