As part of the Tufts Master of Engineering Management (MSEM) program, I worked on a 3-person team to develop a business strategy for FarmDrop L3C, a startup online farmers’ market in Maine. Though not a technological development project, this project taught me a lot about making business decisions based on a combination of qualitative and quantitative analysis and making strategic short- and long-term decisions with incomplete information.

We started by interviewing customers, competitors, farmers, and pickup site managers to understand the strengths and weaknesses of the business’s operations and marketing, identify customer needs, and get business ideas from other similar companies. From these interviews, we developed recommendations for best practices from the more successful pickup sites and highlighted reasons for subpar performance in the struggling areas. I directed much of the interview questioning and performed many of the interviews myself.

Afterwards, the three of us each performed more quantitative analyses to build a financial projection model, determine the right product mix based on sales data, and suggest new pickup site locations based on market data. I used ArcGIS to identify locations across the Northeast that had a combination of a receptive customer base and low competition from other food stores. With these tools and predictions, we gave FarmDrop immediate action items, a road map for the next 18-36 months, and the tools to adapt their financial predictions as business conditions changed. We also helped them win investments by demonstrating their level of preparation to investors.

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As with any multivariable business problem, this project required me to make decisions without complete information. The lessons I learned making assumptions to inform rational decisions while having backup plans to mitigate potential future risks will help me as my career progresses toward the intersection of business and engineering.