Entering a Unique and Original Market through Etsy

The LIU Center for Entrepreneurship and Innovation partnered with Etsy to host a featured event on Thursday, March 9th for the 8th Annual New York State Business Plan Competition

Etsy, which is located in DUMBO NYC, is a global creative commerce platform. The main purpose of the platform is to offer something original to the world, which they strongly believe of the platform, is to offer something original to the world, which they strongly believe is highly transferable to entrepreneurship. Over the years, Etsy has helped a lot of startups and creative entrepreneurs to manage and scale their businesses through business development, strategic planning, investor relations, or community growth.

During the event, Etsy speaker Ashley and other staff engaged participating students in variety of activities to share their business ideas, support innovation and induce the entrepreneurship spirit.

By guiding the students in a branding exercise, all participating entrepreneurs had to answer very specific questions about their business. The drill was similar to the speed-dating concept, where every entrepreneur had to answer quickly personal questions about their venture such as:

  • If your company were a food, what food would it be?
  • What´s color is the company?
  • What adjectives describe your company?

 In addition, the presenters shared a couple of considerations that are essential for every entrepreneur:

  1. Understand Your Customer First (Target customer)
  2. Research Your Competition
  3. Determine your Unique Value (USP or unique selling proposition)
  4. Choose a Positioning Strategy
  5. Align the Rest of Your Business With Your Strategy (Branding)

And lastly, what can Etsy do for you?

As an entrepreneur, you can take advantage by using Etsy´s marketplace and access a direct sales channel to your customers. The platform offers a simple setup for you to create your digital store and charge your customers. Also, you can browse the platform for inspiration and see if someone is already offering something similar to your idea, and how their sales have been.

Don’t forget to come out to the NYBiz Plan Competition Practice Section on Friday, March 24th, 2017 at 10:00 Am to 3:00 PM. RSVP

By Nini Fan

 

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