Twenty-one elementary students recently learned how to start a business when they participated in East Central University’s Junior Business Club.
The three-week academy, sponsored by ECU’s School of Business, guided Ada’s Willard Elementary School students into a business venture of lemonade stands. The students, divided up into four companies, learned how to create a business plan, obtain a loan to start up the business, build and paint their stand and sell lemonade at the Tigers’ home football game on Sept. 22.
“Overall, the experience was wildly successful. The students learned about business and entrepreneurship,” said Wendell Godwin, dean of the ECU School of Business.
According to Godwin, the four companies elected officers and each participant was then given an area of responsibility.
The first order was to see what supplies were needed, particularly to build the stand. So the students made a trip to Home Depot to meet with store manager Brad Stafford to get building supplies. Once that was determined and what was needed to be spent on the supplies to produce the lemonade, the students met with Vision Bank representatives Chea Christian and Vicki Patton to secure a small business loan. The students had to complete a loan application, sign loan documents and received loans in the range of $100-$120.
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