Endgame with Gita Wirjawan - Kegagalan Berbuah Kenangan | #Endgame ft. Edward Tirtanata (Part 1)

Episode Date: September 2, 2020

Bermulai dari sebuah kedai kopi kecil, Edward Tirtanata punya angan-angan besar untuk Kopi Kenangan: menjadi brand kopi mainstream global pertama dari Indonesia. Pernah beberapa kali gagal dalam berbisnis menjadikannya semakin tegar untuk bermimpi di tengah skeptisisme. Kini Edward dan tim “baperista”-nya sudah memiliki lebih dari 200 gerai dan menjual jutaan cangkir “Kenangan” setiap bulannya.

Edward, has had a lot of he's often often often after having, what I'm, uh, peratica, he justru make-gagallant, the gaggedalalalalas in the past lankan, it's as a becalf, for he can successing copy-kenangan.

This is Endgame. It's Thank you, for the ad-game. Today, I'm with the other who's great-called Edward Tirtanata. He was founder of Copi-Kenangan, name that's who's very

known by many of the people in Indonesia, but also, who are a bit too, and who much and the other Ed, thank you very honor for me. It's a real honor for me.

In the acara, I'm going to go about about about about about about about about, but maybe the first I'm going to try cupas a little about on the life of Edward, so long this. And, maybe, before we'll also,

I also want to tell that you, you're, the time of the people of the from from my, and, do me favor.

And do me favor. Don't call me, oh, but I'mle my, but my name, or pa, or my, whatever you desire. Yeah. Okay. This, many who know how how you've got to do

how you've got, and maybe you can't talk a little about, about that's the experience school, the time of

the life, The tip-inflictsion is, so, you can't make sure to make sure from many people in Indonesia. Like it's like it can be a man for many people, if they know. So long story short, yeah.

So, at the time in SMA, I was with, yeah, upon the kent-korn-korn-a-pap, that I can be able to say one, that, kind of, kind of, the, kind of, the, like, the, the, so, I'm playing game,

school, malas, and so but I think in college, there's a infection point, which was that, I was called with, I mean, that I was like in America. College to the North Eastern.

The North Eastern. Abyss it, my mom gave me call that, what, our family is still, because, I think my dad back then was doing natural resources. It was just, just, as you know, can,

uh, uh, naeked turn, So when we got to get the same, so we're the same, so we're like to quite too, now, after we're looking that, what I'm gonna, because I, from there, that, really turning point.

I'm from there, I'm alas, malasan, no longer to learn, I'm gonna'em, so I never mind, I wake up at 6, go to the gym, go to classes, belaj, go to the gym again, so at that point in time, for two years, Basically, I think, I think, GPA of 2. Something to graduating Magna Cumwalt and double concentration.

Wow. Plus, I think I lost 15 KG, what, what name, because every day, yeah, if you're gym two times a day, plus, macan, you'll also, you lose a lot of weight, like. Now, from, so every day, I'm very driven, I don't play game anymore. In the year? This, in the year? This, it's in 2008, 2009, like, yeah. Plus, there crisis in America.

Like there's crisis in America, so, if not the same, my family also got in some investments that went bust, so that was a pretty hard face in our family's life. Now, that, when that, in 2010, after I've got lulled, I'd just, what, what, name,

I have my family because I didn't even look for a job. The natural resource, that's actually, me and my dad actually, started Batu Barra, from scratch, we're both. We're from scratch. And I'm still really, that was when I did my first barge.

That was when I did my first barge, the Tongang, first our September 2011. When that, Newcastle Index, I think, I think. Now, now... Now, like we're gonna be like, yeah. Yeah. Now, there's...

Like, yeah, tanking back, like, so, that's actually downtime in our work our second, that, so, so, past we're gonna'... Lerner, after, went down to 45, that, that's, kind, that's,

kind of, that's... Now, it's at 10, yeah, yeah, it's... It's... It's... So what's not so much cost? We're not much more than we're not much.

