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| The portrait of Novi Puji Lestari, S.E., M.M., the lecturer at the Faculty of Economics and Business at the University of Muhammadiyah Malang (UMM). (Photo: Istimewa) |
Many young millionaires and billionaires have recently emerged, both in Indonesia and abroad. The social phenomenon eventually garnered the attention of Novi Puji Lestari SE., M.M., the Faculty of Economics and Business lecturer at the University of Muhammadiyah Malang (UMM). According to her, business people must be interested in entrepreneurship and have the entrepreneurial spirit.
"In running a business, we must know when to gain profits and to lose. Unfortunately, many people do not understand that," said she.
Novi says that entrepreneurial spirit can actually be cultivated, for example, by fostering it through a supportive environment. However, a strong desire is not necessarily the primary requirement. Several other things need to be considered so that a novice businessman/businesswoman has a successful opportunity in doing their business.
Firstly, we should not be shy in managing a business because it will not run if we remain without promoting it. If we feel embarrassed, how can a product be sold out? Secondly, it is necessary to have capable money management. "We need a professional and discipline attitude so that business and personal finance will not be mingled," emphasized the FEB Lecturer.
The third trick is not to give up. As she asserts, doing business is not easy. Many risks can be encountered, like experiencing loss. Nevertheless, it cannot be an excuse to give up and quit. When facing problems, businessmen/businesswomen must gradually evaluate and improve their performance.
The last one is the place. Novi explains that a place, theoretically, determines the success or failure of a business" “The marketing mix essentially has 4Ps and must exist if wanting to set up a business. One is a strategic business place",” added Novi.
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The first variable in the marketing mix is place. The easier it is to reach people and customers, the more likely it is to succeed. Despite that, as technology advances, a place is no longer a main priority because businesses, which do not have strategic locations, can promote their enterprises via various online media platforms and delivery systems."
“So a place is not a primary priority in achieving success (in business) anymore, but how we utilize technology as a forum for business is the most essential thing," said Novi.
The second variable is the product. The more valuable and unique a product is, the more potential customers are interested in buying it. Thirdly, a price is typically a measure of an item's quality. Some customers will think that the higher the price is, the better the quality is."
“Fourthly is promotion. The digital era can facilitate product promotion, either paid or unpaid. No matter how good the place is, how high the quality is, and how cheap the price is, as long as we do not promote the product, people will not know our business",” explained and ended Novi. (dev/wil)
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