Participate in School Enterprise Challenge

Overview of The School Enterprise Challenge

The School Enterprise Challenge is a fantastic opportunity for all the schools because it's easy for all primary and secondary teachers to use, even if they don't know much about business, as it gives clear step-by-step guidance.The programme has three steps.

If you are a school headmaster, talk to your teachers about the programme and start planning which teachers could lead a group of students. If you are a teacher, speak to your school administration and fellow teachers to decide who can join you. If you are a parent or student, talk to your school administration about the programme and all the benefits of participating!

To learn more about the challenge and what the programme entails, we have provided a useful guide below.

Step 1: Business Idea

In Step 1, the business teams explore potential business ideas and lay the groundwork for their school business. This foundational step typically takes 4-6 hours to complete.

To kick-start the programme, students begin with a reflective activity where they think about their dreams and aspirations for the future, identifying the skills needed to achieve them. This introspective exercise serves as a visual aid that motivates the business team to stay focused on their goals.

Next, using the worksheets and guidance materials provided, students will take a look around their school and local community, identifying the resources available for viable business ideas. They will brainstorm together to come up with innovative business ideas that can address community needs based on the resources they identified.

Then, they will choose a business idea that is feasible, realistic, and not overly complex, ensuring that there is a viable market for it. Identifying potential customers is a crucial part of this process.

Finally, the business team will decide how to use the profits from their school business. This discussion promotes transparency within the programme and helps motivate the team by exploring the possibilities of what can be achieved with their earnings.

This step strengthens life skills such as critical thinking, market research, and problem-solving. By evaluating and validating their ideas, students develop a practical understanding of the entrepreneurial process.

At the end of this step, the students will have an innovative and realistic business idea that they will develop and implement in the next steps.

Step Two: Business Plan

In Step 2, students start planning for their school business. This step typically takes about 20-25 hours to complete.

The business team begins by conducting market research. They engage with potential customers and study existing businesses to gather valuable insights crucial for setting up a successful business. This involves understanding the needs and preferences of their target audience and analysing competitors.

Next, students strategise their marketing approaches. They develop plans to effectively promote their business, considering various marketing channels and techniques to reach their target market.

Financial planning is another critical component of this step. Students learn how to manage finances, create budgets, and estimate costs and income. Additionally, students establish an operational plan, allocating responsibilities among team members.

This step develops and strengthens essential skills such as market research, financial planning, communication, observation, and marketing.

By the end of Step 2, students will have a comprehensive business plan that outlines all the necessary steps to successfully launch and run their business in the next step.

Step Three: Run The Business

This is the last and most exciting Step! In Step 3, the business team transitions from planning to action, becoming true entrepreneurs. Over a 2-3 month period, students put their business plan into action by launching their business, preparing products or services, advertising, and selling to real customers. This step is crucial for learning through direct customer interactions and making necessary business adjustments.

As part of the School Enterprise Challenge programme, the business team will complete various activities that contribute to the creation of their Annual Report. This report serves as a reflective space for the team, allowing them to consider the outcomes of their business launch and implementation. Reflecting on challenges faced, innovative solutions devised, and lessons learned is crucial for their growth as entrepreneurs.

The Annual Report also provides a space to document financial performance, including income, costs, and profits, offering insights into the financial viability and sustainability of their business.

This step helps develop essential skills such as problem-solving, customer service, and adaptability. Students also have the opportunity to enhance their entrepreneurial, financial literacy, communication, critical thinking, and leadership skills.

Once a business team completes all three steps, the school has the option to continue the programme by expanding their business and recruiting new team members. Alternatively, they can embark on a new business venture with a different group of students or explore both options! This flexibility allows for continuous learning and growth within the School Enterprise Challenge programme.

Registration and Onboarding

Register by clicking the button below. You will be taken to our new platform, ElevatED, where you can register for an account.

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Prizes

As part of your participation in the School Enterprise Challenge, you will be able to participate in competitions throughout the year. These range from regular mini-competitions to annual competitions such as Best Business Idea, Best Business Plan, and Best Business Implementation.

We have various awards and prizes for competition winners, which include features and cash prizes, which you can use to reinvest in your business and school.

More prizes to be announced throughout the year!

Frequently Asked Questions

Is the School Enterprise Challenge 2023 open?

Overview of The School Enterprise Challenge

Frequently Asked Questions

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