Speakeasy Marketing August 2018

WHEN LIFE GIVES YOU LEMONS . . . 4 Business Lessons From Young Entrepreneurs

the refreshing lemonade. In her second summer running the stand, Megan says, “I advertised through Facebook and word of mouth. I created my own business page. I shared it with friends, family, and the community. ArkLaTex Horse Rescue advertised my stand, and I posted advertisements to many local Facebook groups as well.” BUILD YOUR BUSINESS AROUND YOUR VALUES. Have you heard of anyone starting a million-dollar lemonade stand? There’s one person who has, and her name is Alex. She was diagnosed with cancer as a young girl, and her determined spirit motivated her to fight back. She started a lemonade stand to raise money for other kids with cancer. The message of the stand with a purpose spread, and Alex raised $2,000 in a single day. Sadly, Alex passed away when she was 8, but her legacy continues to thrive through her family, who turned Alex’s Lemonade Stand into a foundation. It’s raised over $127 million for cancer research.

when he noticed that a friend’s house got more foot traffic than his did, the future tycoon moved his lemonade stand to the prime realty. Buffett obviously benefited from this innovation; the jury is still out on his friend. GO ABOVE AND BEYOND FOR YOUR CUSTOMERS. When Ann Handley’s daughter and her friend opened up a lemonade stand, they found a way to connect with their demographic. The location of the stand was frequented by many French- speaking Canadian customers, and since the friend was born in Montreal and spoke French, the girls greeted each customer in English and French. More conversation makes more sales. ASK FOR REFERRALS. Megan, kid entrepreneur and owner of “Dr. Megan’s Mad Mango Lemonade” in Louisiana, knows a thing or two about the value of word-of-mouth marketing. Megan makes sure customers have an easy time spreading the word about

Lemonade stands are rumored to have originated with New York journalist Edward Bok, who, as a kid growing up in Brooklyn, sold ice water on hot summer days to thirsty passersby. When other water salespeople tried to move in on Bok’s profit, he got creative by adding lemon juice and eventually sugar to the mix. The result of this innovation? Sales soared. Lemonade stands continue to be a popular summer pastime for burgeoning entrepreneurs, and there are a few things we can learn from these humble business endeavors. BE ADAPTABLE. Warren Buffet has had business on the brain since birth. During his childhood,


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