Wharton Journal

Issue date: 9/25/06 Section: News

They say that the best way to learn a subject matter is to teach it to others. In case you feel that six weeks isn't enough time to truly master the intricacies of OPIM and the 4 P's of marketing, what better way to test your knowledge is there than helping to mold the sponge-like minds of our future business leaders?

Every year, BizWorld volunteers, armed with posterboard, markers, braiding floss, and our MBAs in the making, disseminate throughout West Philadelphia to introduce the concept of running a business to elementary and middle-school students. Through a simulated game in which teams of five to six students form companies that design, manufacture, market and sell friendship bracelets in the BizWorld market, students learn to solve various business issues through a fun and interactive format.

The surprising thing about BizWorld was that, while I joined thinking that I would motivate and inspire others, it was in fact the raw energy, optimism and honesty of the students that opened my eyes to the lessons I would learn.

Day 1 takes students through the process of raising capital needed to start a business. After delegating roles within the teams, students met to brainstorm the sales pitch that would be presented to the venture capitalists. Amazingly, some of the skills that Wharton students bid thousands of auctions points to learn, such as negotiation and corporate valuation, came naturally to others.


The highlight from last year came from a group of 5th graders who refused to accept the low-ball price of 9 BizBucks (BB) per share, offered by BizWorld president David Kreiger. After 20 minutes of negotiations, which included discussions of superior design capabilities, financial skills and social clout, they managed to wrestle out of David's firm grasp 11BB for one share and 10BB for the other.

Lesson learned: Never let others determine your worth.

Day 2 was devoted to product development and manufacturing or, more specifically, process efficiency and optimization. While some teams started out by apportionaing tasks and creating assembly line prototypes, other teams delegated the entire process to a few members who demonstrated expertise in bracelet making. However, by the end of the day, it became apparent to our mini-COOs that neither situation was ideal.

As children tend to be eager to act rather than to plan, it took some time before the teams realized the importance of knowledge sharing and how it could increase their manufacturing capacity by having the experts take time out to teach the skills to others. Unfortunately, others learned this important lesson when they saw the variability in output between teams.

Lesson learned: The quickest path to your destination is not always the shortest route.

On the final day, the teams developed their marketing and advertising strategies to create posters, jingles and TV commercials. Second graders were brought in to act as consumers, and each team got two minutes to perform their pitch before everyone was let loose to buy and sell in the bazaar. Their competitive spirits emerged when the teams realized that only a few BizBucks were left floating around in the market and began slashing prices. Another team did such a great job at promoting their products and their company that they ran out of bracelets. But, with demand still high for their products, they ended up cutting up leftover string and tying them as necklaces onto their customers!

Lesson learned: Intense desire fuels the fire of pursuit.

Ultimately, interacting with the kids and seeing how engaged they were in the program was the greatest reward. Last year, I was serenaded twice, taught some new dance moves, and shared a desk with a quiet boy named Myles, as he read me his science-fiction short stories. When we brainstormed ideas for new businesses at the end of the program, it was gratifying to contrast it to the first day, when merely naming established companies was an arduous task. But nothing compares to the round of endless hugs that we all received on our last day as we bid our final farewell.

And at the end of the day, giving back to the community can be a great ego-boost. By far my favorite comment of the season came from Erika Spencer, a 5th grader who demonstrated rare insight and precociousness when she made the following remark: "Thank you very much. You helped my future a lot these past few weeks. This helped me in working with others. Also, I liked how you both dressed and your hair."

Lesson learned: Always leave them with something to remember you by.

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