Lemonade Day offers opportunities, lessons for young entrepreneurs
It’s the time-honored tradition that has taught generations of kids how to start, own and operate their very own business: a lemonade stand.
It’s the premise behind an event scheduled Saturday (May 4) called Lemonade Day, a global youth entrepreneurship program that teaches leadership and business skills by encouraging children to launch a lemonade business in their community.
It was founded in Houston in 2007 and has expanded to 80 licensed markets in the United States and Canada.
That includes Northwest Arkansas, where students from Fayetteville to Bentonville to Siloam Springs will compete to offer the most competitive lemonade product resulting in the most profit. Most lemonade stands will be open from 9 a.m. to 2 p.m.
The lemonade businesses, a program of Startup Junkie, are the outcome of the national Lemonade Day curriculum. Participating schools have been mentored by Leadership Walton students from the Sam M. Walton College of Business at the University of Arkansas or participated in the Lemonopolis game to teach basic business principles. Over 700 students have already completed the Lemonopolis Lemonade Day curriculum. The Boys and Girls Clubs and other afterschool programs will also operate stands this weekend.
Students design their product and stand, select a location, borrow startup capital, determine a price, pay off their loan and create their marketing plan — all in hopes of making some cash. Profits often support a charitable organization as well as reward the students for their entrepreneurial spirit.