That misplaced optimism was compounded by a few critical errors the team made in its sales strategy. We thought they would be fast-moving products.” “When we forecasted the demand, we were too optimistic. “It was far below our estimates,” Patel says. The students had assumed that something essential and practical as a shower kit would sell well, but they were mistaken.
“In terms of our growth and learning, it was the apex of our journey.” The Small Details “It didn’t feel like a loss,” Pantos says. The main goal is learning, and PRO’s experience with the order fulfillment service taught them a hard lesson about the business world, about how it’s not always flexible or cooperative. Making a profit, however, isn’t the primary goal for students in FME. “On paper, it doesn’t look wonderful,” Pantos admits. That’s because the packages for the new screens were a different size than what the team and the service originally had agreed to with the initial three-panel design.īecause of that setback, half of the team’s inventory was left unsold at the end of the school year. The team thought the new product would be easier and less costly to ship, but it actually caused PRO’s order fulfillment service to refuse to work with the students. However, late in the process, the team switched to an entirely new product, a roll-up screen that could provide a nice background for video calls.
Fme babson pro#
Seeing a need with so many students and workers working remotely, PRO initially planned to sell portable, three-panel offices.
Fme babson portable#
Sophia Pantos ’24 was part of a business called PRO, which stands for Portable Remote Office. “It really became a part of my life.” The Goal Is LearningįME businesses are disbanded at the close of the school year, and strictly from a bottom-line perspective, they aren’t always a success. “It was quite a long process,” Patel says. In this sixth and final installment, students take time to reflect now that the school year is over, sharing thoughts on their businesses, their failures and successes, and the intense, challenging, rewarding, and ultimately highly educational FME journey. As part of an ongoing series, we’re telling the story of the FME experience, from the pitches and presentations to the pivots and products. You’re wondering if this is going to happen.”īabson College students in Foundations of Management and Entrepreneurship, or FME as it’s commonly called, spend the school year fine-tuning business ideas and turning them into reality.
“When you are working on the process, you don’t know if it’s all going to work out. “That gave me a lot of satisfaction,” says Arya Patel ’24, a member of G & C Kit, which sold eco-friendly shower kits.
They had dreamed up a business, promised to sell a quality product, and delivered. With that, whatever lingering worries the team members had about their venture vanished.
Fme babson series#
This is the sixth and final installment of an ongoing series about first-year students’ journey through the Foundations of Management and Entrepreneurship (FME) course.Īfter months of work, after connecting with suppliers around the world, after dealing with challenges and hustling to make sales, the team of students behind G & C Kit reached one final glorious milestone-their products had been mailed, and their customers were receiving them.
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