The Lemonade stand. A long-standing symbol of what many of us remember as our first days of entrepreneurship. It might seem like counting pennies to revisit the roots of entrepreneurship… but that’s exactly our point.
Success is about doing lots of little things well. Where better to start than with the iconic Lemonade Stand. From the smallest startup to the largest enterprise, the basic concepts apply: profit and loss, cash flow and your balance sheet. The only difference is the complexity and the number of zeros on the transactions. The goal of the lemonade stand is to teach students in a hands-on manner the basics, and then build on these concepts as they progress through their course.
The concept of small-change business is more relevant in today’s music industry than ever before. With companies like Monstercat, Suicide Sheep and Spotify, microtransactions have become giants in the world of penny-counting.
The concept of fulfilling a need is also more relevant today than ever before. With global market product saturation, to which music is no stranger, it’s important to understand the market’s needs before launching into the next venture.
In other words, sell lemonade next to a basketball game, and you’ve got a lot more pennies in your pocket. Sell lemonade at your SISTER’S basketball game where you know half the people in the crowd, and you’re talking big pocket money bucks! It might sound simple. The best lessons are.
Our Music Industry 100 class has been tasked with $100 in capital to start a business and try and turn a profit. In this case, in the spirit of community that we foster at Nimbus the students combined their money and split into two groups to expand their initial capital! .
Group 1 decided to take advantage of a captive, built in audience of Nimbus students and designed a line of Nimbus hoodies for the students to order, using an on demand ordering system and pre-payment to minimize their inventory.
Group 2 is embarking on a hip hop consulting company, taking hip hop artists through all of the steps they need to put on a show, market themselves, and more!
We handed them lemons, and they turned them into delightfully tasty frozen first class treats!
We are excited to see the success of each venture, and look forward to seeing what else they have up their sleeves for the rest of the term!