1. Fiver Challenge 2016 Supervisor Resource What is Fiver?
Young Enterprise in partnership with Virgin Money and supported by the Department for Business, Innovation & Skills, is launching the Fiver Challenge for primary schools across the country.
The Fiver Challenge is an enterprise competition aimed at primary schools.
The challenge is based on the Young Enterprise 8 Employability skills and is delivered through a fun and practical project where students are tasked to establish mini businesses from a £5 start-up pledge in order to make a profit. Students should explore businesses which provide either a product or service (or both) to others within school and also the local community.
Throughout the 4 week challenge, students can opt-in to a number of weekly competitions such as; logo design, sales pitch, advertising and trade stand. Each competition will be judged age appropriately and prizes will be awarded to the winner. A national competition and awards ceremony will be hosted in September 2015 for those projects which make the most money, have engaged the community and demonstrate in-depth development of the 8 employability skills.

2. Aims
To provide a fun and engaging programme which introduces important entrepreneurial talents to primary pupils
To introduce primary schools (staff and students) to the Young Enterprise 8 Employability Skills
To support primary teachers to deliver the Fiver Challenge through easy to use and adaptable resources
To provide a pledge 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
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

3. Purpose Curriculum Teaching& Learning The Primary National Curriculum
The Fiver challenge is an easy to combine project with any topic – see below the 3 core themes to Fiver and how the challenge can connect with your teaching and learning.
Purpose
Good teaching and learning will identify real purpose in the learning experience for students and will connect activity to real world events, industry or current news.
When students truly understand the purpose in their learning, this will improve engagement, improve behaviour and ultimately, improve outcomes.
When introducing the Fiver Challenge, think creatively about the learning that is planned, connections to current / recent events and through questioning (rather than telling children that they will participate in the Fiver Challenge), explore routes to students establishing the idea of running a business - see the ‘inspiration’ slides for suggestions to topic and curricula themes.
Curriculum links
The Fiver Challenge process offers multiple links to core learning subjects, including: Literacy (persuasive writing / writing for a purpose / writing for multiple audiences), Maths (addition, subtraction, multiplication, using budgets, recognising coins, and handling money), Design Technology (creating new products, sewing, woodwork, creating recipes), Science (exploring materials, recycling, outdoors).
Teaching & Learning
Being enterprising and entrepreneurial is founded on the core principles of taking responsibility, taking charge and taking risks. In order to enable students to fully experience these principles, teaching should take a facilitative role and student ideas and activity should be generated through an effective questioning approach.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

4. Inspiration! 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 29th 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!’”
These case studies highlight how enterprise and entrepreneurship can be easily woven in to any curriculum topic.
Thinking along these lines, staff should consider how they can embed the Fiver Challenge into existing topic work.
The student work book clearly demonstrates how Literacy, Maths, Art & Design and Science criteria can easily be incorporated into typical project work.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

5. Inspiration!
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 29th 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.”
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

6. The Challenge!
Your challenge is to work in small groups or as a class 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 pledge 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. National Competition Winners will be selected and informed by the end of July 2016 and invited to an awards ceremony in September
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

7. Next Steps… 1. Register your teams on the Fiver website
2. Create your business (name / logo, product / service design etc
3. Identify customers
4. Work out your timeline
5. Explore who you might need to help you
6. Plan how you will use the 8 employability skills
7. Regularly complete the student workbook
8. Work out a budget and monitor your finances
9. Run your business and make a profit!
Next steps:
Firstly you should ensure that you have registered your teams & completed the evaluations.
Next, you should start by forming your business. This will include: creating a name, a logo, allocating job roles and deciding on what you will make or sell.
You should think about who your customers will be and the products or services that they most need or would like. You could think about who customers might be within school and who customers might be in your local community.
You should think about the time frame you have for the challenge – what’s achievable?
Will you need any help to make & sell your products or service? Who could help you? Parents /carers, Governors and local businesses are a good place to start.
Think about the 8 employability skills throughout your project and how you will use them. Remember to plan time to record and reflect on your activities, and complete your work book.
Don’t forget to take note of the weekly competition themes and dates so that you can enter to win a prize!
Remember your budget! Research costs to make and sell your product / service and be sure to calculate what you will need to sell in order to make a profit!
Finally, submit your log book to enter the national competition!
10. Enter the weekly competitions & submit the log book (1 per group and no more than 3 per school) as your final national competition entry
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

