1. Fiver Challenge 2016

2. Aims Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 To provide a fun and engaging programme which introduces important entrepreneurial talents to primary pupils To provide an investment of £5 for every pupil taking part To promote the provision of enterprise, employability and entrepreneurship in primary schools To promote the opportunity for students to engage with local businesses and the wider community

3. Inspiration! Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Roseland Community College Team: Lovely Locks A pupil from Roseland Community College has won the Most Inspiring Individual prize in the age 9-11 category as part of the Fiver Challenge, run by Young Enterprise and supported by Virgin Money. The winners were announced at the Awards Ceremony on the 29 th September at the Ham Yard Hotel in central London. Lorna Semmens set up ‘Lovely Locks’ and made hair accessories out of recycled school uniform, using leftover bespoke tartan used to make uniform skirts and ties for hair scrunchies, hair bows and button hair clips. Girls at the school are usually not allowed to wear fashionable hair accessories, however Lorna persuaded the Headmaster to change school uniform policy to include her accessories. For her material she used donated uniforms from Year 11 pupils who would shortly be leaving. She made £40.50 profit, which she donated to the Children’s Hospice South West, and specifically to the Little Harbour branch in St Austell. Lorna said: “My favourite part of the experience was selling the products and seeing all the Year 6s coming in on their first day wearing them. “It’s made me think about my future a lot more, what I can do and what I can achieve. The biggest challenge was meeting with the Headmaster to ask him to change the school dress code to allow girls to wear these.” Lorna’s mum Morwenna said: “The first day she came home when all the children had started wearing them, she was really happy, and said ‘I made that, and they’re all wearing them!’”

4. Inspiration! Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Montessori Primary School Team: Spencer, Luke and Ben The Flower Pot Men Pupils from the Meadows Montessori Primary School have won the Best Community Engagement award in the age 9-11 category as part of the Fiver Challenge, run by Young Enterprise and supported by Virgin Money. The winners were announced at the Awards Ceremony on the 29 th September at the Ham Yard Hotel in central London. The team, ‘The Flower Pot Men’, sold plants and vegetable seedlings, with the aim of promoting healthy eating to children who would be more likely to eat healthy food that they had grown themselves. The pupils sold the seedlings at school and to the general public at a local bakery, a farmers’ market and outside pupils’ homes. After they made an initial profit, they branched out into selling flowers. The boys made £360 and donated this towards a bench to go in the school’s new quiet garden. Flower Pot Man Spencer said: “My favourite part of the experience was the fact that after we did well, everyone else now wants to do the Fiver Challenge next year.”

5. The Challenge! Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Your challenge is to work in small groups to set-up a mini business which will provide a product or a service to its customers. Each person in your business will receive a £5 investment to help you get started and buy any materials / resources that you need. Your business needs to: make a profit, develop employability skills and engage parents / carers and the wider community.

6. Next Steps… Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 1. Complete the Application form 2. Create your business (name / logo, product / service design) 3. Identify customers 4. Work out your timeline 5. Explore who you might need to help you 6. Regularly complete the student workbook 7. Work out a budget and monitor your finances 10. Submit the log book by 8 July and return your initial investment 8. Run your business and make a profit!

7. Success Criteria Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Students should be able to confidently present their project, including reflections on what worked and what they would do differently next time. Students should have engaged with parents, businesses and the wider community. (This may be in the design / preparation / delivery of their project or in engaging the above as customers for their product or service). Students should have returned their total pledge amount and have made a profit. Above all, students should have enjoyed their Fiver Challenge experience and be inspired to continue on their enterprise learning journey!

8. Reflection Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

9. So What’s Fiver? Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

10. Market Research Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Who will buy our product or service? How do we know that they want or need it? How could we find out? What would we need to ask them? Are there similar products or services which already exist? How could we check? What would we need to know about other products or services similar to ours? What are we going to do next?

11. The Business Plan Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 What will your business do? How will your business run? When will you do the work / run events? What job roles will everyone have? What specific responsibilities will each role have? How will you know if your business has been a success? How can you ensure this? Who will be involved and what will they do? When will you start? When do you need to finish by? Who will your customers be and how will they know about your business? How will you make money? How will you know what to charge?

12. Who Are You? Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

13. Product / Service Design and Quality Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 What will we need to make our product? Do we have the budget to buy everything we need? How can we make our product / service stand out from the competition? What is our USP (unique selling point)? Is our product / service environmentally friendly? We will buy the cheapest materials / resources or more expensive versions? Will we buy fair trade produce / products? Will every product we make be ready for sale? How will we check? Is our product service good value for money? How durable (long lasting) will our customers expect our product to be? How can we ensure this?

14. Finance and Costs Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 BUDGET UNIT COST AND SALES PRICE Budget Break EvenResearching Costs Unit Cost & Sales Price

15. Calculating Finance Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Question£Other What’s our budget? (Total amount of £5 pledges per company) What are our costs? (Total amount we need to spend on buying the materials / resources needed to make our products) Donations and Sponsors (Can anyone help us buy donating materials / resources or sponsoring our activity?) Unit cost (How much it will cost to make each product) Sales price (How much each product will be sold for) Profit per unit (Sales price – unit cost = profit per unit) Breakeven (How much money do we need to make to recover our costs? How many products do we need to sell?) Number of products: How will we record our finances?

16. Template – Financial Record Keeping Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 BudgetResources we needCostSupplier £25Coloured Paper£3Paper Magic Blank CD’s£5The CD Shop A1 printing£10Print Store UK Total cost£18 Budget remaining£7

17. Breakeven Sheet Template Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 How Many Sold? (Complete each box each time a product is sold) Unit cost: (How much its cost to make each product) £ Sales Price £ Profit made = £ Sales Price £ Profit made = £ Sales Price £ Profit made = £ And so on, until the total breakeven amount is reached and you are in full profit Sales Cost:(How much you will sell each product for) £ Profit:(Sales cost – unit cost = profit per unit) £ Breakeven:(how much you need to make/or how many products you need to sell to recover the amount spent) £

18. Marketing and Promotion Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 Who are our customers? How will we let them know about our business, products or service? How can we make them want to buy our products or service? How could we encourage them to buy from us more than once? How can we let them know when we will be selling our product or service? What will they want to know about our product or service?

19. Evaluation Young Enterprise Fiver Challenge supported by Virgin Money| June 2014 What was your Fiver Challenge project? How much money did you make? What were the key successes? What did you find most difficult or challenging? How did you develop the 8 employability skills? Which ones did you find hard or feel that you didn’t develop? Who did you engage in the project? What was their contribution? How did this help? If you were to do the project again, what would you do differently? What did you most enjoy about the project?