New Year Resolution 2022: A Fresh Start to be Entrepreneur
A new year is a perfect time to make resolutions, you might improve your skill or even start something new. One of the resolutions that you can try is to be an entrepreneur. Especially if you are a millennial, you have a unique identity to be an entrepreneur.
Most millennial entrepreneurs leverage their insider understanding of their generation’s lifestyle and consumer habits in creating more innovative product and service offerings utilizing technology. They have demonstrated a strong interest in creating and making new business models and platforms in a current digitized global economy.
Based on SMESCO, the total MSMEs in Indonesia is 65,4 million. It contributes 61,07 % to Indonesian PDB.
Dare to be an entrepreneur and be one of Indonesia's economic heroes? These are some notes that can help you to design your new resolution to be an entrepreneur.
1. Business Idea and Model
Choosing the right idea and model of business are the important phase that you have to carefully make. Do some research to help you decide.
Source: Pinterest
2. Collaboration
Amankwah-Amoah et al from their research, the title “Once bitten, twice shy? The relationship between business failure experience and entrepreneurial collaboration” mentioned that business failure experience allows entrepreneurs to collaborate with other business peers.
This highlights that business failure experience triggers learning from failure which encourages sharing of resources, expertise, and ideas in successive entrepreneurial ventures. We can learn that we can collaborate before we experience failure, be open-minded entrepreneurs, allow ourselves to work with our peers, and last but not least allow ourselves to seek new knowledge and utilize collaboration to overcome our personal and professional weaknesses.
3. Digital or Online Payment
Bank Indonesia mentioned that 122 million already adopted QRIS in their business operations. In this pandemic condition, it’s better if you use digital payment on your business. It will help your customer to purchase your product.
4. Use POS to help the business operations
The Point of Sales (POS) system is an implementation of software as a service (SaaS) which functions to record transactions, analyze trends, and use existing features to support business process needs.
Based on Ravenry’s analysis, the use of the Point of Sale (POS) system is a solution from SaaS products that are mostly applied by MSMEs in Indonesia to improve their business.
The point of sale system is actually a system that integrates technology and finance. The Point of Sales (POS) system allows retailers to view more detailed management information compared to traditional cash registers.
Different from traditional cashiers, point of sale systems can accept cash and non-cash payments such as debit and credit cards. There are many benefits in using the POS system, such as the use of sales data from the POS system for marketing, customer management, stock control, and so on.
People might have many resolutions but some of them just leave it on their notes without execution. It’s on you, you choose your resolution and your choice what you will do with it, leave it or do it. If you choose to be an entrepreneur, it’s certainly not an easy thing and there is no guarantee for success, but that’s life, it’s more fun with uncertainty isn’t it?
References :
Amankwah-Amoah, Joseph, et al. “Once Bitten, Twice Shy? The Relationship between Business Failure Experience and Entrepreneurial Collaboration.” Journal of Business Research, vol. 139, no. October 2021, Elsevier Inc., 2022, pp. 983–92, doi:10.1016/j.jbusres.2021.10.044.
Liu, Jingting, et al. “The New Generation of Millennial Entrepreneurs: A Review and Call for Research.” International Business Review, vol. 28, no. 5, Elsevier, 2019, p. 101581, doi:10.1016/j.ibusrev.2019.05.001.
Plomp, M. G. A., Huiden, R. P., & Batenburg, R. S. (2011). Determinants of Point-of-Sale system adoption: A survey among small retailers in The Netherlands. 17th Americas Conference on Information Systems 2011, AMCIS 2011, 3(February 2017), 2462–2470.
Fukushige, S., Murai, Y., & Kobayashi, H. (2018). Maintenance scenario evaluation for point-of-sale terminals based on lifecycle simulation and risk assessment. Procedia CIRP, 73, 259–264
Innovation Factory, & Ravenry. (2019). SaaS Wave in Indonesia.
