PROPOSED BUSINESS STRATEGY FOR YOUNG ENTREPRENEUR ACADEMY INDONESIA TO INCREASE REVENUE IN THE NEW NORMAL ERA

• Main Author: Ariwibowo, Agung
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/51945
• Institution: Institut Teknologi Bandung

Young Entrepreneur Academy (YEA), whose business engage in entrepreneurship education industry, was affected by the COVID-19 pandemic impact. In the low touch economy assessment, the company’s revenue is expected to decrease, and the pandemic impact might last for more than one year. To cope with the situation, YEA need to formulate new business strategy. In this qualitative research, author explores how the company can cope with the new normal era using case study method. Data are collected using documents and reports, focus group discussion, and interviews. In exploring the business issue, internal and external analysis is conducted to discover information about the situation. The information was analyzed to gain insights to formulate business strategies. The analysis result suggested that there are strength and opportunities that YEA can use to go with offensive strategy through innovation and diversification. The company need to re-allocate its resources, adjust existing products and services, and create new online course products. In YEA business model, the new products are used to capture not only the existing market, but also the previously unserved potential customer segment, which eventually increase YEA revenue. We conclude that the suitable business strategy in the new normal era for Young Entrepreneur Academy is the product differentiation strategy. This can be implemented by re-allocating their resources, develop new product and services by switching from physical to virtual, quickly test and validate the new products, make improvements, and prepare to scale up.