With the semester winding down, each day that passes brings us one day closer to summer vacation. One of the many ubiquitous things associated with summer is a cool glass of freshly-squeezed lemonade.

When young, many people set up lemonade stands, charging 25 cents per cup of that powdered sugary mix blended with water, and probably not realizing they were learning the basic steps of entrepreneurship.

This Sunday, individuals got the chance to be kids again at the second annual Lemonade Day kickoff event.

“Lemonade Day is a charity that kids participate in that offers (them) the ability to learn how to own and operate a business through the running of a lemonade stand,” said Jennifer Clarke, one of the volunteer organizers for the event. “It’s a free event for kids that teaches them basic skills of entrepreneurship.”

The nationwide event began in Houston in 2007. Last year Dr. John Clarke, associate dean for the College of Business at the University, and Michael Holthouse, CEO for Prepared 4 Life (the non-profit organization that sponsors Lemonade Day), met to discuss bringing the event to the Champaign-Urbana area.

“John loved the idea of the program and felt there was a key demographic (in Champaign-Urbana) to benefit the event,” said Shawna Kennedy, event volunteer. “He truly believed in the potential these kids had in helping the community.”

The nationwide event has now spread to 34 cities.

“When the event first began, there were only 2,000 stands,” she said. “The next year, that number expanded to 11,000.”

Although Sunday was the kickoff for the event, Clarke said it continues throughout the summer.

Individuals all over the Champaign-Urbana area can register their stands online or download a form for the event. Once they register, they pick up a free backpack with all of the educational materials that teach them how to own and operate that business with the help of an adult.

“The community is encouraged to buy the lemonade and help the kids, but it’s not just a one-time event,” Clarke said. “We had 800 kids sign up at the last minute last year, and probably more than 1,100 kids toward the end of the summer.”

Clarke’s daughter, then 8 years old, participated in Lemonade Day last year, where she learned how to pay off a loan.

“I asked her what she could do for me (to pay off the loan), and she said she’d do some gardening and weeding around the house for a week to pay back the $25 she needed for her lemonade stand,” she said.

Clarke said the kids are encouraged to set a goal for themselves before thinking about the logistics of their businesses.

“If there are three words to describe the ways to teach the kids about what to do with the money they’ve raised, they are to spend, to save and to give,” Clarke said. “It teaches the kids how to spend money wisely and think about themselves as well as how to give back to the community. My daughter wanted a video game, so she had to make at least $50. She was encouraged to save some of the money and open a bank account, and then give the rest of the money she earned to a local charity.”

Participants also learn important business concepts such as how to keep records.

“The stands are all over the Champaign-Urbana area, whether it is on street corners or near popular restaurants,” she said. “The kids chose the location where they think they can make the most money and market their stand.”

In addition, three major contests were held as part of the kickoff event: Best Tasting Lemonade, Best Lemonade Stand, and Best Business.

“The boy that won the best tasting competition last year really knew how to market himself and his stand,” Clarke said. “He had business cards with his recipe and stand location, and he was only six.”

Although the event is open to anyone, Clarke said the younger children benefit the most.

“The kids in the K-12 age learn the most value because they learn how to be independent and successful before heading out to the real world,” she said.

After participating in the event last year, Clarke’s daughter now has her own jewelry business.

“She’s only nine and has already made $150,” she said. “And this was all done on her own.”

Mark Nolan, associate director for the office of corporate relations at the University, knows the importance of starting a successful business.

“I have the opportunity to work with local entrepreneurs, and what is so fun is that they have great applicability to an interest in starting a successful business,” Nolan said. “As a volunteer for Lemonade Day, these entrepreneurs are much younger than the ones I work with on a day-to-day-basis, but they still have those same interests.”

Nolan said that Clarke recruited him to volunteer for Lemonade Day because of his interests in economic development and entrepreneurship activities.

“I’m excited to be a part of this event this year,” Nolan said. “I’m really interested in seeing the creative ideas that the kids come up with and the flavors they offer with their lemonades, as well as the way they promote their stands.”

Even if college students may be too old to host their own lemonade stands, the University provides other ways to explore an interest in entrepreneurship.

“The University has addressed these interests through the Academy of Entrepreneurial Leadership, which offers entrepreneurship programs, services and resources to faculty, students and community members on campus,” he said.

Nolan said some of students at the University already have entrepreneurship experience, while some bring other experiences from high school when they enroll in college.

“It’s great that college students have a strong desire to become entrepreneurs, and we’re now seeing more and more students who enroll at the University as first-time students with previous experiences that help them with their future businesses,” he said.

Clarke said she was very pleased with the event’s success, and she hopes to expand even more.

“After (Sunday’s) success, we really hope to get every kid in the Champaign-Urbana area participating in Lemonade Day in the future,” she said. “We want the kids to reap the benefits on their own and help the community.”