Identifying Potential Business Ideas to Start a Startup for Students

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The trend of the increasing number of startup companies in Indonesia continues to emerge and grow each year. The growth has been quite significant, starting with 1,720 startups in March 2018 and increasing to 2,492 in May 2023 according to statistics from Startup Ranking as of May 10, 2023. With an almost 45% increase over 5 years from 2018 to 2023, it indicates that there will be even more startups in the future.

Considering this development, anyone, including students studying at the best business school in Indonesia, Universitas Prasetiya Mulya, can build a startup company. Moreover, based on data released by MIKTI in 2021, 26.20% of startup owners or founders come from Generation Z, while 60.50% are from Generation Y, with the rest from Generation X. This means that every student who belongs to Generation Z has an equal opportunity to start a startup.

Before starting a startup company from scratch, there are many considerations for Prasetiya Mulya students to ensure their future success. Below is a comprehensive explanation of how to identify potential business ideas to start a startup.

How to Identify Potential Business Ideas for Starting a Startup

1. Market Observation

The first step when starting a startup is to observe the market. At this stage, students should be able to identify unmet needs or unresolved problems in the market. Also, pay attention to current and future market trends, as they can be business opportunities for students. After identifying the market’s needs, you can proceed to the next step: conducting a SWOT analysis.

2. SWOT Analysis

After understanding the problems and market needs, you can perform a SWOT analysis. This analysis helps you identify the strengths and weaknesses of the startup business idea. It also allows you to recognize business opportunities and potential threats that you may face in the future. The results of the SWOT analysis can be used as a basis for designing the right strategies to start your startup.

3. Validate the Business Idea

Next, you should validate your business idea by asking questions to potential users or stakeholders. Once you get their feedback, conduct trials to see how the market responds to your idea.

4. Research the Competitors

You can also research your competitors to analyze their strategies and identify gaps or weaknesses that can be exploited to make your business idea stand out. From your competitors’ shortcomings, make sure to present unique selling points for your startup.

5. Match Skills and Interests

You can align your skills and interests with the business idea you plan to start. If there’s a match between your expertise and the business idea, the journey of building a startup will be smoother. Additionally, assemble a team of the best individuals who complement each other’s skills. Don’t worry about finding the right team because you can collaborate with students from various majors at the university. For example, when you need a marketing team, you can collaborate with branding students. If you require a team skilled in technology-based digital business, partner with students majoring in software engineering.

6. Continuous Innovation

To survive in the market and compete with other companies, students must continuously innovate. In today’s era, it’s essential to consider integrated technology to facilitate innovation. Besides relying on technology, students must creatively approach the market to find the best solutions to the problems at hand.

After understanding how to identify potential business ideas, now is the time to get started. Especially for students majoring in business management, it’s an opportune moment to initiate a startup because you can apply the knowledge gained during your studies. Additionally, studying at the best business school, such as Universitas Prasetiya Mulya, which offers a variety of majors, makes it easier for students to build a solid and competent team. Students from various fields like business, branding, technology, and more can collaborate to establish a successful startup.