Taking the big step towards entrepreneurship can be daunting. One might wonder, “Can I really do it? Can I really begin building my own business?”
In the latest episode of 11th Talks, we talked about what it takes to start your own ventures.
We had Ivan Tandyo, Co-founder of 11th Space and CEO of Navanti Holdings and Indra Pramana, CEO of Navanti Indonesia as our guest speakers who shared useful information about all the essential things every budding entrepreneur needs to know to take that very first step.
Click the link to watch the full video recording or read the following article on some insights they shared with the participants.
Some parts have been edited for brevity.
Q: How much money do you need to be able to start a business?
Ivan: Yes, you need money, but money is not everything. Creativity is more precious than anything especially in a pressured time like this, where we are being forced not to depend on money. So when you’re under pressure, your creativity works better.
Indra: I really want to encourage everyone to know your numbers and finances. I’ve seen a lot of entrepreneurs who decided to build their own businesses overestimate or even underestimate the number of funds that they need and require.
Q: If you have all the numbers figured out and you know what you want to do, how would you go about raising capital to start your own business (outside of friends and family)?
Ivan: Fundamentally, your business must be working. Your idea must work or has the potential to work. If you have a brilliant idea that has a huge potential, and you can prove the story and the roadmap, that is going to work. Money will come. Money is actually a byproduct, not the end of it. A byproduct of having a solution to a problem.
Indra: There is a lot of access to money. There are many investors out there who are willing to invest, but it’s all about how you portray your business and how you plan it. At the end of the day, it’s about your own reputation as a businessman because you’ll need more than one investment, and it’ll come down to you as the founder of the business.
Q: Many people are afraid to do business because they don’t feel like they have the right attributes or experiences, or they might lack business skills or experience. How would you overcome this?
Ivan: You just have to do it. There’s no shortcut, you can only gain experience as time goes by as you do it, so don’t be fearful. Do it with caution, do it with the right mentor, do it with the right program.
Indra: Every startup founder starts with zero experience. As a company grows, the founder grows as well. I always admire founders who hustle their way up. Many people have proved that even though you don’t have the background for it if you keep hustling, and focusing on your business, you can make it. Along the way, you’ll need partners, like coaches, investors, business partners. We can’t achieve everything by ourselves. It’s time to collaborate with one another.
Q: If I’ve got an existing business, can 11th Space fine-tune it?
Ivan: Yes, that’s definitely one of the main things we do, especially if you’re part of our Accelerator program where one of the things we do is to help you create a proper business model. We want to become the catalyst of businesses that are wanting to grow and take the next step.