We're not too, in order to get into the same, I'm going to say that we're going to to sell when we're doing to buy up and to buy a bank, so, no, not, right? So, after we bear with the bank, I'm getting to say, I tell to myself, I'm going to business

I'm not, I'm not, the market, because Warren Buffer has been said, in commodity business, you can only sell one dollar higher than your dumbest competitor, so. So, I think I want to enter consumer goods, because that is something that we can't control the price, so I think in 2015, I did Lewis and Carroll, um, that idea, it was pretty simple. I'm, I'm

coffee, oh, coffee, so, many, yeah, cafe, cafe, be jamura, in, but coffee, but coffee, coffee, but from, that, I'm gonna say, yeah, okay, I'm just gonna be

teh, so, so, so, so, so, so, so, I'm gonna make, okay, I'm gonna, I, I'm gonna, okay, so. Now, then,

I'm gonna, like, coffee, $35,000,000 per cup. Now, from, that, I'm just, I'm, this, like, total of the market is a small marketer because if

Lewis and Carroll, if you're brought, like, you know, to depot or, to, because of Bekasi, it's really because of the most, uh, not that's shift strategy, that the idea of Lewis and Carroll is a third home concept, but just like Starbucks, but tea. Whereas, coffee kenangangue is coffee,

coffee, but affordable. Because we're looking at, by potency, in the market of coffee if I'm in coffee every day that's like like the barren brand sold in 40,000, 40,000,

30% of minimum wage, that's why I thought that's not possible people would be able to drink, people who can't people, yeah, minimum the day, you drink three cups a day? I did three cups a day,

so 120K per day. I would want you as my customer. I'm a good customer for any cafe. So, because of that's that's how I'm not going to satisfy my needs and every most of coffee drinker's needs in Indonesia, I need to make an affordable option. So that's how I started coffee kenangan, like in brief. So this, this is not there's no other, There's not there's correlation with what you

learn in school. Totally, totally, only because habitat past school just. Yeah. Okay. I'm going to drink coffee, really, in school, I was in 1711, the get at school. After that, from, from, so I'm going to be around,

so, I mean, I'm going to be there, so, um, what, and I'm, and I'm, and I'm, and I'm, if I'm, like, But I'm not, but I'm a business that the important that you're a jack of all trade, master of money, you need to be an expert in whatever you're doing.

You can always partner or hire someone who's smarter than you in certain field, that's anything that you would have done differently in hindsight, going back to 2010. I mean, you've been success, And there is there,

or two things that maybe if you're can be more than that maybe can be more than that's more than I think that's actually, I've still still, because goal we're still long, if there's something that I would have done differently, maybe not, because all the

failures that I've done in the past that's all that shape me into who I am today. So, so, no regret, So far, I'm pretty happy to where I am. So far, I'm pretty happy to where I am. So young. So young. Yeah, still young.

Yes. And copy canaan is not all about, my goal of our brand. Okay. Google brand, is it's got it's 20,000, 30,000 store. What is 340 stores? It's still nothing.

So, so we always in what we've got to be in a one mentality, so. Okay, I'm going to be a business, but we're going to be a private, yeah? Nature or nurture? Um,

I'm, I'm, because why, if we say we're going to talk nature, I think I, when I was in test psychologous, like, said it was, you should be a lawyer, lawyer and something else, But there's business. But, yeah, with my own

my own 10 I'm trying to learn many, it's, I'm going to learn back because, I'm going to

make upland people, because of business, how much how much how much how much how customers

make sure that customer, that's all, I'm, that I've got from from the to be a lot of the documentary, like,

which is to make inspiration for I, to make copy of the kentangang. Who? Who's what you have inspired? Um, I'm, I'm, see, who have inspired inspiration, but, um, the most, um,

the most of the inspiration is, is Jeff Bezos, so, by far, that, that, great. Day one mentality. Day one mentality, yes. Okay. Because Bezos,

can, is, uh, is the beginning of death, any company that day two mentality, who has already, oh, I'm a person's good, that's not really, it's not even to be in the long run,

that's, it's, it's, it's, in the long run, that. We're just really that we're always always day one. If we don't disturb ourselves, our competitor will.

Yeah. Yeah. There's, who's who's combination of the people who's jagu-buckusical people in the people who's

jagu-buckusical human capital. If in financial capital, that's like Warren Buffett. Yeah, right? If in human capital, it's Zuckerberg. And if the in the in the middle of,

Jeff Bezos, can? Yeah. efficiency of the allocation financial capital, is that in your thinking? Yes, it is definitely in my thinking. What if we see that, during this crisis, even the 08 crisis, I remember Shammat, he is the CEO of social capital.

And one of the things he really critiqued the corporate in the US is that you are you've got to raise a lot of capital. But you use the capital for share buyback instead of R&D or developing something new. I was going to ask you, okay. That is definitely not a good use of your financial capital. So it's not wise at all. And that's why I don't invest in people who the money just for share buyback, that's.

