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, make a profit – and make a difference. Tenner is a national competition and young people from all over the country can get involved.
Tenner can be a great way to take on a Challenge in your local area and make money at the same time.
How it works:
Step 1 – Here’s a Tenner!
Young people are pledged £10 from the Tenner Bank on 23 February.
Step 2 – Get started
They use this start-up capital to get their business off the ground, working alone or in a group.
Young Enterprise can help kick start your Tenner Challenge by running a half day masterclass for your participants. This does have an associated cost, subject to local funding streams. Please contact us for further information.
Step 3 – Keep it going
They have 4 weeks to make as much profit as they can from their tenner while also trying to make a difference and give back to society. Participants can also take part in weekly competitions to keep them engaged and motivated.
There are online resources available in the unique area of the website to help teachers lead their students through the Challenge, some of which include; guidance, activities, templates and more. For the students there will be templates and guidance as well as an online logbook to help them keep track of how they are getting on, which will also be their entry to the National Competition.
Step 4 – Keep the profits
Participants are in full control of the profits they have earned and should decide themselves what they would like to spend them on – for example, a day out, resources or activities for school, or they may wish to donate their money to a charity of their choice.
Step 5 – Payback for the future
At the end of the month, participants enter the National Competition and payback their £10 plus a suggested £1 legacy donation so more young people can participate in the Challenge next year.