The future Business Magnates is an enterprise competition made up of six different business challenges that aims to build enthusiasm and introducing the basics for young people to start a business. This is challenge number five.
At first, the organiser presented different cities around the world with their own different problems. The pupils were to choose one of these cities and come up with a business idea that could possibly help the city with its problems. When the time for the preparation was up, it was time for the pupils to do a presentation about their business and present their ideas on how to help the city. Some good ideas came up and all the pupils were very involved and passionate about their business.
After their presentation, the pupils sat down and listened to a lawyer who informed them about different aspects on what you need to think about when it comes to law when starting a business. The pupils did some workshops regarding this theme; for example, the pupils had to decide if they wanted their business to be a solo business, partnership or something else. It was also discussed how much money they wanted to put in to their business.
After the law aspects, the pupils received other basic knowledge that is good to know about when starting a business. For example, what your money needs to go to every month, how you can get money in to your business at an early stage and how to keep control of the money that goes in and out of your business.
Challenge 5 ended with a discussion about trademarking and that you need to be careful to tell people about your grand business idea without protecting it. The pupils enjoyed biscuits and drinks during the day and from my understanding, they all left with a smile on their face. Perhaps some of them even left inspired with thoughts of starting their own business one day.