Enterprise

- Business enterprise refers to a person spotting a business opportunity and setting up a business with a view to making profit and meeting a need which isn’t currently being met.

Entrepreneurs establish businesses for different reasons but ultimately, successful ventures survive and grow by meeting customer needs. Entrepreneurs need a variety traits and motives to create a successful business.

What is the Enterprise Challenge?

The Enterprise Challenge is a competition for individuals or teams to plan and present their big idea for a money making project! 

• You will get to meet and work with local, inspirational business people who will act as mentor for your project
• You'll gain experience of a range of business planning, presentation skills and how to manage money
• You'll have the opportunity to present your ideas to local private and public sector leaders
• Compete against your peers in local and regional heats and finals
• Prizes available for you/your team of £50 voucher each! Prize for your setting of £500 towards a careers based project

It's a fantastic opportunity for you to work with and benefit from the experience of local business people. Learn how to plan and manage a business project, its finances and perhaps even test your idea for a real venture! 

This is learning in a different, practical and exciting format and a chance to rapidly upskill yourself. This pilot is running for schools and youth groups in West Suffolk, Mid Suffolk and Babergh areas.

Intro and welcome!

Jordan from the New Anglia LEP welcomes you to the challenge!

The Challenge

The challenge can be undertaken by individuals or groups of up to four students who will ultimately present their enterprise idea to a group of 'Dragons' in various regional heats and finals.  Young people entering the competition will be given a comprehensive guide to the challenge itself and detailed information on how to set up a business, as well as access to a mentoring session prior to presenting their work.  Additional support for the competition will be available through this webpage and on social media to help teams on their way!

Your presentation should primarily focus on both the explanation of your project and why you think it could be a viable money-making proposition.  The presentation should include some of the elements and media types below for maximum impact in your heats and finals:

• A traditional business plan
• Video content
• Social media presence 
• Mood board
• Web pages
• Podcast material
• Computer programme / IT support
• Promotional content

A maximum of 10 individuals / groups from each setting can ‘come through’ to the 'Dragon's Den' style District Finals which will be held in the spring term of 2023.

Prizes for individuals comprise a £50 gift voucher per person for winning your District Final and £100 voucher per person for the overall winning team.  A £500 prize for the school who provided the winning team can be put towards activities that support careers inspiration.

Why is enterprise important?

Microbusinesses represent more than 2.1 million businesses and 33% of employment in England, their growth has outpaced that of larger companies over the last decade. Microbusinesses make up 90% of UK enterprise and there's been 70 – 80% increase in demand for small business support across East Anglia in the last 18 month. Self-employment can be a realistic route out for those living in deprived communities who are seeking to achieve improved wellbeing.

Benefits of entering the challenge

• Learning enterprise skills can directly improve your numeracy and literacy skills
• Increase your motivation and resilience
• Develop a stronger of sense of financial self-reliance
• Improve your creative thinking and problem solving skills
• Enhance your emotional intelligence and team-working skills
• Teaches you how to set goals and develop a sense of achievement

Examples pitches from West Suffolk College students 

More information

Further resources will be added to this page as the challenge continues.

Contact us at any of the following addresses:

Jordan Holder – Jordan.holder@newanglia.co.uk 

Darian Vomund – darian.vomund@newanglia.co.uk 

Josie Finch – josie.finch@newanglia.co.uk 

Luke Uttley – luke.uttley@newanglia.co.uk            

How to get involved

Take a look at the information and media on this page, including the video content and guides and then speak to your school or youth group leaders about entering a team.  Your teachers and youth group leaders can use the contact details at the bottom of this page to register you.

More resources for you and your setting will be added as the challenge goes on – so be sure to check Posts (below)!!!