“Shark Tank” is a hit business reality series that has been on TV since 2009. On the show, budding entrepreneurs get the chance to make business presentations to a panel of five investors or “sharks,” who decide whether or not to invest in their products or company and turn their dreams into reality.
One day one or more of those entrepreneurs may come from Henderson Middle School, where STEM Lab teacher Dr. Kay Williams has her students learning this quarter about financial management through “Making Money Make ‘Cents’: Shark Tank Junior.”
Students learn about modern day innovators and inventors, along with what they have created and then Williams encourages them to work either individually or in small groups to develop their own products and business. Before beginning their projects, they research an innovator or inventor of their choosing and use their research to inspire and guide them while creating their own innovation or invention.
“The students have to build a business from the ground up,” said Williams. “Some students made real products, some students made pretend products, but it is a business and the kids go and pitch their ideas to our Sharks for possible investment in their business.
“They had to really have a good business plan, have to do business cards, flyers, brochures, websites to sell their products. They have to be able to explain their idea, to whom they are going to market it, how much it is going to cost to make, how much they plan on selling it for, what their profit is going to be, how much money they are seeking from the Sharks and what percentage of their company they are willing to give the Sharks for their investment. And the students can negotiate with the Sharks if they so desire.”
The Sharks are fellow HMS teachers, along with Jackson Mayor Carlos Duffey and Ameris Bank Branch Manager Melissa Harris. They have up to 100 Paw Pounds they can give students as an investment in their company. Paw Pounds are Henderson Middle School money that students can earn to buy things at school. HMS Principal Dr. Suzan Hyatt approved up to 100 Paw Pounds to be given to the students for their product investments.
Round 1 of Shark Tank Junior was held on Feb. 4. Among the student products presented to the Sharks were Kas Kups, Crypto Craz, Peace Affirmation Pillows, Miracle’s Affirmation Bracelets, Water Lamp, Shoe Washing Machine, Hydro Hoodies, Wonderful Wreaths, Joyous Bottles, Bellz Scrunchies, and Nexus Outfitters.
After Round 1 was completed, Williams looked at all of the rating cards done by the Sharks on the students. Then she met with the entrepreneurs and went over the ratings. The students who did not receive investments have a chance to make changes and come back before the Sharks again in Round 2 on March 4.
Williams said not all of her students made it to the Shark Tank, but they are all working on their businesses and learning about financial management.
“Through the next four weeks we’ll be talking about the students that did get their businesses approved and we’ll be putting in fake numbers to give them a chance to figure out what they have to give to the sharks and what they will be able to keep,” she said. “So we’ll plug in numbers so they’ll have that experience and have an idea about what that looks like. I do expose them to other entrepreneurs and we do have that financial management conversation.”
Williams is leaving the school system on March 11, having taken a middle school principal position in the Atlanta area. But she said she hopes this class can develop into something for the entire family.
“I talked to our Title 1 Coordinator about doing a parent workshop on financial management,” she said. “I want the parents to know how to invest, attain a mortgage, especially with the new community development coming up across from the school, and if needed, even how to balance a checkbook.”
Williams is also hoping her students will continue with their products and businesses.
“There is a tentative activity called Market Day awaiting approval from Dr. Hyatt, for parents planned in May,” said Williams. “The kids that did real products can build them for the next three or four weeks and sell them at Market Day for real money. I have eight or nine kids that really want to promote their projects and have parents come in and buy their real products.”
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