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Embark Your Entrepreneurial Journey: Prepare yourself to be a young business founder

Diperbarui: 18 Agu 2020

On Sunday, 9th August 2020, we held our fourth Hebe Talks with Fathin Naufal, Co-founder and Chief Executive Officer at Widya Edu to share his personal experience of running his startups namely Gifood during his time at university and Widya Edu at the current time.

The fourth Hebe Talks brings up insights, tips and trick from Fathin Naufal's personal experiences of founding his own venture to university students or fresh graduates who aim to found their own business. It also discusses themes relating to growth hacking and minimum viable product in connection to the case study from Widya Edu.

How did Fathin Naufal start his journey with entrepreneurship?

“Business idea will bring zero value if not executed."

Based on our discussion with Naufal, he explains that university students tend to face issues related to financing and lack of knowledge about execution. Therefore, joining business competitions like PKM, business plan, and innovation challenge becomes an alternative for students to reach the aforementioned factors. Competition becomes an option to validate a business idea; students can get money if they win, broaden their network with other participants and judges, and get mentorship from the judges. But as a prolonged & sustaining next step, students / young founders have a better way of acquiring funds today from entities like Hebe; that at the same time providing expertise, mentorship, and capital. This was something that missing from Naufal early days doing business; that he believes something valuable for today's young founders.

How to acquire and maintain trust from connections and investors?

Our connections are of utmost salience, and who knows if they might be potential investors as well. Therefore, while one is still a student, it is important to maintain the relationship, do your responsibility that they grant to you, keep your integrity and respect them to give positive impressions. Moreover, it is important to always communicate with them respectfully, not only when one needs them.

How to do a growth hacking strategy?

Utilizing the momentum and doing user research are needed to catalyze the growth”

Benchmarking from Naufal's achievement with Widya Edu to acquire 10,000 users in a month, we realize there are four things that one needs to leverage the startup growth; team, Minimum Viable Product (MVP), momentum, and research. Your team is the foundational basis of the strategy as they will be the executor of the ideas. Using MVP by using other platforms while validating your idea is also important to save cost. Assessing the right momentum to bring the values that align with the target market's concerns is a must. And lastly, research serves as a layer upon the foundation of the previous factors. In Widya Edu's case, practice question and free tryout with prizes become the value propositions that they offer to gain awareness and acquire users.

How to calculate and mitigate risk when running a business?

In the light of COVID-19 situation, it is important to always seek opportunity in the midst of crisis. For Naufal, EdTech industry becomes the one that flourishes amongst others. Second, assessing the changing consumer behaviour must be implemented to understand the next strategy that has to be undertaken. Third, risk management has to be done in the form of proper planning because as Naufal said, "Failing to plan is planning to fail".

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