Things to Consider When Starting Your Own Business

Things to Consider When Starting Your Own Business

 

The Indonesian government is currently expecting a growing number of entrepreneurs in Indonesia. The growth of business units built by entrepreneurs can accelerate and strengthen Indonesia’s economic growth. The government provides some funding for those wishing to start their own businesses. Of course, this is great for those who intend to start their own business. There are several reasons why people want to start their own business such as being tired of being an employee that is bound to time and company rules, being motivated to be an entrepreneur or businessman from their environment, wishing to earn extra income and many other reasons. Here are things to be prepared when starting your own business:

  1. Execute your will to do business right away.

Many people wish to be an entrepreneur that have will to start their own business but they stop due to no real action which makes them become only a want-a-preneur. There are many fears of failure when running a business. In fact, failure can happen to anyone, and even large companies can turn to bankruptcy. The reasons for not being able to start a business should be quickly eliminated because it can slow the new entrepreneur to achieve his goals.

  1. Get ready for suggestion, criticism and insult.

To start your own business, listen to all suggestions given by friends, family, experts, even your own self. Listen to the suggestions that can make you run your business well and ignore the insults made by people that can make you fail to start your own business. Suggestion and criticism from people who have experienced in business will be very helpful in the early process of starting a business.

  1. Generate your creative business idea

Starting a business can be done by selling anything that can be sold. However, it would be better if starting a business with creative ideas that can solve problems encountered by the community. For instance, Gojek, is a technology company established to solve traffic in Jakarta by providing an alternative transportation for community that can make them save their travel time.

  1. Plan your business well-developed

Plan your business as well-developed as possible. Write down in detail when you will start your business, where your business location will place, who will be the market target, how much capital will be allocated and how much the profit will be gained. Moreover, you have to calculate the possible sources of funding that will support your business.

  1. Prepare your personal finance

The probability of failure when starting a business is quite high. Most successful businesses fail in the first five years of starting a business. To encounter such failures, you have to ensure to have income or source of extra money so that you can run your life even though the business has not been profitable yet.