Home Blog Tips to Ensure the Success of Your Startup Company in Indonesia Uncategorized Tips to Ensure the Success of Your Startup Company in Indonesia InCorp Editorial Team 13 May 2019 4 minutes reading time Table of Contents Startup Indonesia Solve Your Customer’s Problem in Startup Indonesia Get the Best People for Your Team Develop Yourself and Enhance Your Leadership Skills Be Good to Yourself Do the Math Create Systems and Strategies Startup and Coworking Space in Indonesia Startup Indonesia The past decade has been an exciting journey for the entire startup ecosystem, including in Indonesia. Many aspiring individuals are thinking of becoming entrepreneurs and thinking that all their ideas are the next big thing. This has started many wanting to start a startup company in Indonesia Unfortunately, not all of them are going to sustain and most of them are bound to go back to their regular jobs. With that being said, 90% of startups are guaranteed to fail in reality. There are many things that can cause a startup to fail. And most of the time a startup is killed by multiple reasons at the same time: lack of market understanding, lack of vision, lack of competency, poor execution, weak marketing strategy, etc. That is why Cekindo has compiled a list of tips to help you to prevent mistakes from happening and inspire you to give your startup company in Indonesia its best chance to succeed. Solve Your Customer’s Problem in Startup Indonesia We cannot emphasize enough the importance of customers. You should always walk in your customer’s shoes to know their deep-rooted problems and provide them with solutions. The only way you will be able to grow your startup is by communicating with the end-user of your service or product and embracing the feedback they provide. By taking in feedback, you will open yourself up to astonishing success you have never experienced before. Get the Best People for Your Team Teamwork with competent individuals often makes things work. You should always have a committed and reliable team to ensure your business’s success. Nowadays, there are a lot of solopreneurs out there trying to be successful, but success usually takes much longer than a business with a great team. A team provides you with more ideas, helps you find a solution more quickly, and most importantly finishes up tasks more effectively. Develop Yourself and Enhance Your Leadership Skills We have never stopped learning throughout our entire lives. Therefore, to be a successful entrepreneur, you need to focus on personal development and leadership skills. Brush up those you are good at and never stop learning new things. A great leader also motivates and delegates his/her team, as well as passing down the skills for their employees’ development. Be Good to Yourself We usually hear that hard work is the path to success. But how can you be successful if you do not take care of yourself? Nothing is more precious than health and without it, you basically can do nothing. As an entrepreneur, we understand that you will sometimes sacrifice your sleep, eat unhealthily and be in stressful conditions most of the time. This is definitely a big no-no. Treat yourself nicely like you treat your startup, avoid burnout so that you will have the mental and physical energy to carry your goals. Do the Math Of course, you cannot make money without spending money when starting a business. However, you will need to do the math to achieve a balance to decide which expenses are actually necessary for this stage of your company’s growth. One thing to keep in mind, do not to scale too soon and too big because it will crash your business really quickly as well. Plus, you will need to have enough financial ability to support yourself while continuously putting money into the business. Create Systems and Strategies Successful startups are successful because they create systems and strategies that enable the business to run on its own. Systems are policies, rules, and procedures to enhance business productivity and efficiency, while strategies are long-term actions for startups to achieve goals. Without having either of them you are setting up your startup for failure. The most important systems and strategies for startups include marketing system and strategy, sales system, customer service system, employee evaluation system, and fulfillment system. Startup and Coworking Space in Indonesia When you are about to run your startup company in Indonesia, you may be interested in renting a coworking space as it is the most effective solution in terms of cost. Cekindo provides coworking spaces in Jakarta, Bali, and Semarang. Our comfortable and strategic coworking spaces are well equipped with modern facilities and amenities. Get in touch with us to know more and book your space. Run a successful startup company in Indonesia. Read Full Bio Verified by Daris Salam COO Indonesia at InCorp Indonesia With more than 10 years of expertise in accounting and finance, Daris Salam dedicates his knowledge to consistently improving the performance of InCorp Indonesia and maintaining clients and partnerships. Frequently Asked Questions What other things should be considered when hiring local and foreign employees in Indonesia? There are a few things to consider, such as: Prohibit any form of discrimination and provide equal opportunity for Indonesians and expatriates Increase the competence of workers by giving or encouraging job training. Follow the termination procedures (Terminating an employee in Indonesia can be long, tedious, and expensive. Observe working hours, holidays, and overtime regulations Give mandatory employee benefits, including social security and health insurance Withhold only the right amount of income tax on behalf of the employees Follow the wages and other benefits outlined by the law Process work permits for foreign employees How do foreigners decide on the proper entity in Indonesia? It all depends on your business’s purpose and nature. Our consultants will help you to clear out the matters. What is the difference between PT and CV? You can find the difference below: PT: limited liability company (shareholders are not legally liable for company liabilities) CV: a proprietary company where liability falls on the shareholders How long does it take to set up a PMA company, and how soon can it begin commercial operations? Establishing a PMA Company in Indonesia typically takes around two weeks after completing document requirements. Following establishment, additional steps such as obtaining licenses and registering for Tax ID vary based on business type. Last, some licensing processes may take time, necessitating thorough planning and preliminary assessments of the business plan for a smoother process. Get in touch with us. 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