The next Wolf of Wall Street might just come from Lambrick Park Secondary.
Lambrick teams of marketing and accounting students took second and third place in Junior Achievement B.C.’s Business Challenge, a twice-annual competition that sees young business minds manage virtual companies. The challenge tested their business knowledge in a simulated marketplace, where students from more than 50 high schools across the province strategized to gain market share and financial success.
“You had to make all the decisions that you would make as a real company,” said Jayden Wakeham, whose team DJ. H – with classmates Dylan Price and Harrison Huford – placed third. “We had to make decisions about how much marketing and capital investment to put in. You had to figure out the price of the product you were selling and how many products to produce.”
“The easiest way to make the most amount of profit in our game was to flood the market with as much inventory as possible,” said Dawson Neal of the second place team, Go M’s Go, with classmates Amir Nijjer and Joey Sigwin. “We’d mass produce, sell it at the cheapest price and basically out-inventory the other teams.”
Based on JABC’s Titan business education program, the business challenge taught students how to maximize profits and reduce expenses, as well as lessons involving too much or too little inventory and how to handle unfilled orders. The simulation extended outside of school hours, with the teams executing strategies online before and after classes to stay competitive against other teams in B.C.
Both Lambrick teams advanced from a qualifying round at the end of November to the winners’ round in December, where the teams made their final moves as they vied for the podium. Their planning clearly paid off, as Go M’s Go and DJ. H took second a third, respectively, with Go M’s Go just one point behind the winning North Burnaby Secondary.
“They were ahead for most of the game, and then in the final round, they were worried about too much inventory and kind of dropped their price a little too much, and Burnaby North seized the opportunity,” said teacher Bryan Neal. “In a game where the scores are up to 400 and 500 points, one point is a fraction of a percentage.
“All credit to them – they engaged in the game and learned so much about strategy, and practised hard to get ready for it. It was exciting and fun, and I know the boys are very happy with the outcome.”