2324T3 Jakarta/Reflection

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REFLECTION

Guidelines for Reflections

Reflection on virtual trip visit

1. Key takeaways or learning points from the course and project
2. Quotes from presenter/senior management/owner/founder
3. Keep to one sentence for the course and one sentence for the project

Academic Integrity

All acts of academic dishonesty (including, but not limited to, plagiarism, cheating, fabrication, facilitation of acts of academic dishonesty by others, unauthorized possession of exam questions, or tampering with the academic work of other students) are serious offences. All work (whether oral or written) submitted for purposes of assessment must be the student’s own work. Penalties for violation of the policy range from zero marks for the component assessment to expulsion, depending on the nature of the offense. When in doubt, students should consult the instructors of the course.

Student Name

Mid-Trip Reflection

End-Trip Reflection

Ang Jia Li Gerald

I learned a quote from the Singapore Business Federation (SBF) that "it is not about what you know, it is about who you know to start a business."

Overall, starting a business involves more than just social connections, it requires a deep understanding of the industry's ecosystem. By leveraging both knowledge and relationships, small startups can transform into future multinational corporations.

Augustine Lim Zheng Hong

To start and run a successful company, understanding business and societal trends is crucial. Running a business is also a neverending process of competition and development, and not as simplistic and easy as outsiders might think.

Companies can benefit greatly from being intentional about their marketing efforts, sometimes it's good to look beyond off-the-shelf options.

Benedict Chia Min En

Building connections, forming partnerships with different companies is the secret to having a successful business in the long term. Running a business is more than just profits, it's a continuous improvement and adaptation to the market trend.

Overall this study mission has allowed me to realised the importance of connections in order to have a sustainable business in the long term. It is more than just looking at the short term profits.

Caleb Loh Chee Heng

It has been an eye-opening experience, and the sharing by the different speakers has helped me recognise the importance of capitalising on market gaps, and because they were unafraid to put in the effort required, they saw success in each of their fields.

Chia De Han

Meeting with local entrepreneurs offered deep insights into their journeys, from ideation to execution. I learned about the resilience required to navigate a competitive market and the importance of adapting to cultural norms.

Overall, the study mission enriched my understanding of global entrepreneurship, broadened my perspective on startup dynamics, and equipped me with practical insights that will undoubtedly shape my future endeavors.

Chua Wei Ling, Jacqueline

Starting a business is not an easy feat. After meeting with the entrepreneurs, some encouraged to start a business in Indonesia while some discouraged. One should not jump on the start-up bandwagon if they have yet to consider all factors and the worse case scenarios, even if they have the capital to do so.

Chua Yi Kai

When reaching out to companies in Indonesia, utilising both formal and informal communication channels such as whatsapp and email may increase your chances of receiving a response.

Overall, this trip has expanded my understanding of businesses and their complexities. I learned that even large organizations face challenges they are unable to solve alone, such as borrowers defaulting in P2P lending. In such situations, collaboration among partner companies is crucial for effectively minimizing risks.

Clarissa Koh Shi Qi

There are different ways to show investors the stability and potential of your company, one example would be to make a presence in 1 developing market and 1 developed market. This strategy not only demonstrates a company's ability to navigate diverse economic landscapes but also showcases its potential for growth and resilience across various market conditions.

Daryl Yoon Kaile

The most important aspect in starting a business is believing in an idea.

Ee Zi Hao Stephen

Entrepreneurship requires not only ideas and an effective team but also passion on a personal level to make it possible. While being conscious of the need to make connections it is also important to be aware of the changes that might happen quickly in this market.

The trip was enriching as i got to know more about the business landscape, cultures and challenges in being an entrepreneur.

Goh Kelly

Through this trip, I learned more about the business culture in Indonesia. It was also an eye-opening experience to hear the various stories of startups and how they gradually grew their businesses.

