VanCity gives a thumbs up to the business plan, as the kids convince them their idea is a winner.  

Below is the link to the charts for the VanCity presentation on Thursday.  The kids will use the chart pages as prompts only, and will fill in the answers to the questions verbally.  They will be expert presenters at the end of this!  

With this exercise, they are learning that it takes money and planning to set up a business.  In order to get their start up capital (i.e. the money to buy the lemonade, snacks, and other supplies), they have to make a plan.  Then, they need to convince someone else (someone who has enough money!) that the plan is a good one, and that they are a safe risk to lend the money to.  The students need to be able to show that there is a market for their product, and convince the lender that the business will be successful.  

Finally, the students will see that the start up capital must be paid back, and that you make a profit only after the expenses are all covered.  

Students of different ages will learn different things from this activity.  Some will be able to describe cost of goods sold and profit margin, and some will just become familiar with the words, and get an inkling that there is something more to it than just profit.  ​

They will all get exposure to presentations and understand that they needed money to set up the stand.

​I distinctly remember a lemonade stand that we had at our home, where we lost money with each lemonade our kids sold.  The kids were ecstatic about all the money they were 'making'.  They had set their own prices, and then had so many neighbours visit that they ran out of lemonade.  They were having such a great time that they didn't want to stop.  So they went into the basement fridge, and started selling our San Pellegrino's at the original price.  

They were young and very cute and happy, and we knew we were running out of neighbours who hadn't already been sold to, so we let it go.  We tried at one point to explain that there were costs associated with selling the products, and that they should give us some of the 'profits'  to compensate for them.  But they refused to let go of any of their money.  Our lesson was lost on them.   

Financial Literacy and Entrepreneurship - Week 2:  The goal for this week was to select a local charity, and international borrowers.  

Finalists for local charity were the Fort McMurray fires, and the Port Moody Ecological Society.  In the pre-debate vote, Fort Mc Murray led, with only 2 out of 9 voting for Port Moody Ecological Society (PMES).  But the two voters were passionate, and managed to state their cases well.  They argued that the fish hatchery deals with the salmon. If the salmon population dies out, then all of the living beings depending on the salmon will be affected.  And thus, the impact of the donation to this society would have a wider benefit than helping with the Fort McMurray cause.  The final vote, 7:2 for (PMES). 

Continuing on their 'water' theme, students selected Vor’s group (Cambodia) as the other recipient. Vor does work as farmer to support her family. In their village there is no reliable access to safe, clean drinking water. A $175 loan will build a water filter, which will help safeguard the health of the families living there, save money on medical expenses and save time collecting fuel and boiling water.