Kids become profitable entrepreneurs The Money Academy teaches kids valuable skills By Kate Weidaw KXAN News Austin May 15, 2009 "Kids really need to know the essence of how money works, why do we need money," said The Money Academy CEO Gayle Reaume. Reaume started The Money Academy at Parkside Community School in South Austin four years ago so kids could discover the true meaning of being an entrepreneur.

"They design a business out of learning about supply and demand," said Reaume.

It starts with kids choosing what kind of product they want to sell.

"By Tuesday, they are making prototypes," said Reaume. "By Wednesday, they are selling."

But to figure out what the public wants to buy, campers conduct market research by stopping people on the street to ask them a series of questions.

Then, it is off to the camp's bank for financing.

"You have to keep track of how much you make and how much you spend," said Jonathan Gonzales, 13-year-old camper and counselor.

Being profitable requires team work, so everyone gets to be a leader on the project.

"Each day, they have a different accountability," said Reaume. "So they could be a CEO some day, they could be the marketing manager the next day, production, quality control. And they learn what it's like to be accountable for something."

And since they are accountable for paying back what they borrow, it all comes down to selling the product. At the end, campers figure out how successful they were.

"They actually determine their profit-and-loss statement and financial statement, if you will," said Reaume. "That tells them how much they made."

And they get to keep their profits. Some even invest the money for the future.

"I really want to be a millionaire, so I figured if I invested money, it would be a lot easier to," said Sita Hill, 10-year-old camper.

The Money Academy runs June through August and costs $300. Financial assistance is available.

KXAN News Austin