Grace Angel Bisawan

Singapore is value-based, while Indonesia is relationship-based, don't be surprised if you friend suddenly built a bigger company and wants to acquire your company.

Jeffry Zhou

To start your entrepreneur journey in Indonesia, you need to first understand the social dynamics and importance of networking; Indonesia companies prioritize human relationship over values.

This trip clarifies the good, bad, and ugly of Indonesia's enterpreneur landscape in the technology industry. I am paraphrasing here, but the biggest takeaway I received from the company talk was when one of the guest speakers said "to start a company in Indonesia, rather than asking what you know, you should ask who you know instead".

Joel Sng Zhen Wei

Learning about the interesting aspects of the Indonesia market and business landscape, and then interacting with different companies and learning how they adapt to/work around these specific aspects of the market was most intriguing to me.

Leck Yan Qing Elvy

Starting a business is not for everyone.

Leong Yew Kit

I learnt much about Indonesia, it's culture, as well as how different start ups functioned and operated. It was interesting to see how much the world has caught up even in a developing country like Indonesia. In an increasingly globalised world, I realised that the need for constant innovation and experience is in fact the differentiating factor for many successful start ups as well as successful individuals.

Lim Ze Yuen

Human relationship is essential in building a business.

Loo Yan Shen Timothy

Business is not all about what you know but rather who you know. Indonesia places a huge focus on relationship and connections. I also learnt more about Indonesia’s market and its importance within the region.

This trip has been an eye-opening experience that expanded my horizons beyond Singapore. Immersing myself in Indoesia's vibrant tech scene, offering fresh perspective on global business dynamics. This trip emphasized the importance of thinking globally and appreciating the different contexts in which businesses operate.

Mohammad Nursyamiir

So far, this trip played a crucial role in helping me understand the size of the Indonesian market — especially in Fintech and the EV sector.

This trip has showed me the vast potential of starting up a business in Indonesia. The country has an abundance of talent in tech, and is increasingly supportive of new opportunities like P2P lending and Digital Assets.

Nivethikaa Vijayaraghavan

A startup's ability to forge strong connections and accurately assess user needs often dictates its growth and sustainability. It’s also important to form strategic partnerships with key players in the market we venture into.

Reflecting on the journey, I am grateful for the invaluable insights gained into Indonesia's dynamic business landscape. The experience has reinforced the importance of adaptability, strategic networking, and cultural understanding in pursuing entrepreneurial ventures. I look forward to applying these lessons to future endeavors.

Ooi Zhi Lin

I like that most of the TSM partners were very open and receptive to the questions, even the more unsuccessful ventures in their entrepreneurship journey. I find that to be the most insightful parts out of the presentations.

This trip felt very comprehensive and immersive, I enjoyed visiting all the different organisations. Most were C-Level and openly provided honest insight into the landscape, which were very informative.

Saieesh Vinod

I gained a greater insight into the steps that aspiring entrepreneurs should take when trying to break into the Indonesian market, a market that is teeming with potential.

I learnt plenty about the startup landscape in Indonesia and how different players in the ecosystem are trying to stay ahead. It has been a very insightful trip.

Victoria Grace Ann

While it is important to identify gaps in the market and create solutions to target them, what is more critical than securing enough funding is having a reliable network of people within and beyond the company.

Wesly Chau Li Zhan

To build a successful startup, connections are just as important as competence.

The trip motivated me to work harder towards my goals and gave me a clearer picture on what I actually want to achieve. The trip was really insightful and the people we met taught me so many things. I will take time to meditate on what I've learnt and I believe it will help me really grow as an individual.

Yap Zheng Wei

A key takeaway from this trip is the importance of building connections and relationships when doing business in Indonesia compared to Singapore.

This trip has been an eye-opener for me, especially regarding the technopreneurship landscape in Indonesia and the multitude of business opportunities growing in the country. It has also provided me with many insights into how business is conducted in Indonesia and how certain startups are able to successfully penetrate into the Indonesian market.