Mount Hope Global Economic Journal
Vol. 2 No. 3 (2024)

KEY FACTORS FOR THE SUCCESS OF SME STARTUPS IN INDONESIA

Ahmad Jet Alamin A (Universitas Efarina)
Adrian K. Tarigan (Universitas Efarina)
Hulman Wasi Boangmanulu (Universitas Efarina)



Article Info

Publish Date
30 Dec 2024

Abstract

This study examines key success factors for UMKM startups in Indonesia, along with the challenges encountered during business growth. UMKM startups play a strategic role in the national economy; however, many fail due to incorrect strategies, particularly in financing and the adoption of digital technology. The research aims to identify the key factors influencing success at each stage of UMKM development, analyze related challenges and opportunities, and provide recommendations to support sustainable business growth. The growth framework consists of seven stages, from idea to maturity/scaling, where common obstacles include limited access to funding and low digital capability. The study employs a qualitative approach using a literature review and descriptive analysis. The findings indicate that success depends not only on ideas and capital, but also on motivation, networks, resilience, resource management, and the ability to recombine new ideas. The recommendations emphasize implementing digitalization strategies and improving understanding of financing options that match the UMKM growth stage.

Copyrights © 2024






Journal Info

Abbrev

MEGA

Publisher

Subject

Economics, Econometrics & Finance

Description

Mount Hope Economic Global Journal (MEGA) is an international journal intended for professionals and researchers in all fields of Economic. Mount Hope Economic Global Journal (MEGA) publishes research articles and reviews within the whole field Economic, new teaching methods, assessment, validation ...