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Students take care of business through JA |
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Written by Jeff Wiebe
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Wednesday, December 10 2008, 10:54 PM |
Operating a small business in tough economic times can be difficult for even the most knowledgeable manager, but for a group of local high school students, it’s a sweet experience.
The students, from Lethbridge Collegiate Institute, Catholic Central High and G.S. Lakie Middle School, have spent the last two months creating a business from scratch, as part of the Student Venture program through Junior Achievement of Southern Alberta.
The managers of Cookie Creations, as the students have dubbed their company, spent this week filling empty glass jars with a variety of baking ingredients, preparing their “cookies in a jar” for market.
Belinda Liu, a Grade 11 student who recently emigrated from China, is one of the vice-presidents of the company.
“I thought being a businesswoman would be really cool,” says Liu, adding she was inspired to join the club by her father, a businessman.
“He talks to me about business almost every day, and I like his life.”
The students take care of every facet of the business, from marketing plans and research, which help determine product type and pricing, to the formulation of a business plan and budget.
Liu says operating a business requires more work than she’d previously thought.
“It’s not what I thought it was before,” she explains.
“It’s not as fun as before, but it’s a challenge. To be a businesswoman takes a lot of responsibility.”
But the students have some help. A variety of local businesspeople have volunteered their time to mentor the students through the process, imparting wisdom gained through years of hard work.
Lorrie Kothig, manager of KPMG in Lethbridge, is one of the mentors. As a management accountant, she helped the students with budgeting, cash flow projections and other basics, like how much needs to be produced for the business to break even.
“It’s rewarding to see the kids grow, and see them learn that business is not an easy thing,” says Kothig.
“The kids have to come to a consensus of what they want to do. They’re learning how all the different positions interact with each other.”
The young entrepreneurs aren’t the only ones who benefit. After selling their product to family, friends and people in their neighbourhoods, some of the proceeds from their venture will be donated to the pediatrics wing of the Chinook Regional Hospital. And like any publicly traded company, shareholders expect a piece.
“The more money they make, the more the hospital gets and the more the shareholders get,” explains Kothig.
“The kids really like to focus on giving back to the community. They’re looking to make more than just the minimum, they’re looking to make enough to do something useful for the kids at the hospital.”
For students like Liu, who dreams of studying business at McGill University after graduating high school, the program serves a dual purpose — it allows them to give back to the community while learning valuable business ideas.
“I see this program as a tool to practise my skills,” she says.
“I can’t even imagine how it has changed me.”
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