This live project revolves around initiating and managing a family business, specifically focusing on establishing a leather goods store on Etsy. The project aims to provide MBA students with hands-on experience in entrepreneurship, marketing, and e-commerce within the context of a family-run venture.

Key Components:

1. Market Research: Conduct a comprehensive market analysis to identify trends, target audiences, and competitors in the handmade leather goods sector on Etsy. Understand customer preferences, pricing strategies, and potential niche markets.
2. Business Model Development: Define the business model for the leather Etsy shop, considering factors such as product range, pricing, sourcing materials, and production processes. Emphasize the integration of family values and unique selling propositions into the business model.
3. Financial Planning: Create a detailed financial plan that includes startup costs, operational expenses, revenue projections, and break-even analysis. Explore funding options, including family investments or loans, and develop a sustainable financial strategy.
4. Operational Setup: Outline the operational structure of the family business, including roles and responsibilities for each family member involved. Develop processes for order fulfillment, inventory management, quality control, and customer service.
5. Marketing and Branding: Design a comprehensive marketing plan to promote the Etsy shop. Utilize digital marketing channels, social media platforms, and Etsy-specific strategies to build brand awareness and attract potential customers. Incorporate the family’s story and values into branding efforts.
6. Etsy Books Optimization: Guide the setup of the Etsy shop, ensuring it meets the platform’s guidelines and utilizes effective keywords for search engine optimization. Implement strategies to enhance product visibility and improve the shop’s overall performance.
7. Customer Relationship Management: Develop a strategy for building and maintaining strong customer relationships. Implement effective communication channels, address customer inquiries promptly, and seek feedback to continuously improve products and services.
8. Sustainability Practices: Explore and implement sustainable practices within the business, considering eco-friendly materials, ethical sourcing, and environmentally conscious packaging. Position the family business as a socially responsible and sustainable brand.
9. Risk Management: Identify potential risks and challenges associated with running a family business on Etsy. Develop contingency plans and risk mitigation strategies to ensure the long-term success and resilience of the venture.

This live project offers MBA students the opportunity to apply their theoretical knowledge to real-world scenarios, fostering skills in entrepreneurship, strategic planning, and effective family business management within the dynamic e-commerce landscape.