UNAIR NEWS –Building astart-up isnot only based on a validated business idea that solves community problems, or a strong will and resilient mentality.听There are still many things that need to be prepared by someone who wants to develop a start-up business.
Dr.听Achsania Hendratmi, SE or Achsania, Head of Business Incubator and Technology atStart-upBusiness and Innovation Development Board (BPBRIN)explained thatstart-upfoundersalso need to prepare various things, such as good team members, business models, financial projections,intellectual property,links to mentors, incubators, and business accelerators.
Develop the right team
Choosing a team is crucial in building astart-up.听Good team members are members with competencies that are in accordance with their function and field of work, have the same vision, can build good communication and coordination, and ensure a startup business isrun with good teamwork.
“What is common inbusiness matchingwith investors orangel capitalis that team composition is an important concern,” she explained.
Develop business model
A business model is the activity of compiling a stage or framework for how a business createsrevenue.听Business models areoften used forbusiness plansimplification.听According to Achsania, the currentstart-uptrendis compiling abusiness modelusing the BMC(Business Model Canvas)method.听
淭hebusiness modelis not a permanent framework.听Businessmen must continue to improve their business models in line with rapid external changes, ” she said.
Prepare financial projection
The problem often occurs in studentsdeveloping start-upsis the paradigm of 榙o it first, when it gets big, then make the financial projection’.听According to Achsania, this paradigm is not quite right because startingupat an early stage also needs to prepare afinancial projection.
Financial projectionusually consists ofbalance sheet forecast, income statement, andcash flowforecast.听In addition, the most important thing is investment analysis to find out thebreak event point(BEP),payback period,and other calculations.
“In several cases I often met鲍狈础滨搁听start-upswho did not preparefinancial projectionon the grounds that there was no team member from economics or accounting.听Therefore, when compiling a team, theChief Executive Officer(CEO) should really consider recruiting aChief Financial Officer(CFO) to take care of financial aspects of the business, 漞xplained Achsania.
Preparingintellectual property
Intellectual propertypreparation isoften forgotten bystart-upfounders,especially students because according to them, the business is still small, so there is no need for a legal entity and no need to think about patents for certain formulas or inventions.
According to Aschania, this perception is wrong.听According to her, if you are serious about building astart-up, youmust pay attention tointellectual propertyrights.
“Simply put, how about its company legal entity? CV or PT? Has the product brand been registered? she continued.
It is important for thestart-upCEO to pay attention to it.听Start-up CEO should be visionary about protecting their businesses.
Intellectual propertyusually includescopyrights, trademarks, patents, trade secretsand other forms.听Intellectual propertyisan importantbusiness tool, especially to strengthen competitive advantage and protect the business in the future.
Connection to mentors, business incubators, and accelerators
Startups needassistancefrom the right mentors because in general, start-up companies are very vulnerable to failure or bankruptcy, especially in the early stages of establishment.
In this regard, the technology business incubator institution has a very important role.听Through an incubator or accelerator,start-upfounderswill find it easier to buildnetworks,meet investors, access funding, access markets, and so on.听(*)
Author: Galuh Mega Kurnia
Editor : Binti Q. Masruroh
