Estimated read time: 4-5 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY -- Riley Speth is a senior in high school studying dance at The Salt Lake School for Performing Arts. She can easily tell you the difference between a grand plié and a demi plié and how one demonstrates a petit allegro. But Riley also has a firm understanding of the stock market, knows the difficulties of running a small business and the frustrations of managing inventory. She experienced much of it first hand by attending Utah Business Week [UBW] last July.
Riley was one of 113 high school students last year to give up a week of her summer vacation and take a week-long crash course on business. She along with students from 49 other high schools gathered at Utah State University for the six-day camp. During the week students created companies, developed products, established marketing plans, made new friends and had an incredible time on the dance floor.
"It was a great way to learn and have fun at the same time," said Speth. "It is a great experience for anyone. You do not need to have any previous knowledge or even like business to enjoy Utah Business Week. It is something anyone would enjoy no matter what,"
The week follows an intensive program that begins with breakfast at 7:00 a.m. and lights out at 11:00 p.m. During the hours between, students are organized into groups or "companies" of 10 to 12 with an advisor from the Utah business community. They decide on a product to market and go through a business simulation program that provides students with real-world decisions and situations. Students are also exposed to speakers and presentations that address how the experiences they are going through are handled in business today.
"I was extremely pleased and surprised by the quality of the speakers at UBW," said Taylorsville High School senior Joel Gardner. "I had the opportunity to learn from business professionals that had real experience. Each presenter had something valuable and unique to share and I was thoroughly impressed by each of them."
Students also get the chance to see business in motion with company tours of local businesses in Cache Valley.
"I'd say the most overall interesting and informative part of UBW was when our company got to tour Heartland Foods that produces Creamies frozen treats," continued Gardner. "We had the opportunity to get a first-hand look at all the different steps of the production process. My company and I thoroughly enjoyed a close up look at what it takes to start and maintain a profitable business."
Corporations across Utah sponsor a majority of the $600 cost per students. Students are only responsible for $100. Included is room and board at USU dorms plus all activities. Sponsors include the George S. and Dolores Eccles Foundation, Workers Compensation Fund, Questar, Rocky Mountain Power, Merit Medical, Wasatch Property Management, Mountain America and others. Many of the supporting companies also provide an employee who takes on the role as an advisor to a group of 10 to 12 students during the week.
We see kids who had little interest in business in the beginning become CEOs of their companies, manage a group of their peers and go on to be leaders in their high schools and communities.
–Peggy Larsen
"It's amazing the transformation we see from the first day of the program to graduation six days later," said Peggy Larsen, board chair of Utah Business Week and senior executive at Workers Compensation Fund. "We see kids who had little interest in business in the beginning become CEOs of their companies, manage a group of their peers and go on to be leaders in their high schools and communities. This program makes a big impact on the lives of young people. UBW is also great for the Utah businesses that participate and have the chance to encounter these young, bright future leaders."
Students also find it mutually beneficial.
"UBW is one of the best experiences you could go through, especially as a pre-college student," said high school junior Calvin Griffith. "The price is a steal. There is also nowhere else that I know of, that has as many incredible people who care about helping you, your future cash flow, or the community. I am trying to get as many people as I can to participate in this incredible organization."
Registration for UBW opened this month. Information about applying to the program can be found at utahbusinessweek.com.
