Fiver Challenge 2016
Pupil Workbook
Pupil Name:
Class:
School:
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Introduction to Fiver Challenge
The Fiver Challenge is a national enterprise challenge for primary school students
from the ages of 9 – 11 years old. Young Enterprise, Virgin Money and the
Department for Business, Innovation & Skills, have set this challenge to find out just
how enterprising primary students in England can be!
The Challenge will last for 1 month and has lots of opportunities for students to win
prizes based on their enterprise skills and mini business projects.
This workbook should be used to record your journey and activities throughout the
Fiver Challenge.
NOTE – Your “log book” will be your competition entry, not this workbook.
Your challenge is to work in small groups or as a class to set-up a mini business
which will provide a product or a service to its customers.
Each participant in your business will receive a £5 investment to help you get
started and buy any materials / resources that you need.
Your business needs to: make a profit, develop employability skills and engage
parents / carers and the wider community.
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
The Challenge!
Success Criteria
For your group / business to win the Fiver Challenge at Combe Bank, you will need to
submit your log book competition entry to a panel of judges who will assess your
work against the following criteria:
1.
Students can confidently present their project to others
2.
Through their project students have worked with parents, businesses and the
wider community.
3.
Students have paid back their total investment and their business has made a
profit.
4.
Students can tell us about whether or not they have enjoyed their Fiver
Challenge experience and if they are inspired to continue on their enterprise
learning journey.
Your teacher will help you along the way to make sure that you are covering all of
the things listed above, but individually, throughout this work book, you should think
about these things and ensure that the judges can see evidence of each of them in
your work.
In addition to this work book, you and your group might also think of other ways that
you want to evidence the work you have been doing, for example, you might take
pictures, write about your work on the school blog, or you might video record an
event. All of these things are useful and creative ways to evidence your work on the
Fiver Challenge.
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Our ideas….
Use the space below to make notes about your ideas.
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Time line
Complete the boxes with key dates below to help plan your project.
Project start date:
Project end date:
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Market Research
Use the questions below to help you plan your market research.
Who will buy our product or
service?
How do we know that they
want or need it?
How could we find out?
What would we need to ask
them?
Are there similar products or
services that already exist?
How could we check?
What would we need to
know about other products
or services similar to ours?
What are we going to do
next?
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
What did we find out?
Use the space below to write about your findings from your market research
activity:
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Our Business Plan
Now that you have your idea in place and have developed your understanding
of the market, you should start to plan your business in more detail. Use the
template below to help you to think about each stage of planning your business.
Our Business Plan
What will our business do?
When will it start?
When will it need to finish by?
How will our business run? When will we do the work / run events?
Who will be involved in our business and
what will they do?
How will we work with
parents, businesses or the
wider community?
Who will our customers be and how will
they know about our business?
How will we know if our
project has been a
success?
How will we make money? How will we
know what to charge?
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Our Business
Every business needs to be able to present itself to the public and for its
customers to easily recognise it. This means that you will need a company name
and a logo.
Our company name will be:
…………………………………………………………………
Because…………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………
Our logo looks like this:
We have chosen this design because:………………………………………………
..........................................................................................................................................
....................................................................................
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Product / Service Design and Quality
Now that your business is fully set up, you should start to think in more detail
about the products / service you have planned and what will make your
customers want to buy it. Complete the questions below to help with your
planning:
What will we need to
make our product?
Do we have the budget
to buy everything we
need?
How can we make our
product / service stand
out from the
competition?
What is our USP (unique
selling point)?
Is our product / service
environmentally friendly?
We will buy the cheapest
materials / resources or
more expensive versions?
Will we buy fair trade
produce / products?
Will every product we
make be ready for sale?
How will we check?
Is our product service
good value for money?
How durable (long
lasting) will our customers
expect our product to
be? How can we ensure
this?
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Product / Service Design
You should now have a really clear idea about what your product or service will
be. Use the space below to design your product, labeling any special features
or materials you will use. If you are working on a service, use the space below to
plan out your event – think about, what will it look like, who will be there, how
will you present your service to customers.
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Community Engagement
Use this page to tell us whether your business will engage with the community.
Include any photographs or pictures to tell us about it.
Parents?
Businesses?
Community Groups?
Local Residents?
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Finance
A successful business needs to plan its budget and finances carefully. Complete
the questions below to help with your financial planning.
What’s our budget? (Total
amount of £5 pledges per
company)
£
Donations and Sponsors
Can anyone help us by
donating materials /
resources or sponsoring our
activity?
List ideas below:
What are our costs? (Total
amount we need to spend on
buying the materials / resources
needed to make our products)
£
Profit per unit
(Sales price – unit cost = profit
per unit)
£
Breakeven (How much money
do we need to make to recover
our costs? How many products
do we need to sell?)
£
Number of products:
Unit cost (How much it will
cost to make each product)
£
How will we record our
finances?
Sales price (How much each
product will be sold for)
£
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Shopping List
Use this page to make a list of all of the products / materials / resources you will
need to buy, where from and how much they will cost for your project.
Resources
Cost
Where from
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Financial Record Keeping
A template for keeping track of the money you spend is below, with examples
at the top to help you.
Budget
Resources we need
Cost
Supplier
£25
Coloured Paper
£3
Paper Magic
Blank CD’s
£5
The CD Shop
A1 printing
£10
Print Store UK
Total cost
£18
Budget remaining
£7
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Breakeven Sheet Template
To help you monitor your costs and the number of products you need to sell, complete the breakeven sheet below
using the prompts provided.
How Many Sold? (Complete each box each time a product is sold)
Unit cost: (How much its cost to make
each product)
£
Sales Price £
Profit made = £
Sales Price £
Profit made =
£
Sales Cost:(How much you will sell
each product for)
£
Profit:(Sales cost – unit cost = profit per
unit)
£
Breakeven:(how much you need to
make/or how many products you
need to sell to recover the amount
spent)
£
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Sales Price £
Profit made =
£
And so on, until the
total breakeven
amount is reached and
you are in full profit
Marketing & Promotion
Letting people know about your business, products or service is a really
important part of your project being a success. Businesses call this marketing
and promotion.
Using the questions below, think about your ideas for the marketing and
promotion of your business. Agree next steps at the bottom of the page.
1.
Who are our customers?
2.
How will we let them know about our business, products or service?
3.
How can we make them want to buy our products or service?
4.
How could we encourage them to buy from us more than once?
5.
How can we let them know when we will be selling our product or
service?
6.
What will they want to know about our product or service?
7.
Our next steps are…
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Design Page
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Reflection
Use these pages to make your notes about your experiences on the Fiver
Challenge.
Date:
Date:
Date:
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Date:
Date:
Date:
Date:
Date:
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
Evaluation
Once your project has ended and all of the money has been counted up and
repaid…this is the time to evaluate!
Use the questions below to evaluate your experience of the Fiver Challenge.
You should refer to this work book and your reflections to help jog your memory
of your feelings at the time and the different activities you have completed.
1.
What was your Fiver Challenge project?
2.
How much money did you make?
3.
What were the key successes?
4.
What did you find most difficult or challenging?
5.
How did you develop the 8 employability skills?
6.
Which ones did you find hard or feel that you didn’t develop?
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]
7.
Who did you engage in the project?
8.
What was their contribution?
9.
How did this help?
10.
If you were to do the project again, what would you do differently?
11.
What did you most enjoy about the project?
Fiver Challenge, c/o Young Enterprise, Yeoman House, Sekforde Street, London EC1R 0HF
Tel: 020 7549 1980
Email: [email protected]