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Introducing Young EnterpriseCompany Scheme 2009/10

Friday 4th September 2009

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Agenda

• About Young Enterprise • Key features of Company Programme• Running your company• The company competition• Why should you do it?• How to get involved

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About Young Enterprise

• Founded in 1963• National business-education charity• Runs a range of programmes for young people

aged 4 - 24• Supported by local businesses and volunteers• Over 210,000 students in UK• Learn by doing

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Key features of the programme

• set up and run your own company from Sep - Apr• not a game or a simulation – a genuine business• elect a board of directors• open a business bank account with HSBC• raise share capital • market & finance a product or service• regularly review and record progress• liquidate the company – make a profit (and pay tax on it!)• present a report and accounts• pay dividends to shareholders

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Running your companyGet stuck in

– Negotiate with suppliers– Set prices– Market & sell your product or service– Keep accurate financial records– Attend trade fairs and training workshops

Weekly meetings– Agenda issued in advance– All directors attend– Key decisions taken– Tasks allocated– All decisions and tasks recorded and issued to all directors

Teacher & Business Adviser– Support, motivate, guide

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Company Competition

• At the end of the academic year• Runs at local, regional and national levels. • A variety of awards are at stake including the UK

Company of the Year title which includes a trip to compete in the European finals.

• Competitors summarise their year in business and the skills they have learned, through their end-of-year report, an exhibition stand and a short presentation.

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Why should you take part?

• It’s really good fun!! – but hard work with all of the responsibilities of any

other real company

• personal development:– working in a team– improved communication skills– enthusiasm and self confidence– taking responsibility and initiative– time-management skills– problem-solving

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Why should you take part? cont’d• Gain an understanding and experience of:

– how a business works – how wealth and employment are created– management– marketing– innovation and product development– financial management– sales, customer care

• Optional qualification based on written exam• Chance to represent school in the competition at the

end of the year• Looks good on your University application form• And who knows……maybe even become rich!!

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How to get involved

• Form a group of around 6 to work together• Select a product or service• Create a simple business plan• Be prepared to present plan to a group of

teachers and business advisers• Best three will be selected to join the programme

for 2009/2010• Selection panel to be arranged in around

2 weeks’ time

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Initial business planPlan must include at least the following:• Describe product or service• Who are your intended customers?• How many do you expect to sell?• How will you reach your customers?• How will you market your product/service?• What are your expected costs and sales?• What are the main challenges you expect

to face?

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Choice of product or service

• If selected, you will have the chance to change your mind about product later

• Following products are not allowed– items of food for humans or animals– cosmetics or any chemical items– electrical items that plug into the mains

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And finally…..

• Any questions?

• Do take a look at Young Enterprise website www.young-enterprise.org.uk