Starting a business is certainly a big challenge. We can start a business with a simple idea related to our daily problems. When starting a business, don't get fixated with trends because there are competitors in business trends that are still taking shape. This means we must have creative, unique ideas to stand out from other startups.
Analysis of the market and target audience is one of the important things that determine the success of a business. We must understand the needs that other businesses cannot fulfill and to exist as a business that can provide better services for the public. After determining the target audience, we can do market analysis, including an analysis of competitors and our target audience. Through market analysis we can monitor the development of other companies that are engaged in a similar business and their strategies.
Discipline is what leads to a business success. It can be achieved by determining what needs to be done and prioritizing what must be achieved in a certain period of time to measure business development.
At times, we feel the urge to start a business but refrain from meeting the urge out of fear. There are many factors behind our hesitation, such as a lack of understanding of the industry, the market, or even the steps that must be taken to start a business, resulting in a lack of confidence in starting a business. Joining classes and workshops on startups will help us learn more and get inspiration from forerunners who have successfully run their businesses.
DBS BusinessClass can be one of the programs for those planning to start and have just started a business. DBS BusinessClass is a program designed for small and medium enterprises (SMEs) to help entrepreneurs develop their business through business support programs. We can hone in our skills together with business specialists and share our knowledge with communities across Asia.
Starting a business actually requires mature ideas and strategies. However, a business will not run well without adequate financing. Making accurate financial forecasts to ensure profit growth is a common problem among startups. Therefore, partnership with banks can be a solution so that we can focus on realizing out business plan.
In addition to the five things to consider in building a startup, human resources productivity and efficiency are equally important. A five-member startup won’t need an accountant and can use accounting software instead. A last resort to be considered is the use of digital banking for the company's financial needs to save costs and time that could be dedicated to growing the business.
"Some of the things that can be done by startup players in making accurate income forecasts is by managing business expenses more efficiently. One example is the use of co-working space that is more cost-efficient than renting an office space in an office building. Co-working space not just cuts cost but is also useful in opening opportunities to meet other business people to expand network," said Rudy Tandjung, Director of PT Bank DBS Indonesia.
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About DBSDBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