8. Project Timeline National Award Ceremony September 2016
Registration 21st March – 10th June 2016
Logo Competition 10th June 2016
Sales Pitch Competition 17th June 2016
Fiver Challenge 6thJune – 1st July 2016
Advertisement Competition 24th June 2016
Trade Stand Competition 1st July 2016
National Competition Deadline 6th July 2016
National Award Ceremony September 2016
Registration 21st March – 10th June 2016 –
On completion of the above you will receive access to your unique area of the Fiver Challenge website where you can register your teams, access helpful teacher resources and enter the weekly competitions.
The Fiver Challenge runs from 6th – 1st July 2016.
Funds will be transferred to schools from 20th – 3rd June 2016.
Weekly competitions:
10th June 2016 – Logo’s
17th June 2015 – Sales Pitch
24th June 2015 – Advertisement
1st July 2016 – Trade Stand
*All entries should be submitted online via the Fiver challenge website.
National competition – deadline 6th July 2015
To enter the National competition you should ensure that you complete the log book provided.
*All entries should be submitted online via the Fiver challenge website. Winners will be notified in July 2016.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

9. Success Criteria
Students should demonstrate a deep understanding and application of a minimum of 3 of the Young Enterprise employability skills.
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!
As the Fiver Challenge will culminate in a national competition, we have outlined the key success criteria below which should form the basis of shortlisting entries in school and will be used by national judges.
Success Criteria:
Students should demonstrate a deep understanding and application of a minimum of 3 of the Young Enterprise employability skills.
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!
To enter the competition, only 1 log book (not student work books) should be submitted per group, and up to a maximum of 3 submitted per school.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

10. Reflection
It is important in any learning activity that students have the opportunity to reflect on their work and by doing so, students should be encouraged to specifically think about the 8 employability skills. In all reflection, students should clearly note any achievements so far and how they dealt with any challenges or obstacles. Suggested methods to prompt reflective discussion are:
A class / group scrapbook or diary, completed regularly, to capture every stage of learning and development
Individual journals, denoting student’s personal experience throughout the project
A video or voice recorded diary, allowing students to talk freely about the work that they are doing, successes and challenges
Skills on sticks – a plenary activity where students can select one of the 8 employability skills (creatively designed on lollipop sticks or dowling) and discuss how they feel they have or haven’t yet, developed that particular skill
Badges – to encourage the development of the 8 employability skills, these could be made into large badges, and given to children either as a ‘Teamwork Ambassador’, who will look for good team work on that day, or alternatively as a reward for the student(s) who have demonstrated good team working.
Students should use the Reflection section at the back of their work books to complete this work on a regular basis throughout the challenge.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

11. So What’s Fiver?
To facilitate effective enterprising learning, students should be at the heart of directing the task. Therefore from the start of this challenge, students should be in full ownership of their activity, from planning to delivering and evaluating. The Fiver Challenge should be presented in such a way which gives purpose to learning and where possible, enriches existing curricula.
Task: Introducing the Fiver Challenge
Aim: To enable student ownership of the Challenge
Activity: Ask students to work in pairs or on tables to identify any problems they feel exist within school / the local community, or any needs that they feel aren’t being met. Is there an event coming up which they could take advantage of, or an existing product or service that they feel they could do better? Ask students how they think they could resolve these problems or meet these needs? (Listen to feedback and if a business idea is not suggested, guide students through questioning, towards the concept of setting up a business.) Once students have the idea that they could work as a business providing a particular product or service from which they could make money, introduce the Fiver Challenge as a way to provide them with start-up funds to get their business off the ground and resources to help them make a profit. You could discuss how they could win prizes along the way for their hard work and most importantly, what would they want to do with the profit they make!
*Use the ideas sheet in the work book for this activity and share key dates with students to complete in their timeline.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

12. The 8 Employability Skills
Confidence
Financial Literacy
Resilience
Communication
Team work
Organisation
Student’s understanding of the Young Enterprise 8 skills is a critical factor to their success in the Fiver challenge. Students should develop their understanding of the skill definition and recognise the many circumstances in which they might apply the skill, this could be in school, in play, in jobs of the future or at home.
Task: Exploring enterprise skills
Aims: To develop student’s understanding of the Young Enterprise 8 employability skills
Resources: Flip chart / pens / digital camera / printer / glue
Activity: Introduce the 8 skills to the class. Discuss student’s understanding / interpretation of each skill. Write a brief, class agreed definition on the board. Reveal the Young Enterprise definition – do they match? Discuss as a class. Now, working in small groups, provide each group with a digital camera (or take in turns to share). Each group should create a photo which they feel demonstrates the skill in action. For example, students writing letters to engage parents / businesses may demonstrate developing communication skills. Allow each group to download and print their photo. Using the flipchart and pens, each group should then design a poster, including their photo, promoting their given enterprise skill. Posters should be of quality to display in either the classroom or within school, they could also be used to promote the skills in a whole school assembly to which parents/carers could be invited.
*Use the skills pages in the work book for this activity.
Problem Solving
Entrepreneurial Ability
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

