How much money could you make from £10 in 4 weeks?
This is the challenge facing Year 9 who are midway through the Tenner Challenge – an initiative run by Young Enterprise to encourage entrepreneurial skills in young people.
Over a four week period students use their £10 pledges to get their student business ideas off the ground and to make as much profit as they can. The challenge helps students with a number of skills, including adaptability, communication, confidence, creative problem solving, financial capability, teamwork, a growth mindset and commercial awareness.
In the first week, students research and decide on a product or service to invest their tenners in. The following week they have to source materials or products, prepare sales pitches, and plan selling events. See below for the 60 second ‘elevator’ sales pitch by the Bits ‘n’ Bobs’ team.
By week 3 students have to get their product or service ready and promote their selling events. In our case, the final week culminates in the ‘Tenner Fair’ at NHEHS, where girls are able to use their persuasive skills to sell their products to students and staff. At end of the Challenge students decide how to spend or donate their profit after repaying £10 pledge plus £1 legacy contribution.
Last year’s fair saw a wide variety of products for sale, including earrings, scrunchies, bath bombs, candles, clips, bags, face masks and even plants. Good luck to everyone at the ‘Tenner Fair’ tomorrow lunchtime – we are looking forward to seeing the Year 9 entrepreneurs in action!