Enterprising Students Make Profits from a Tenner
Added 2 months ago
Report by Tiahna Williams and Jasmine Blake - Year 9
After the success of winning the Tenner Relay for the South; raising over £1,200 in less than 24 hours Richard Lander School students were excited to take part in the National Tenner Challenge.
The Tenner Challenge is for young people aged 11-19 who want to get a taste of what it’s like to be an entrepreneur. It gives them a chance to think of a new business idea and make it happen, using real money to take calculated risks in the business field, to make a profit and to make a difference. Tenner Challenge students received £10 each to spend wisely and had a month to make their business work. They could either make a new product themselves or purchase pre-made items and sell them on. Our company was Kawaii Creations and our main product was handcrafted cupcake key rings.
Competitors could sell their products in or outside of school. Every Friday there was a trade fair in the school hall where they could market and sell their products. It was clear that cakes and treats were popular items at these trade fairs, therefore we decided to also sell homemade brownies which sold out within 3 minutes on the first week.
Some of the top participants made over £200 and donated parts of their profit to charity. Products and services included a car wash run by year 11 student James Caddy who made just over £120 and Lottie Naylor from year 9 created a successful business called Wooden Hearts which focused on upcycling furniture and made just over £200 profit. She is donating a massive £150 of this profit to her chosen charity Little Harbour.
The 40 students who took part in this event all enjoyed the freedom of setting up a small business venture, dealing with customers and handling money. The trade stands created a buzz around school and illustrated the potential students have to start their own business. From taking part in this challenge I have developed team work and enterprise skills and, by looking at the costs of materials and deciding a reasonable selling price, our team made £191 profit.
Pictures: Caitlin selling popcorn at a Friday Trade Fair, while Lottie (centre top) sold sweet treats at school but upcycled furniture out of school in response to market demand! Becky and Rosie made their own cosmetic product, while Zak’s recipes included vegan cupcakes!