National problem on large number of educated unemployment should be addressed through higher learning institution. Entrepreneurship character and student willingness to look for alternative self-employment career has been explored. This study aims to analyze transformation process from start-up business to small medium enterprise for students during their academic year. This research used system of system methodology (SOSM) and Strategic Assumption Surfacing and Testing (SAST), to make formulation of conceptual models. Factors affect the transformation processes were found which are finance, market infrastructure, technology assurance, government support and availability of raw materials. In order to gain success as self employment, suitability element must be considered, which are entrepreneur’s personal circumstance, opportunities and goals. The performance driver for start-up transformation mainly students family support so that they have motivation on self-employed career with suitability factors. The model of financial support for start-ups stated the importance of introduction of specific loan scheme including venture capital and credit guarantee which could be provided by non-banking institution. It has been supporting the necessary condition of government agencies assistances, not only in infrastructure but also in flexible regulation to enhance SME business environment.
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