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The Independent: Budding entrepreneurs offered the £10 challenge

Look out for the Tenner Competition, a new enterprise contest for young entrepreneurs just launched by Young Enterprise and backed by business folk including Innocent Smoothies founder Richard Reed and Moshi Monsters creator Michael Acton Smith.

The organisation hopes 250,000 pupils in 330 schools across the UK will take part in the competition – each entrant gets a £10 loan from Tenner and then has to turn a profit by using the money to launch their own business.

The competition runs for the whole of May (but it’s not too late to enter) with prizes awarded in three different age groups – 5 to 11, 11 to 14 and 15 to 19 – in June. There are gongs for the business ventures that net the largest profits but also for outstanding ideas and for projects judged to have had a strong social impact.

The money is a loan and if the venture is unsuccessful, Young Enterprise still expects to get £6 of its money back. But other than a ban on gambling, there are no rules about what sort of business young entrepreneurs may launch. You’ll find more details at www.tenner.org.uk.

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