The Young Enterprise Scheme is one which is run by business volunteers from all over the country to try to get young people thinking about what is involved in running a business.
The initative involves getting a group of pupils to set up a fully trading company with all that involves. This includes setting up officers of the business, selling shares to create a working capital, having a business plan, manufacturing a product or purchasing the good necessary to provide a service, advertising and trading. A member of staff supervises the company but a member of the local business community comes to school to teach the boys about the business skills that they will need and to help them to run a successful company. They then take part is a local competition through which each company is judged on how well it has met their aims, not least through making a profit. The winning companies then go through to regional and then national competitions.
The scheme is open to school pupils over the age of 14. This means that in most schools the companies are set up by sixth formers. However, we feel it is a very worthwhile experience for our boys to get involved in the scheme when they are in Year 10. So far we have only had one year group who have had the opportunity to take part in this scheme, but they were one of only seven local companies who were still trading when the judging took place in the Spring. They won two prizes at that local competition, one for best trade stand and one for Outstanding Achievement, being judged against teams who were all two years older than them.