They were flown into Vancouver and set up in a swanky downtown hotel with all expenses paid, just like business executives running a high tech firm.
Only the Vernon Panthers economics team was on a different sort of business enterprise – the 14th annual Junior Achievement Business Challenge.
VSS has traditionally performed very well at the event, and this time was no exception as the team guided its virtual company to third place in a 21-team competition that featured public high schools and private academies from across the province.
Vernon team members included teacher Susan Egan, Grade 11 student Daniel Chow, Grade 10 students Jacob Dolinar, Kory Kury, Hannah Kulak and Zack Goldsmith (missing, Megan Fretz, who was ill).
“VSS has been participating in the challenge since it began 14 years ago, and we so appreciate the incredible learning opportunity for our students,” said Egan. “The trip to Vancouver in itself is wonderful. There have been many times where the flight to Vancouver for the business challenge was the first flight the student had ever taken.”
Students were selling the new (fictitious) high-tech Holo Generator, a handheld device that generates 3D images of music videos and movies. They built huge virtual manufacturing plants, engaged in cutthroat price wars, competed for consumer dollars with advertising, and developed trendy new features. Student teams had to work against the clock to make their business decisions.
Press releases during the game changed market conditions with rising inflation, new companies entering the market, and banks willing to double their loans at low interest rates. VSS navigated their company through these storms through 20 quarters, representing five years of business, all in one action-packed day.
“Overall, our team clicked really well, but there were a few decisions where I was really stressed out about it, with my face in my hands for half the time, with the down to the wire decisions,” said Kulak.
Added Chow: “I thought we were a successful team because everyone had their own input and it helped us make the best possible decision.”
The competition consisted of two rounds – a placement round first, followed by playoffs. VSS, going up against teams comprised of solely Grade 12 students, won the right to play in the top tier, called the Titan Marketplace.
“I had a great time at the business competition,” said Goldsmith. “The experience has fueled my interest in the economy, and business in general. I can attribute our success to the fact that our team worked great together, and we went into the competition with a positive attitude.”
The Panthers collected $300 for their bronze-medal showing. Pocketing the $600 first-place prize was Team UTILITY of Vancouver’s Sir Winston Churchill Secondary, with $450 runner-up award going to Team Sweet of Courtenay’s G.P. Vanier Secondary
They prepared for the business challenge by competing against each other, and against Egan, in mock competitions. They learned to read financial statements, calculate how much money they would have to work with, and estimate their expenses, such as advertising and carrying inventory.
Egan says several former economics team members have gone on to work at well-know tech corporations like Google and Microsoft.
“When students who have graduated come back to visit, they tell me that the Business Challenge was such a highlight for them,” she said.
“The face-to-face challenge is so much more intense than Internet competitions, with students facing time pressure and changing market conditions. It is great for them to be able to interact with the other students, and network as one of the guest speakers encouraged them to do.”
The event is sponsored by the Institute of Chartered Accountants of B.C., Deloitte, MacDonald Dettwiler & Associates Ltd., Colliers, Xibita, Knightsbridge Capital Group and Openbox.ca
The VSS economics team is now gearing up for the Global Junior Achievement Titan Challenge. The opening rounds will be played over the Internet, with the top teams advancing to the face-to-face finals, Aug. 6-10, in Wilmington, Del.
