Chocolate has always held a special place in many people’s hearts. Yet, despite their rich taste, chocolate drinks are often seen as more exclusive than coffee, which has become part of daily life for many. This gap is exactly what five students from the Faculty of Economics and Business, Universitas Gadjah Mada (FEB UGM), identified as an opportunity.
Driven by their interest in entrepreneurship and the untapped potential of local cocoa, they founded .Cho, a chocolate beverage stall, is now located on the north side of Kantin Biru FEB UGM. The business was established by Nirwan Sulaiman Fariz (Management 2023), Santa Lusia Rosa Caeli (Accounting 2023), Muhammad Vicko Alghozali Syahrial (Management 2023), Devinta Sekar Kinasih (Management 2023), and Ivan Alfredo Hutagalung (Management 2023).
Behind the simplicity of the name.Cho lies in a long and non-instant process. Before officially launching, the team initially considered coffee as its main product. However, intense competition and limited equipment pushed them to rethink their idea. Chocolate then emerged as a compelling alternative not because of trends, but due to one overlooked fact.
“One of our key highlights was realizing that local chocolate is very abundant, yet not optimally utilized,” said Biru, Chief Financial Officer of .Cho.
From that point, the team began an intensive research and development process. They purchased and tested nearly every cocoa powder variant available in retail stores, carefully evaluating each. It took about two months for them to find the right balance between taste and price.
Supporting Local Cocoa
.Cho is not just about offering a variety of chocolate drinks; it carries a deeper value in every cup. All chocolate ingredients are sourced from local farmers, with no imports, as a tangible commitment to supporting the domestic cocoa-farming ecosystem. This decision was not incidental but has been part of .Cho’s identity since the beginning.
“We use ingredients from local farmers. It’s sustainable because we empower them. We don’t import everything we use; it’s local chocolate,” Biru emphasized.
Their operational details also demonstrate this commitment. The cups are made entirely of paper, plastic straws are replaced with eco-friendly alternatives, and wooden utensils are used from the start. For the team, sustainability is not an add-on but a principle embedded from the very beginning.
In terms of products.Cho offers a wide range of options, from classic series to signature chocolate beverages with toppings such as salted caramel, meringue, and sea salt cream. The flavor profile they aim for is distinct creamy and rich, allowing the authentic cocoa flavor to stand out.
A Space for Learning Business
For Biru and the team, running .Cho is not just about business; it is a real learning space. It is where theory meets reality, where decisions must be made quickly, and where there is always something new to learn every day. Their biggest challenge lies not in the product or market, but in managing human resources, aligning five founders, four “chocoristas,” and one social media specialist around a shared vision.
In overcoming these challenges, the knowledge they gained in university has proven highly relevant. Biru specifically highlighted managerial accounting, such as product costing, overhead cost calculation, and product mix analysis, as the foundation for strategic decision-making. Meanwhile, the operational and marketing knowledge of the other team members complements the business as a whole.
“For me, managerial accounting is especially useful to identify the most profitable and best-selling products, and then develop derivative strategies to boost certain items,” Biru explained.
For Biru. Cho is proof that there is no such thing as the “perfect” time to start. The journey is still ongoing, and that is where the greatest lessons are found, not in the classroom, not on paper, but in the process itself.
“Execution is more important than planning. Many people prioritize planning first, but it stays on the shelf if there’s no execution. So, do it even when you’re not ready, then be ready along the way,” Biru concluded.
Report by: Dwi Zhafirah Meiliani
Editor: Kurnia Ekaptiningrum
Sustainable Development Goals
