LQT Talk #08: Starting BLUSAIGON with finances deep in the red

On April 12, students from the LQT Bachelor of Business program had the opportunity to meet and chat with the Founder of BLUSAIGON – Ms. Tôn Nữ Xuân Quyên – during the LQT Talk: Marketing series, led by Dr. Lý Quí Trung.

“After three startup attempts, I realized that a business won’t succeed if you’re doing something you don’t like or aren’t good at,” shared Ms. Tôn Nữ Xuân Quyên at LQT Talk #08.

About the Founder of BLUSAIGON

In 2006, Mrs. Tôn Nữ Xuân Quyên –  founder of BLUSAIGON, decided to study abroad to explore herself. She started with part-time jobs such as serving and waitressing, then worked in an office for one to two years afterward.

Beginning her entrepreneurial journey early by starting a company during her university years, Mrs. Tôn Nữ Xuân Quyên experienced several failures due to products that were not quite right, causing her personal finances to fall into the red.

It was precisely from these failures that the BLUSAIGON project was born in 2019, featuring unique products and a well-planned marketing strategy by recreating value from Vietnamese heritage on each pen. Based on the meaning behind each gift item, BLUSAIGON made its mark by creating “one-of-a-kind” pens, distinguished by the unique patterns and mother-of-pearl on their surfaces.

Mr. Trung asked the speaker, “Did your parents sponsor your startup? When receiving money from family, did they influence or interfere much with your direction?”

Does family support matter in starting a business?

In response to the question, Mrs. Xuân Quyên explained that her family not only provided financial support but also helped with the workspace, factory, and personnel. This gave her much more confidence and eased the financial burden throughout her business journey.

Mr. Trung shared that the best case for starting a business is to use entirely your own money. However, if you don’t have enough or are seriously short of funds, it’s worth considering help from family, as family support often comes with more flexible conditions. But most importantly, it’s best to have clear written agreements to avoid disputes later, since when success comes, everyone will want to have a say.

Overall, family plays an important role in entrepreneurship because it can affect mood, provide emotional support, and offer motivation for the entrepreneur. A supportive and encouraging family can give comfort, encouragement, and financial backing to help the entrepreneur overcome difficulties and challenges during their journey.

At the same time, a positive family environment can create favorable conditions for discussing and developing business ideas.

Dr. Lý Quí Trung shared that before starting a business or investing, one should prepare an “exit plan” in case the outcome is not as expected. He said the entrepreneurial journey is like a bus stop — we have the choice to get on or not, and we should only board when we truly feel ready.

A brand’s strategy to define its target market

Mrs. Tôn Nữ Xuân Quyên stated that marketing is a long-term and consistent process of conveying the brand and product message. Therefore, BLUSAIGON’s marketing strategy focuses on “beauty,” which is realized through every customer touchpoint, creating BLUSAIGON’s distinct customer segment.

Specifically, Mrs. Xuân Quyên shared that product pricing is determined by three value systems: quality, service, and experience. Among these, the most important is the ability to combine all three values properly and adequately to create consistency in a product.

Regarding the quality factor, since BLUSAIGON’s main products are inlaid pens, the raw materials and manufacturing process are very important. Depending on the complexity of each product, prices vary accordingly, which allows the brand to cater to different customer segments.

“Because the cost of goods is high, the selling price must correspond. At the beginning, the cost price of an inlaid pen could be as high as 50%. Later, it gradually decreased as the production process and sales volume stabilized,” Ms. Quyên said.

Regarding service and experience, BLUSAIGON’s product display space is designed like a showroom, creating a luxurious atmosphere. In addition, each inlaid pen’s packaging is meticulously crafted and high-end, making it very suitable for businesspeople to give as gifts to partners.

Ms. Xuân Quyên shared that they do not focus on chasing trends because that is not the brand or product positioning. Instead, the team focuses on design and communication centered on timeless beauty, with Vietnamese heritage that has lasted for hundreds of years serving as inspiration for their designs.

Agreeing with Ms. Tôn Nữ Xuân Quyên, Mr. Trung stated that product marketing largely relies on the intangible values that the product brings. Any brand must work hard to create the core values of its products and then accompany and consistently uphold these intangible values.

Conclusion

Drawing from over 15 years of real business experience, the startup story of BLUSAIGON’s Founder, Ms. Tôn Nữ Xuân Quyên, shared at LQT Talk #08 helped LQT students gain deeper understanding of brand value when positioning in the market and provided insightful perspectives on the two extremes of success – failure in business.