During December 2013, eleven Year 10 students from The Hermitage Academy took part in MyBnk’s Enterprise Educational programme, Business Battle
From the drawing board to market place in one week, in teams, students pitched their ideas to secure a 0% loan of up to £40.
MyBnk helps 11-25 year olds manage their money effectively and make enterprising choices. Courtney, 14 said “Business battle is excellent and a great opportunity for young people!”
The content of a full Business Battle programme includes: Ideas generation: an introduction that inspires young people to generate their own ideas, considering the target audience’s wants and needs; Product design, budget and costs: Young people refine their ideas into a final ‘design’, and then research suppliers to create a materials list within their set budget; Logistics and production: utilising each member’s strengths, teams delegate tasks to create their product / service ready for market place; Pricing and marketing: Evaluating the production process, pricing structures are decided, as well as a strategy to attract and sell to customers; Sell, sell, sell!: Teams attend a pre-designated market place to advertise and sell the designed products or services to a real customer audience and finally Reflection: a practical evaluation activity is run. Winners are announced and prizes handed out.
Against the clock, with prizes and profit at stake for those who shine, all participants had to collaborate to make their project a success. The battle encouraged teamwork and rewarded initiative, whilst working under pressure.
All three teams that participated really enjoyed their MyBnk experience:
Team 1 – CCAB
CCAB (A team of 4 girls, Chloe, Courtney, Abbie and Beth) borrowed £13.70 to fund their idea of handmade cards and personalised baubles. They made their items to order as their fellow students from the Hermitage had heard about their new business venture. On Friday 6 December 2013, after selling at Chester-Le-Street market place, they paid their loan back in full after a GROSS profit of £54.70, and had a healthy NET profit of £41.00!
Team 2 – Christmas Stars
Christmas Stars (A team of 1 boy and 2 girls, Michael, Tiff and Khloe) decided they would make cakes, brownies, biscuits, hot chocolate and a free bracelet with every purchase. They borrowed £28.81, they made a GROSS profit £46.00 and after paying their loan back in full they had a NET profit of £17.19!
Team 3 – Snowed In
Snowed In (A team of 4 boys; Ryan, Jack, Aidan and William)) borrowed £11.11 and sold snow shovels, sledges and handmade baubles. The snow shovels SOLD OUT when another Market Trader bought them at cost price towards the end of the day. The boys made a GROSS profit of £31.10 and after paying their loan back in full; their NET profit was £19.99!
Tiffany, 15 said “I had fun whilst making money – it was excellent!”
Five lamps’ MyBnk project offer Enterprise education as well as Financial Inclusion and are all suited to tie in with many areas of the curriculum including Maths, English, Business Studies, PGCE, Work Related Learning and many more such as PSHEE.