Calling all budding business brains; launch of the largest national enterprise challenge for schools
Last year 20,000 students aged 11 to 19 across the UK registered for the free Challenge, which gives young people a taste of what it’s like to be an entrepreneur. Participants are pledged with £10 and given one month to make a profit and engage with their community. They have the chance to think of a new business idea and make it happen, using real money to take calculated risks in the business field.
At the end of the month pupils return their £10 pledges with a £1 legacy donation to enable Young Enterprise to support even more people the following year. Participants are free to keep their profits, which most donate to a charity of their choice. Tenner allows students to become active citizens through giving back to their community, and provides practical opportunities to explore financial mathematics and problem solving in real contexts.
Stephen Welton, chief executive of BGF, said: “The Tenner Challenge promotes employability skills and introduces young people to the idea of entrepreneurship, encouraging them to think creatively about how they could make a profit.
“BGF is pleased to be working with Young Enterprise to deliver Tenner again, and we’re looking forward to seeing what businesses the young people taking part will set up.”
Last year the top 50 teams made a total profit of £32,500, and 76% of teams donated all or part of their profits to charities, with the highest single donation being £5,212. 83% of students felt Tenner provided them with a unique opportunity to learn and achieve new things, while 90% of teachers agreed that the Challenge increased their students’financial knowledge and understanding.
Schools can register to take part in the Tenner Challenge from today until the 26th February 2016. The Challenge will run from the 22nd February to the 18th March.