00:07:22 · Edward Tritanata
[00:07:22] S7: Like competitors, well using that logic, we keep on finding where are all this coffee chain and we open near them. We did well near them, why not open more near them? That's when we were really able to attract fundings because we were able to identify opportunity to grab market share from existing larger coffee chain. If you are trying to get an investor to invest in your business, it's really as simple as how do you envision your company the next five years? Famous investor from Sequoia Capital once told me that a good company raise money when money is the only constraint to growth. And everyone, including ourselves and our investor, believed that it was the case for Kopi Kenangan when we first got our large investment. And that's how we were able to grow quite rapidly. First year, we only have one store. Second year, we have 56 stores. Third year, we have two twenty six stores. You can go really fast actually if you have that product to market fit. I think the biggest challenge that the organization has ever faced is obviously in April 2020, when our border was shut down. Our revenue literally dropped by close to 50%. All of our stores are usually in malls or offices. And then suddenly nobody goes to mall offices. What do we do? No revenue means I cannot pay my employee salary. But then I overcome the challenge with empathy, actually. How did I use empathy? I told all my employees that I will pay your salary. I won't miss your bonus, even if it means I myself not getting any salary. I actually took a Rs 1 salary along with my other co founders, because we want to show our employees that you have security. If they don't feel like they can fit their family, then obviously they won't be able to work well. They will just be worrying about their family every day. But back then, having spent a lot of times with the employees at the store, I realized that they worked hard for the company. It's just basic human element to actually show sympathy, to repay kindness with kindness. That's exactly what I am trying to give to our employees, helping them get on with their life, helping them work hard for us. I'm really glad that I did that. I thought it was logical as well because we need to build employer branding as well to make sure that people know that we are a company that is run by empathy, not by sadistic culture of like all about cost cutting.
00:09:42 · Edward Tritanata
Together, we were able to overcome the pandemic. And of course, it's not just using empathy, but then we leveraged a lot of online sales as well, because that's when we really built our app. And our app literally grew from zero to, I think today, around 3,000,000 users because during the pandemic, we just doubled down on technology, whether it be on a third party or our own technology. I think the most important thing to F and D business is taste, price, and location. It is proven from the multiple FGDs that we have done as well with Nielsen and Kantar. A lot of demand actually fall off after it reaches certain price points. That's why you need to make sure that the price is right. That's why when I first started Kopi Kenangan, I asked literally everyone I can find, just compiled data, how much would you pay for this coffee? Using data, we were actually able to charge a cup of coffee that is affordable to many. In terms of the taste, we realized that Malaysian and Indonesian have different preferences. That's why we actually reduce the sugar inside our drinks in Malaysia by 30%. Last but not least is location. If your location is like too far, nobody's gonna go to your location. Maybe once, right? Just to try. Are they going to come back? No, I think people are just busy with their life. They don't want to go too far to get something that they deem as daily necessity. During my entrepreneurial journey, I realized that the most important thing to succeed in life is to actually have a goal and then do micro things one step at a time. No great entrepreneur is ever make it from doing one big thing. It's always a combination of small things here and there, whether it be trying to improve the recipe every day, trying to source for better ingredients but cheaper, or whether it be to have empathy to your customer. It's all the small improvements that we try to do every day. That's why in Kopi Kenangan, we live by a mantra called day one mentality, where every day is day one for us. Never be complacent. Never be satisfied with yourself. Always try to make micro improvements every day. As an entrepreneur, especially at my age, I am not satisfied to where I am today. I think the journey is only the beginning. I do believe that in the next five to ten years, we will become a global brand, not just in Southeast Asia, but beyond.
00:12:15 · S2, S3, S4, S5, S6, S8
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00:13:00 · S8, S9, S10
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