Sir Richard Branson: Young Enterprise gives Tenner headstart to budding philanthropists
The Tenner scheme that gives £10 to budding entrepreneurs is a great introduction to the world of business, says tycoon
Virgin founder Sir Richard Branson delivers a powerful endorsement of Young Enterprise’s work in the hugely influential Spears magazine, read by high net worth individuals.
Philanthropy has traditionally been undertaken by successful, entrepreneurial individuals from the safety of a half-century career. However, Young Enterprise’s new Tenner competition is encouraging Britain’s youth to think about growing a business and giving to charity as two sides of the same coin (or note, in this case).
The Tenner scheme gives £10 to budding entrepreneurs from the ages of five to nineteen and challenges them to make a profit, pass on the tenner and give the profit back to the community. No one has been more enthused than backer and mentor Sir Richard Branson, who told Spear’s: ‘I think Young Enterprise’s Tenner competition is a great way for young people to try out business ideas, learn from their experiences and make a difference. The competition shows one can get a business idea off the ground with as little as £10 and it’s possible to make a profit if one has a great idea.’
Young Enterprise’s CEO Michael Mercieca also highlighted the benefit of learning by doing and the ambition of the scheme to make young people develop businesses and their social conscience at the same time: ‘The Tenner competition’s strapline “It’s in your hands” really encapsulates our philosophy to give young people a chance to explore their entrepreneurial instincts and desire for community improvements in any direction they choose.
‘Young people are encouraged to “make a difference and give back”, and many of the students taking part do so in aid of a charity which benefits from their profits. Their business can be run as social enterprises if they wish, directly giving back to their local communities.’
Sir Richard echoed the importance of return beyond profit: ‘Importantly, Tenner also encourages young people to give something back to society with their businesses by donating the profits to local charity or by setting up social enterprises. It’s wonderful to hear how local charities and communities benefit from these Tenner businesses.’
The Virgin magnate has been joined in his praise and support by Innocent Smoothie founder Richard Reed, Michael Acton Smith of Moshi Monsters and business secretary Vince Cable.