Format: The programme runs over one half term (3-6 weeks)
Target group: 11-16 year olds
Group size: Initial workshop for up to a whole year group, with 16-30 young people receiving loans and further workshops
To book or to find out more about this programme please call us on 020 7377 8770 or email info@mybnk.org
Young people are challenged to create real businesses. They compete for 0% interest loans and MyBnk support in making their business a reality.
Small teams create business plans and budgets, pitching their ideas to a panel of adults and young people, who assess applications and select winners.
MyBnk provides the resources and support to develop their ideas, taking them from the drawing board to a pre-arranged marketplace. Participants can keep all profits or donate to a charity of their choice. Loans are up to £40 per group.
Round 1: In a two hour workshop, MyBnk help teams generate their business ideas and make their business proposal count. Participants must identify their target audience, cost of materials and ensure their idea has a unique selling point (USP). Emphasis is placed on enterprises with a strong social element.
Round 2: The top 7-10 businesses progress to round two. Here a chosen group of young people (for example school council, 6th formers or business students) will assess the ideas, choosing the final 3- 5 businesses that will go on to receive a MyBnk loan.
Round 3: The winning 3-5 enterprises receive their loan and over 2 two-hour workshops, develop and design products/services to get their businesses customer-ready. A market place, agreed with the school, sees teams trading real goods and services to real customers in a competitive environment. Following this we wrap up - the young people evaluate their experience, pay back their loan and pocket any profit made.
Back My Business offers a rich, real, time-bound enterprise experience where young people and kids learn about business by experiencing it firsthand. Covering everything from innovation and branding to sales techniques and pricing, participants boost their experience, skills and confidence whilst working as a team.
Case Study
Four groups of Year 9 students at Leytonstone School, Waltham Forest took their businesses to market. One group aimed to raise awareness of endangered species through information displays and by selling animal themed goods such as key rings and balloons. David Marshall, Assistant Headteacher, said:
"It’s a fun, exciting opportunity for the students to engage in some innovative thinking, team work, and self-managing activities. Pupils thoroughly enjoyed the session and were passionate about their ideas for creating their own business. After putting their business ideas into practice, each group not only felt a huge sense of achievement, but made a profit".