It’s experience versus youth as the Tenner Challenge returns
The Tenner Challenge, run by Young Enterprise and supported by BGF (Business Growth Fund) launches in secondary schools across the UK today. This year, for the first time, adults can take part in the Challenge and see how they fare against younger entrepreneurs in the battle of the ages.
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.
This year also marks the first that Tenner incorporates sustainability into the Challenge, aiming to help students think about business and their economy in a different way, from a throwaway society to one which re-purposes, recycles and redistributes resources for as long as possible.
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.”
Michael Mercieca, chief executive of Young Enterprise, said: “Tenner helps schools to provide a range of learning opportunities which develop key character attributes in their students such as resilience, communication and teamwork, which are important in both education and in future employment.
“Of the thousands who took part in last year’s Tenner Challenge, we know that students, teachers and parents had a fantastic and rewarding time participating in the programme. The stories that come out of the Tenner Challenge are always very inspiring, and we look forward to seeing more of that this year.”
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.
The Challenge is running from the 22nd February to the 18th March and registration remains open until Friday 26 February.