On Sunday, 23rd August 2020, we held our fifth Hebe Talks with Selly Shafira, Chief Executive Officer of Banoo Indonesia to share her experience of running her startup namely Banoo Indonesia and how it has led to her personal development journey.
The fifth Hebe Talks brings up insights from Selly Shafira's personal experiences of founding her own ventures, namely Biking Bareng Creative and Banoo Indonesia, to university students or fresh graduates who aim to found their own business. It also discusses themes relating to timeline for business planning, key success factors for getting funding, and team structure in connection to the case study from Banoo Indonesia.
How did Selly Shafira start her journey with entrepreneurship?
“Connections could grant you the opportunity to build and manage your own venture"
Based on our discussion with Selly, she explained that she got to build and be part of her first business, a digital agency named Bikin Bareng Creative, at the beginning of her university year together with her high school friends. As a student, it is no easy task to ensure that the business will run sustainably in the long run. Admittedly, she confessed that although her first client might be the biggest one, proper planning and strategy still had to be done to make her business still running. For example, she explained that she got to restructure and divide her business lines to Bikin Bareng Wedding and Bikin Bareng Studio to cater more demands in the market.
The importance of choosing the right person for the right job
When founding your business, one must find the right person to be assigned to the right position in your team, and this is fundamental due to the following three things. First, choosing the right co-founders can open up a wider opportunity for your business. The key to build a successful startup is collaboration and thus, having the colleagues whose expertise complements each other is mandatory. Second, a multidiscipline team allow you to reach more optimum results. Lastly, a discussion with people from other backgrounds gives you a valuable chance to share knowledge with each other.
Setting Strategic Objective to Get Business Funding
“Start with problems. Not solutions”
To get funding, business founders have to strategic in understanding the problem they want to solve and the value they want to offer. Therefore ask yourself these questions whenever you start your business; "What is the problem am I trying to solve?" and "Why do I want to build my business?". Next, take a look at your team composition as they will be the one who will execute your brilliant objectives and ideas. Finally, you need to make a detailed planning regarding timeline and traction in order to allocate your business resources wisely and show your commitment to the prospective stakeholders.
How to develop the right timeline for your business?
In order to set a proper business plan timeline, business founder has to understand the cycle where their venture operates. In Banoo Indonesia's case, they have to comprehend how the fishery industry works and how the process runs from the beginning until the end. Thereafter, determine realistic short term and long term target of your venture. Eventually, estimate the duration needed for your product development by virtue of doing proper research and development of your business lines.