Grade 7 Entrepreneurs
All Grade 7’s at KLO Middle School have recently taken part in a 6 week program called Business of Our Own, overseen by Junior Achievement BC.
In this program, the students build on basic business concepts like the role of philanthropy, investors, management, production and marketing, and learn how to run a successful retail business of their own. A number of local business mentors from the Kelowna area also volunteered their time to help students develop their skills in entrepreneurship and financial literacy.
Jason Ranchoux, Regional Manager with Junior Achievement BC says the education started with step 1: Finances. “It’s either their money or they solicit funds or borrow money. They’re responsible for raising their own capital. They’re not given any money. Got to get your investors. Not only selling your product but selling your business idea for someone to invest in is such a huge part of business.”
The students created 26 different retail businesses and sold their products on May 14th and 16th. The kids sold items like bath bombs, soaps, fragrances, plants, recycled notebooks, jewelry and tie-dyed socks. In the end, the students made a profit close to $500. And valuable lessons.
Ranchoux explains, “One of my classes sold out all of their products. The problem was that they didn’t understand the cost of their product. They were selling their product for below-cost. That was the fun part, that was the lightbulb. I said ‘so, you sold out all of your products and you still lost money, what went wrong there?’ and the lightbulbs in all of them went off right away.”
The team that had the biggest profit was given the right to choose which charity will receive the profit. The Kelowna General Hospital Foundation will visit the school on Monday, June 18th to accept the donation to the Children’s Care Fund.