MyBnk Enterprise Workshops

As part of Global Entrepreneurship Week 2014 we have given Year 7 the opportunity to create businesses using money and interest free loans provided by our friends at MyBnk.

Each of the groups were asked to come up with an idea for a business and submit a business plan, costings and loan application to the judging panel. On the 24th November the final entries will be chosen and helped to progress into a real enterprise and the groups will then sell their products at the academy Christmas Fair at the end of term.  We have had some fabulous ideas suggested, such as hot chocolate and cookie stand and a top hat tombola, along with the more festive themes….

Santa, Stationery & Seasonal Beauty

Nicole from 7Duffy was very excited about her group’s plans: "Our business is called Sensational Santa – we’re going to have a stall with a boy side and a girl side and they’re each going to have a raffle in which everyone will win at least a lolly. And then there will be a bigger prize for the actual winner of the raffle. We’re also going to be selling nail polish for the girls side and wrap them up in plastic so that it’s appealing to the eye and other things like that."

Safa elaborated: “I came up with this idea because I thought that usually in a Xmas fair that’s what you’d be looking for, a small gift, and that’s what most girls are interested in. We’re also going to make little lip balms and make them seasonal and make Christmas stickers like Christmas hats to go on them. The boys will have key-rings and pencils.”

Hoops and Haribo

Shukri spoke of her team's double whammy: "We’ve got two ideas that we’re joining up together – we’re having a basketball tournament where there are a limited amount of shots and if you get all of the shots in then you get a prize. We’re also doing a sweet shop and making the sweets as well as buying them."

Ashanti explained: “We’re doing a sweet sale and it’s mix and match so however many sweets you want will make a difference to the price. 100g would probably be £1. I thought there should be a different idea going on for boys and then girls. I think that people like sweets so if we make sweets and put our own little twist onto it then it will do well.”

Were you asked to come up with an idea for both boys and girls? No, just to make a big idea but I wanted to do something for everybody.

Luarna said: “MyBnk is good because it helps me see if I want to actually build a business in the future and gives me experience.”

The sessions were made all the more exciting by the visit of Guy Rigden, MyBnk Co-CEO, and Dr Syed Kamall, one of London’s MEPs since 2005, who were both kind enough to talk to each of the groups about developing their ideas and how to create a unique and marketable product in order to maximise profit.

Syed Kamall MEP, advising the boys on their business proposal

Guy said: "It was a pleasure to meet so many of your bright and enthusiastic pupils and get a chance to interact with them. I hope and expect Business Battle to be a success and I am sure there will be some successful young entrepreneurs at the Ark Academy Christmas Fair."

After the morning sessions were finished, Dr Kamall spent some time interviewing some of the young people who had taken part discussing their ideas, and gave a brief assembly where he discussed the importance of entrepreneurship, revealing a bit about his own experiences in business, before the sessions were resumed with a whole new group of students in the afternoon.

Good luck to all the teams and we are very excited to see who is chosen – knowing our sweet toothed students, we can expect a sugar rush of products at the Christmas Fair! :)