Because, you temporarily, of course, your share price will go up. It's about to happen. It's just math. But if we see what's like Bezos, his money is used to make new project from starting from a bookstore, to tell you from e-commerce that's all of all of the system, logistics, he has his own plane. Because he used all his financial capital properly. We raise capital to VC, PE, or IPO to actually to grow your business, whether it be in the the same, whether it be whatever you are doing right now, or a new business line,

so that's a good allocation of financial capital. Parallel-in-a-partial-in-a-partout. Parallel-it-a-a-a-lac-a-lac-a-clic-pocket-a-a-louclic-a-clic-a-lop-a-a-clic-a-lop-a-a-clic-a-lop-a-a-lop-a-lop-a-lap. Well, that's the kind of that's about that's when you doig of coffee kenangangans, ah, I want to do what Jeff Bezos in the time 90s' with book, with coffee. Okay.

Did it go that far? Or it was just like an accident? Maybe there's a little similarity. But I didn't really reflect on Bezos when he started to selling books. I like his disruptive mentality. And that's exactly what I did for copy kenangan.

So, when we did that when we did look at the time we're looking like this is what a typical cafe owner is thinking back then. They're not, oh, I've got to buy the machine Lamar Zoko or Victor Arduino. Very expensive.

Because it's more than I'm a large, I'm a charge of my car, but actually, Because because of coffee is more than for the money for the $30,000,000, because we're going to back if I'm going to sell it to a small. Now if you're more, it's used manual, brew. Where the KPEX's maybe $3,000 in Tokopedia,

that's been making cafe, like, if you think about it from the financial accounting standpoint of view, the people of the company of coffee is KPEX, and KAPX is not effect to EBITDA. So it's okay to, what, what's a legitimate coffee machine, and charge cheap. Because you play volume. In any business, you have to pick either one of the two, right?

You want to have a high margin low volume or high volume or, and, uh, uh, thinner margin, like. And what else, if we did not get, uh, plus, we're not, uh, what, um, what, um, what, um, what name name is, the way of the people, if you're not, if we just buy the use of the same as a competitor who's going to sell coffee,

maybe $50,000, and we're just display in POS we're using the US, we're making a su mouser, while we're more, that we're too. I want to talk about business with you, but temptation is this great, but I'm going to back to private, right?

Yeah, right? This, can, you can, You know, you know, you know, that's a lot of –

– Now, in hindsight, if you know, in the time in 2008, 9,10, that's not there,

there, is, copy of the kentangan? No, not, because I wouldn't be

consistent enough to keep on looking for new things to do. Okay. Because in between coal and other things, that I did so many stuff as well. What I was that, I've got to buy a bunch of town-abang,

I'd go out of retail. I've been doing consulting, actually. I used to do that. Because I want to find new business, something is something that's something that's going to be big. And many of my businesses, actually, I throw away. Because, because I don't think this is going to be big, I don't want to do it, that.

So that's also said, anything you do, you have to start small, think big, and fail fast. And that's exactly what I did. What my nine, ten years' journey. But this is a bit more bad day-a-a-a-can-a-can we give advocacy to the young-knotes. You'd better, you'd mean, if you're going to success. Or if you want success, good day, you have to gag-gall-banket. Is that the tone? or maybe other to give advice or advocacy more bigxious.

Okay. Taddy can, maybe, like Jaybos said, start small, so, so don't even if we're too calhahed, because many people,

maybe can't recover from it, right? Especially if you were their family and everything, there's tanguanganguang, yeah, maybe, can't, so it's just so,

so, because, always try to start small, you know, actually many things in life, many start-up in the world, If you think about Amazon, what's up. WhatsApp, when they got acquired by Facebook, only have 20 engineers, they start small, but they think big,

so the key message is not, you have to goaggle, you're big-gaggagreed-gid-deged-dian, not, but if you're going to be ruggie, but if you're getting, but if you're young, it's more valuable than money, in my opinion. Okay.

Okay. I'll be very generous. generous. I'm not I'm not only about about maybe one other. You just got engaged. Tell me, how did you find her, and then what did you find her,

and then what, it's, make complete gambarant for you can be more stable, success, and everything. So, I think,

My name is Jennifer, I'm going to maybe three times three, four that's long, that's, he's, what, my sister. Bucan in coffee, not, not, not. He's bridesmith's, my, my, dear my, so, so, well done. So, we're talking, we're, what, what, name, with, he, it's, it's, it's, it, life is simple when they're...

not many complication, everything is just, what, what, yeah, um, what, what, what, what, what, maybe when you are younger, you're looking for relationships, like, wow, that, like, that, something that really, intense, yeah, what, ha, ha, ha, ha. Okay. This is Endgame. The episode Endgame, This is...

If we can, if we look atop, this is... ...this one think, this is atom. And this, can, has been a deseran dashat, from atom to bits and bytes.

And, and, this, this is... ...and-a-a-intensification rank-a-rank-a-wrang-lund to paradymahdicae ...

...theidst and bytes. I'm