Afnei Ngan Billy Tumba never expected to become the top graduate of the Master of Science and Doctoral Program at the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), with outstanding academic achievements. A student in the Master of Science in Management Program, class of 2023, he earned a GPA of 3.88 over a 2-year, 21-day study period.
Not only did he achieve excellent academic results, but Billy also demonstrated an impressive research track record. To date, he has published 10 scientific papers, demonstrating his consistency, perseverance, and strong commitment to advancing knowledge in management.
The Journey to Securing a Scholarship
Billy’s journey was far from easy. Before pursuing his master’s degree, he worked as a Financial Operations Specialist at PT Sumber Alfaria Trijaya Tbk (Alfamart) from 2021 to 2022. He later worked at the YAKKUM Rehabilitation Center in Yogyakarta until 2023. Amid these responsibilities, he prepared himself to pursue graduate studies while striving to secure the LPDP scholarship.
Failure was part of his journey. Billy failed twice in the LPDP selection process once at the administrative stage and once during the interview. However, these setbacks did not discourage him. On his next attempt in 2023, he successfully secured the LPDP scholarship and began his studies in the Master of Science in Management Program at FEB UGM.
“Failing twice didn’t make me give up. Instead, it motivated me to prepare even better,” Billy said.
His extensive academic experience influenced Billy’s decision to pursue the Master of Science in Management. He became actively involved as a teaching and research assistant during his undergraduate years. Even after graduating, he continued contributing as a freelance research assistant.
His research interest grew stronger when he recognized the academic excellence of FEB UGM, which holds international AACSB accreditation. This global reputation became one of the key factors in his decision.
“This program is not only academically excellent but also has a very strong research environment,” he explained.

Academic Challenges
Entering graduate school at UGM was a challenging experience for Billy. He admitted to being initially surprised by the learning system, which demands independence, strong analytical skills, and a fast-paced academic environment. One major challenge he faced was English proficiency. Almost all of the literature, discussions, and thesis writing took place in English. He also had to present his thesis before international examiners.
“At first, I struggled, especially with speaking. But over time, through practice and academic demands, I adapted,” Billy said.
Additionally, the diverse backgrounds of fellow students posed another challenge. However, Billy saw this as an opportunity to learn and build networks. He relied on time-blocking strategies to balance his studies, organizational activities, and work as a research assistant.
Research on Women’s Entrepreneurship
In his thesis, Billy explored the dynamics of Women’s Entrepreneurship and Ethnic Entrepreneurship. This study is unique in that it is one of the first at FEB UGM to adopt a mixed-methods literature review approach, specifically a bibliometric systematic literature review (B-SLR).
He analyzed 92 reputable international articles from Scopus and Web of Science databases to understand the dynamics of women’s entrepreneurship within ethnic contexts.
Using the TCM framework (Theory, Context, Methodology, and Antecedents, Decisions, and Outcomes), Billy identified various factors influencing ethnic women entrepreneurs, ranging from individual and family factors to government policies.
His findings indicate that research on women and ethnic entrepreneurship is still largely dominated by studies in developed countries and remains underexplored in developing nations, including Indonesia.
“In fact, Indonesia has immense ethnic diversity. It presents significant opportunities for future research,” he noted.
He also found that ethnic women entrepreneurs often face challenges such as limited access to education, discrimination, and social pressures. However, they respond by strengthening community ties and empowering fellow women in business.

Growth at FEB UGM
Billy’s success was inseparable from the support of his academic supervisor, Prof. Nurul Indarti, Sivilokonom., Cand.Merc., Ph.D., whom he described as highly supportive and open throughout the supervision process. With this guidance, he completed his thesis, which also became one of the first in the program to be examined by an international external examiner, Prof. Renato Pereira from ISCTE Business School, Lisbon, Portugal.
“At first, I was very nervous, but my supervisor’s support helped me gain confidence and perform at my best,” he said.
For Billy, his academic journey at FEB UGM was not only about gaining knowledge but also about character development particularly in critical thinking, problem-solving, and collaboration.
He emphasized the importance of passion, self-confidence, and perseverance in achieving one’s goals. As a student from Papua, he found his experience personally motivating to prove that everyone has equal potential to succeed.
As a closing remark, Billy shared the life principle he always upholds: ora et labora pray and work.
“If we pray without working, it’s meaningless; and if we work without praying, it’s arrogance,” he concluded.
Reportage: Najwa Anggi Namira
Editor: Kurnia Ekaptiningrum
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