Young Enterprise - Tenner Challenge
Business students from year 10 and 12 are taking part in the Young Enterprise ‘Tenner Challenge’.
Young enterprise is a youth charity which encourages young people to get involved in business to enhance their personal and educational skills, setting them up for future working life. It provides hands on experiences for students to develop their business knowledge and entrepreneurial minds.
As part of the Tenner Challenge, students have one month and just £10 to create their own enterprise or product, complete with a business plan, and attempt to turn a profit.
According to Young Enterprise,
‘The Tenner Challenge provides a highly interactive way for students to develop key skills including creativity, resilience, and problem solving, using real money to take calculated risks in business.’
The challenge is a hugely successful initiative for young people all over the country. Each group will be given £10 to get their company started and then have a month to sell or make a profit on their idea – getting real life experience of what it’s like to be an entrepreneur. Any money they make is theirs to share at the end of it all, however many students decide to donate to a charity of their choice.
In addition to the challenge, there are also various competitions to keep the young entrepreneurs on their toes including logo design and advertisement, and best sales pitch and trade stand.
On Tuesday morning, the students involved attended a workshop to help get them in the spirit of entrepreneurship. Representatives from local businesses came along to support and give some valuable business advice to students on their plans and ideas.
Before getting into the details of the challenge, the students were tasked with designing a product made out of the everyday materials: a bin bag, a plastic cup, a straw and a peg! They then had to pitch their ideas to the group which were creative and inventive including two bongo drums, a parachute, a picnic kit and a bin bag dispenser!
The activity got the group thinking about what they’d like their Tenner Challenge businesses to be and led to some exiting ideas for the real thing which will be submitted on Friday.
An awards celebration will be held in May announcing the best enterprises from all over the country in four categories: Most Inspiring Individual, Best Group, Most Profitable Business Idea and Greatest Social Impact.
Keep up to date with how the students get on and support them by following Blatch on Twitter @Blatchmill