Entrepreneurship is the capacity and willingness to develop, manage, and oversee a business venture along with all its risks to generate profit. One of the most tangible examples of entrepreneurship is starting a new business.

“There are several reasons why people aspire to become entrepreneurs, including financial gain, fame, investment goals, power, prestige, lifestyle, challenges, and self-expression. However, it is important to emphasize that there is no magic formula for success. It requires motivation, passion, perseverance, and a lot of hard work,” said Jimmy Gani, Founder & CEO of Orbitin Indonesia and Founder & Chairman of PFI – JG Group.

Jimmy shared these insights during the Young Entrepreneurs Challenge (YEC) 2023 webinar, titled “Young Entrepreneurs in the Digitalisation Era: How to Develop Ideas and Innovate”, which took place online on Friday, September 1, 2023.

According to Dr. Fibria Indriati Dwi Liestiawati, S.Sos., M.Si., Vice Dean for Education, Research, and Student Affairs at FIA UI, the Young Entrepreneurs Challenge 2023 is a business idea competition designed to help students and young people develop innovative business ideas in both digital and non-digital sectors. The goal is to address current challenges and create business solutions with future potential. The competition aims to contribute to the growth of independent entrepreneurship among Indonesian youth.

“We need training and preparation so we can think beyond the box to generate business ideas and innovations. We also need proper guidance because we will face many risks and changes in the process,” Dr. Fibria explained.

Jimmy further elaborated that many people hesitate to become entrepreneurs due to fears of failure, loneliness, statistics showing high failure rates, lack of stability, concerns about being too young or too old, and lack of experience. However, he emphasized the importance of commitment, mental resilience, and a positive mindset to pursue entrepreneurial dreams.

“Think big, start small, move fast. There are seven steps to starting your own business: first, ensure that entrepreneurship is truly what you want. Then, choose the type of business you want to pursue and research your idea. Next, write a business plan and decide on a business structure. It is also crucial to select the right people, form a team, and complete the necessary documentation. Once these steps are done, you are ready to launch a well-prepared business,” Jimmy stated.

In addition to Jimmy, the event featured Zakky Muhammad S, CEO of dibimbing.id, who presented a session titled “Building a Student-led Startup: A Success Story.” In his presentation, Zakky explained that a startup is an organization designed to innovate new products or services in an environment of extreme uncertainty. A startup involves key elements such as mission, vision, strategy, recruitment, accounting, finance, operations, and more.

“Entrepreneurship is the process of building a sustainable business. There are two main types of entrepreneurship: Small and Medium Enterprises (SMEs) and Innovation-Driven Enterprises (IDEs). These two categories differ in terms of market focus, invention, employment, external capital, and growth trajectory,” he explained.

Zakky emphasized that 90% of startups tend to fail, which is why entrepreneurs must implement strategies for anticipation and risk mitigation. These strategies include identifying key partners, key activities, value proposition, customer relationships, key resources, networks, cost structures, and revenue streams. All these elements must be carefully considered to build a sustainable startup.

“Try many things and start today. As students, take this opportunity to train yourselves so that when you step into the post-campus world, you are ready to become skilled young entrepreneurs. To create a successful startup, product, market, and team are the most critical factors,” he advised.

In closing, Zakky highlighted the five essential elements of leading a successful startup: idea, team and execution, business model, funding, and timing.