SUBURBAN TRENDS

(by David M. Zimmer - Staff Writer - February 18, 2009)

WEST MILFORD - With the current state of the economy, opening a small business is a risky venture.

However, students at Paradise Knoll Elementary School are hoping an afterschool project will generate some profit and boost consumer spending in connection with the fourth iteration of the TREP$ program.

TREP$, which is a term derived from entrepreneurs, teaches fourth through eighth grade students in 15 schools how to start their own businesses. It has been recognized on the state level as the winner of the New Jersey PTA’s Champion for Children Award and continues to get interest from other districts and praise from those involved.

“Parents, teachers, principals and children alike are giving the same reaction of gratitude for this program. It’s no wonder this program has such a huge influence on our children,” Gloria Radwan said.

The program was developed right in West Milford at Paradise Knoll Elementary School by teachers Hayley Romano and Pamela deWaal, who continue to run the program.

Through six weeks of engaging but fun, teacher-facilitated workshops, the program exposes students to business basics like product development, finance, marketing, advertising and sales.

“The kids are so motivated by this it is amazing,” deWaal said. “They are able to observe new things educationally and develop a business sense.”

At the end of February, all the preparation gets put to the test with the culmination of the program: the TREP$ Marketplace, where the students actually sell the products they have developed in a flea-market style event.

“By experiencing business ownership firsthand, the kids walk away able to celebrate their successes and to learn from their mistakes. No grades are necessary. This is real-life, self-assessment,” said Romano.

Any profit or deficit the students have at the end of the night will be their responsibility. Nevertheless, parental bailouts might be considered in some cases.

Moreover, if fifth grade students have a particularly bad night, they will get the opportunity to join TREPS the next year, Romano said. Others with profits have often donated their take to the school or charities.

This year, Paradise Knoll’s TREP$ Marketplace will be open to all members of the public on Friday, Feb. 27 from 6:30 to 8:30 p.m. in the school’s gymnasium.

Currently, the fifth and sixth graders at Paradise Knoll School are participating in the TREP$ workshops. At a recent meeting, the students had a rotation of 15-minute roundtable discussions with parent volunteers to discuss their marketing strategies.

The parents were there as fellow entrepreneurs and consumers to help the students narrow down their target market, price point and sales pitch. Students also critiqued each other, giving encouragement and advice, while applying the lessons they learned to brainstorm ideas and profit potential.

“They are asked to jot down and consider the advice with an open mind, but ultimately, they are the decision makers,” deWaal said.

Students at the meeting were discussing selling food like hot dogs, pizza, cookies and chocolate. Moreover, there were several intriguing items discussed like 100-percent-recycled scented pencils, pencil holders, picture frames, dog biscuits, toys and even chances to win prizes with unique games.

In addition to the food, fun and games, Romano said that the marketplace as well as the entire process helps students learn about communication, adaptability, productivity and responsibility.

Romano said that business is important in its own right, but it also is a large part of the state’s clear commitment to adding new age skills into basic education.

TREP$ is directly aligned with the Partnership for 21st Century Skills, which has developed a framework for learning that includes programs dealing with life skills as well as thinking skills, entrepreneurial literacy, and authentic assessments. Romano said that the connection between the groups is natural, because TREP$ was created in 2005 with similar ideas in mind.

“Our main goal was to tackle entrepreneurial literacy, but in TREP$ we’re not just lecturing about business. The kids are called on to collaborate, think critically, innovate, problem solve, and communicate through their weekly business challenges,” Romano said.

For more information about TREP$, visit trepsed.com.