On Shark Tank this week, 10-year-old Jack Bonneau pitches for $50,000 investment in his business, Jack’s Stands and Marketplaces. But what exactly do they do?
Jack set up the business after running his own lemonade stand from the age of eight, with the aim of helping kids learn about entrepreneurship and financial literacy while developing social and life skills.
To do that, Jack’s Stands and Marketplaces helps children run their own lemonade stands or other marketplaces at farmers markets — in a simple, easy way.
His company, of which he is the CEO, does all the hard work — sorting out the correct insurance permits, and providing children with stands and supplies to sell.
They can then focus on the essentials of business — like selling and learning about profit and loss.
Jack’s Stands operate as drink stands, selling drinks like lemonade or hot chocolate and apple cider during the holiday season. Meanwhile, Jack’s Marketplaces allow children to sell products made by other young entrepreneurs aged 18 and under.
In the past two years kids have worked over 1,000 shifts at Jack’s Stands and Marketplaces in Colorado, where Jack is from. He is currently in the process of expanding outside of the state.
To take part kids just need to visit his website, pay a $25 registration fee (of which $10 is refunded after the shift), and book a date and time to suit them through Eventbrite (via the jackstands.com site).
Shifts last for three or four hours, at the end of which children can take stock of how much they’ve sold, how much they spent on expenses, and how much profit they’ve made — from sales and tips.
Shark Tank airs Fridays at 9/8c on ABC.
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