Erick Thohir Once Borrowed Money From Rosan Roeslani Due To Difficulties In Doing Business Until He Almost Went Bankrupt

Minister of BUMN, Erick Thohir. (Photo: Ministry of BUMN)

JAKARTA - The Minister for State-Owned Enterprises (BUMN) said that he was happy and sad when he started a business. In fact, Erick had to rise and fall before his business was successful as it is today. He has also taken a wrong step in running his business, which led to his company being threatened with bankruptcy.

From 2004 to 2006, said Erick, his business was in trouble. He said, at that time, the advertisements that were aired on his company were only paid 30 percent in the initial stage, and 70 percent after the ad was broadcast. This made the company over expansion.

At that time, according to Erick, the choices he had to make were reducing employees, closing businesses, borrowing funds from banks or maximizing their potential. This choice is part of the risk that must be taken.

"Yes, at that time I had to give up all my hobbies, whether it was old cars, paintings and I also remember borrowing money personally at that time to Mas Rosan and the late Andre," he said in a virtual discussion, Wednesday, 28 October.

When facing a crisis, said Erick, like it or not, entrepreneurs have to take risks for the sustainability of their business. The risks taken will have an impact on the company's condition later.

"In times of crisis, we must have the courage to make decisions. If we work with our hearts, there are certain products, the market continues to run, that's a challenge as entrepreneurs. If professionally, we think about the risks. We should take risks," he said.

According to Erick, the crisis forced all parties, including business actors, to create new opportunities and transform into more sophisticated ones.

"During a crisis, there is an opportunity. Also during a crisis, inevitably, you have to go digital. There are types of jobs that are lost, and some are new," he said.