Frequently a kid's first business is opening a lemonade stand. That concept is being used to more formally - but still in a fun way - to teach kids about business.
Lemonade Day is an organization promoting entrepreneurship. Sunday, June 3rd is Lemonade Day in Maine. People who work with kids are mentoring their children. When a child registers they get a workbook with fourteen lessons that include all the information you'd need to run a lemonade stand well and with forethought.
Subjects such as debt, credit and net income, customer service, marketing
Debt, credit and net income: for a child with no money to get the lemonade to sell to the neighborhood, they need lemonade. They will need to get into debt or use credit or they will borrow money from their own savings to buy the material needed. When they calculate what they spent, what money they made, they can then determine if there is any net income.
Customer service- what d customers want? Is being cute enough in this competitive market for lemonade?! How can your service draw more people than another stand?
Marketing: how will they get the word out about their stand? Where should they set up a stand for best visibility and great sales? Can they partner with a friend or family member whose house is located in a busier section of town for better results?
You can see that though a lemonade stand can be a simple operation the concept can also be used for teaching practical lessons about entrepreneurship.
You can learn more at the web site.
Marion Syversen, MBA
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