News & Events

Could you start a business with a fiver?

Hilton-Baird Group blog

fivers

The Young Enterprise charity in partnership with Virgin Money has created The Fiver Challenge designed to give thousands of primary school children a chance to start their own business with a £5 loan.

The new enterprise competition, aimed to encourage young entrepreneurs, will help them to set up their own business and learn about the world of enterprise.

Running throughout the month of June, the programme is supported by the Department of Business, Innovation & Skills and hopes to equip the pupils with basic skills for later life. 20,000 children aged up to 11 years old from 500 schools could enter this year and are challenged to set up mini businesses to create products or services they can sell at a profit.

The young entrepreneurs are allowed to keep the profits they make on their businesses and return the initial loan to the Fiver Bank.Michael Mercieca, chief exec of Young Enterprise, stated: “The Fiver Challenge will give tens of thousands of primary pupils a vital chance to make an early start in acquiring enterprise and employability skills and attitudes that could transform their lives and the future prosperity of this country.”

It is hoped the scheme will encourage school children to develop important entrepreneurial talents and a national award ceremony will take place in September for the top entrepreneurs.The announcement of The Fiver Challenge coincides with a review, launched by Lord Young, on enterprise activities in education.

Lord Young, the Prime Minister’s Enterprise Advisor, explained: “A society and an education system which fosters and values enterprise is vital if young people are to be fit and ready for the real world when they leave school, college or university. I will be looking across the education system to see what more can be done to boost our entrepreneurial spirit.”

“It’s important that young people gain the skills and experience they need to help them understand what it means to run a business and to do it successfully,”

Skills and Enterprise Minister Matthew Hancock said, “From my experience kids can be incredibly enterprising, I can’t wait to see what ideas they come up with.”What tips would you give the young entrepreneurs?