13. Market Research 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?
Before any good business takes off, it is important that they understand their market.
Task students to consider the below questions as they begin to think about their business ideas. Students should use the Market Research pages in their work book to answer the questions above and record their findings.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

14. The Business Plan When will you start? When do you need to finish by?
How will your business run? When will you do the work / run events?
What will your business do?
Who will your customers be and how will they know about your business?
Who will be involved and what will they do?
What job roles will everyone have? What specific responsibilities will each role have?
How will you make money? How will you know what to charge?
A good business will always start with a plan, but this isn’t as scary as it sounds – it’s just writing down your idea and planning ahead for all the important things you will need to know and need to do. Using the prompts above (and the Business Plan template provided in the work book), task students to note their ideas.
How will you know if your business has been a success? How can you ensure this?
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

15. Who Are You?
Every business needs to be able to present itself to the public and for it’s customers to easily recognise it. This means that you will need a company name and a logo.
Activities:
What businesses names can we think of?
You could design a mind map and discuss as a class large and local businesses that students know, thinking about why they know about them, what does their business name represent, e.g. Smith & Son might be a family business or Team Sports would be easily recognisable as a sports company.
What logos do we know?
Students should think about how they recognise the businesses they have talked about and their products. This should lead to a discussion about brands and logos. You could source popular logos or product pictures from the internet and do a pop quiz to see which students recognised and why. You could discuss what makes a good logo and brand.
What will your business name be and what will your logo look like?
Students should use the Our Business pages in the work book to complete the above activities.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

16. Product / Service Design and Quality
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?
When creating a new product or service it is important to think not just about the finished product, but all of the component parts / stages that will be required to achieve the end goal.
Use the questions above to prompt discussion and thinking – these questions can be completed in the work book.
Next students should start to think about the design of their product / service. Space is provided in the work book for this.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

17. UNIT COST AND SALES PRICE
Finance and Costs
Unit Cost & Sales Price
Budget
UNIT COST AND SALES PRICE
BUDGET
Researching Costs
Break Even
A successful Fiver project needs to make a profit, therefore it is essential that students work through every phase of their financial planning. This should include: calculating a budget, researching the costs needed to buy materials / resources, costing the unit price of products / services to be sold and working out the breakeven figure.
Budget
Each child will receive a £5 pledge from the Fiver Challenge. Depending on the size of a class or the groups established, students may have differing collective budgets. Establishing what this is per company should be the first task undertaken.
Researching costs
Once students have identified the products / services their business will sell, they should spend time researching costs for the materials / resources needed. Some questions to consider could be: is it cheaper to buy in bulk? What might they access for free? Who might donate / sponsor any materials / resources?
Unit cost & Sales Price
If students are making products to sell, working out the unit cost will identify what it costs to make each product from the materials they have, and from this they should calculate a ‘sales price’ – the amount each product will be sold for.
Breakeven
To calculate the breakeven figure, students should work out how many ‘units’ they need to sell to match the amount of budget spent so far. This is the breakeven amount. Students could keep a tally of products sold which will help them assess how far they are to breaking even, and how many products they need to sell to be in profit.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

18. Calculating Finance 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?
Using the worksheet above and the definitions provided earlier, apply the costs specific to your project, working through each question.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

19. Template – Financial Record Keeping
Budget
Resources we need
Cost
Supplier
£25
Coloured Paper £3
Paper Magic
Blank CD’s £5
The CD Shop
A1 printing
£10
Print Store UK
Total cost
£18
Budget remaining £7
Use this as a guide for students to complete their own financial recording. See pages provided in the student work book.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

20. Breakeven Sheet Template
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 = £
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)
Use this as a guide for students to complete their own breakeven chart. See pages provided in the student work book.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

21. Marketing and Promotion
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?
Letting people know about your business, products or service is essential to your project being a success. Businesses call this marketing and promotion.
Discuss with students their interpretation of marketing and promotion – agree a definition.
Using the questions above, students should discuss their marketing and promotion plans and complete the questions in the workbook. Students should agree next steps to keep to their time line. Design pages are available for students to think about posters, letters etc.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014

22. Evaluation 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?
Once your project has ended and all of the money has been counted up and repaid…now what?
This is the time to evaluate!
Using student work books to jog your memory of the feelings and perceptions at the time, and through whole class discussion, everyone (including the teacher!) should reflect on the project overall.
Young Enterprise Fiver Challenge supported by Virgin Money| June 2014