{
    "success": true,
    "data": {
        "id": 1419653,
        "msgid": "business-acumen-1447899208",
        "date": "1999-06-22 00:00:00",
        "title": "Business acumen",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Business acumen About half a century ago, in the beginning of the 1950s, when Indonesia had just got rid of the yoke of colonialism, the government thought it expedient to create a class of Indonesian entrepreneurs. Naturally capital was needed to do business. So a unique incentive system was introduced. Almost all import commodities were confined to Indonesian (read indigenous, although not officially stated) importers. This prompted tycoons, manufacturers, etc.",
        "content": "<p>Business acumen<\/p>\n<p>About half a century ago, in the beginning of the 1950s, when<br>\nIndonesia had just got rid of the yoke of colonialism, the<br>\ngovernment thought it expedient to create a class of Indonesian<br>\nentrepreneurs. Naturally capital was needed to do business. So a<br>\nunique incentive system was introduced. Almost all import<br>\ncommodities were confined to Indonesian (read indigenous,<br>\nalthough not officially stated) importers. This prompted tycoons,<br>\nmanufacturers, etc. to import from abroad through intermediaries<br>\nof the so-called Benteng group of importers -- for a certain<br>\ncommission of course.<\/p>\n<p>It was also a windfall for the numerous brokers at that time.<br>\nI would categorized the Benteng group of importers into two<br>\ngroups. Group A consisted of shrewd people who had a certain<br>\n(inborn) business sense: although the so-called &quot;indent&quot;<br>\ncommissions accumulated to a sizable amount, they lived a frugal<br>\nlife and used the commissions as working capital. When the<br>\nindenter ordered a particular commodity, the importer added, for<br>\ninstance, 10 percent (which became larger as time went on) of the<br>\nletter of credit (L\/C) amount for his own account, in order to<br>\navoid buying unsalable commodities. And it was not so difficult<br>\nto find a buyer for that commodity in the market.<\/p>\n<p>By and large, such Benteng importers became not only rich, but<br>\nthey became businessmen of international repute, starting from<br>\nscratch.<\/p>\n<p>Let&apos;s take a look at the B-group importers. This group<br>\nconsisted of happy-go-lucky people, who regarded this special<br>\nincentive from the government a reward for their struggle for the<br>\ncountry&apos;s independence. Unlike the A-group people, they bought a<br>\nmansion and a Mercedes-Benz in order to enhance their prestige as<br>\nsoon as they were financially in a position to do so.<\/p>\n<p>A. DJUANA<\/p>\n<p>Jakarta<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/business-acumen-1447899208",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}