On pitching, we saw similar progression as in negotiating.
Initially, it was all about the product; kids were acting as consumers, a role they know well. With some encouragement they began thinking about profits and market size and how viable the Business might be (as investors they are buying the business, not the product).
Most of them seem to have internalized the concept of Profit = Sales – Costs (from the Billy Bob and Factory Fun lessons), but they sometimes struggle to see the Business as a stream of profits or losses across time (as do most adults). Of course, as investors, it’s all about whether that stream of future profits render an adequate Payback on our investment. That’s the lesson we want to drive home; that’s what separates a consumer from an investor.