feedback from: “should we make - kidsgrovesecondary.org.uk · about their resolutions this week,...
TRANSCRIPT
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Feedback from: “Should we make New
Year’s Resolutions?”
57% 43%
“Whenever I start a New Year Revolution, I always stick to it for the 2
or 3 days, then just give up.”Turing House School
“It's important to get involved in something like this and set a personal goal, but the
best part is a the end of the year you can look back and say I did that!”
Uckfield Community Technical College
“When you challenge yourself you have something to do and you feel
involved and it will benefit you.”Sutton Coldfield Grammar School
The majority of young people think we should make resolutions. Social media has been full of people talking
about their resolutions this week, from politicians to celebrities. As a school, why not look back at a previous
topic, like our Blue Planet debate, and consider making a resolution to cut down on plastic this year?
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If you had £50,000, would you set up
your own business?
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Learning objectives for today
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Keywords
• Investment: the act of putting money, effort or time into something and expecting
to get more back in the future. E.g. if you make an investment in your future by
going to university, you pay money and put effort in expecting to get this back
eventually.
• Debt: money that is owed to someone else.
• Interest Rate: the money that a bank or lender charges you to borrow money from
them. E.g. If the bank has a 1% interest rate it means every year they charge you 1%
of what you borrowed.
1. To explore the cost of setting up your own business and going to university.
2. To evaluate whether you would start your own business.
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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You will need a
calculator for some of
the activities in this lesson.
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In this lesson, you will be put into two teams.
Team A and Team B will go head to head,
completing separate activities to help them
argue that their team’s choice is the best
investment of £50,000. At the end of the
lesson, each team will try to convince their
teacher to invest the £50,000 in them. To find
out which team you will be in, take the quiz
on the following slide…
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Individual Activity (5 mins)Choose a, b, or c for these
questions. Be as honest as you can. At the end add up your
score to find out which team you are in.
1. Do you like to be in charge? a) Yesb) Noc) Sometimes
2. Do you get bored easily? a) Yesb) Noc) Sometimes
3. Can you work with no encouragement? a) Yesb) No
c) Sometimes
4. Are you good at turning bad situations into good ones? a) Yesb) No c) Sometimes
5. Do you prefer to do one specific task or many tasks at the same time?a) Many at the same timeb) One specific taskc) Depends
6. Unexpected surprises are funa) Trueb) Falsec) Not sure
7. It takes a lot to make me stresseda) True
b) Falsec) Not sure
8. Being rich is important to mea) Yesb) Noc) Don’t know
Tally up your score:
As = 1 pointBs = 2 pointsCs = 3 points
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9-16 points17+ points?
You can
choose a
team.
Team name:
……………………………
TEAM A TEAM B
0-8 points
Use your score to find out if you are in Team A or B. Sit in
your team. You should have roughly the same number
of people in each team.
Team name:
……………………………
Team A will argue that
setting up a business is the
best investment of £50,000.
Team B will argue that going
to university is the best
investment of £50,000.
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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Why is this a debate?
There are always different
opinions in the news about
university… Debt: Money that is owed to someone else.
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Pair Discussion (2 mins)If the government leant
you £50,000 to spend on
anything you wanted,
what would you do with it?
The government lends young
people the money they need
to pay for university. They can
also lend young people
money if they want to start a
business, which 55% of 16 to 25
year olds want to do.1
2
University debt can reach
£50,000. Today you will
explore if you would ever
consider using the same
amount of money to set up
your own business…
3
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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TEAM A TEAM B
Activity 1: What is the cost of setting up your own business?
Activity 2: Could you set up your own business?
Activity 3: What is the best investment of £50,000?
Activity 1: What is the cost of going to university?
Activity 2: Could you go to university?
Activity 3: What is the best investment of £50,000?
Team Activities (30 mins)The next 8 slides will take you
through 3 different activities
to complete in your teams.
You should spend no more
than 10 minutes on each.
Head to head: going to university VS starting your
own business
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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1A: What is the cost of setting up your own business?
Option 1: Crowdfunding
Crowdfunding lets you borrow money from a large
number of people online who each give a very small
amount.
The website you use will
charge you 5% of the total amount you borrow.
Option 2: Government Loan
The Government* offers loans to people wanting to
set up businesses at an interest rate of 6% per year.
If you wanted to borrow
£50,000 over two years, how much would you have
to pay back in total?
Option 3: Bank Loan
Banks will loan you up to £1 million to set up a business.
Their interest rates are 7% each year.
If you wanted to borrow £50,000 over two years,
how much would you have to pay back?
Interest Rate:Money that someone
charges you each year to borrow from
them, as a %.
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Answers
Option 1: £Option 2: £
Option 3: £
How to work out %:
To work out a % of an amount, turn the % into a decimal and
multiply it by the amount.
e.g. 2% of 50,000= 0.02 x 50,000
Does university cost more?A loan for university has an interest rate of 6.1%. If you
borrowed £50,000, how much
would you owe after 3 years?
Once you have an idea for a business you want to start,
there are several options for
borrowing money. Borrowing money is not free. You will be
charged interest. Work out
how much each option will cost you to borrow £50,000.
Careful with option 2 and 3!The interest rate is charged each year, so if you borrow over more
than one year, you need to work out
the interest rate of the new total.
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Irish student studying in Northern Ireland:
Tuition fees = £4,030 each year for 3 years. What is the
total cost of tuition?
Up to £4,840 can be borrowed each year for
maintenance. What’s the total for 3 years?
How much borrowed in total?*
Non-Scottish student studying in Scotland:
Tuition fees = £1,820 each year for 4 years. What is the
total cost of tuition?
Up to £5,750 can be borrowed each year for
maintenance. What’s the total for 4 years?
How much borrowed in total?**
Student studying in England:
Tuition Fees = £9,250 each year for 3 years. What is the
total cost of tuition?
Up to £3000 per term can be borrowed for
maintenance (9 terms in total). What’s the total for 3
years?
How much will you have borrowed in total?***
S&C:
The interest rate is 6.1% for
student loans. How much
would a student studying
in England owe after 1
year?
1B: What is the cost of going to university?
You can use a calculator. Write your answers in the white boxes.
PRINT ME
The government will loan the money needed to pay for university (tuition fees) and the costs for living including; food, rent and bills (called maintenance). Work out how much these 3
students will pay for their university education in different parts of the UK.
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Activity 1: answers and discussion
Team A Answers
Option 1: Crowdfunding0.05 x £50,000 = £2,500 +£50,000 =
Total of £52,500
Option 2: Government loanYear 1: 0.06 X £50,000 = £3,000 + £50,000 = £53,000 Year 2: 0.06 X £53,000 = £3,180 + £53,000 =
Total of £56,180
Option 3: Bank loanYear 1: 0.07 X £50,000 = £3,500 + £50,000 = £53,500Year 2: 0.07 X £53,500 = £3,745 + £53,500 =
Total of £57,245
Team B Answers
Option 1: Ireland£4030 x 3 = £12090 + £4840 X 3 = £14,520
= Total of £26,610
Option 2: Scotland4 x £1820 = £7280 + £5,750 x 4 = £23,000 =
Total of £30,280
Option 3: England£9250 x 3 = £27,750 + £3000 x 9 = £27,000
= Total of £54,750
Challenge Question: Interest after 1 year£54,750 X 0.061 = £3,339.75 + £54,750 = Total of £58,089
Although one loan may be
more expensive than the
other, university loans have
different rules, for example,
you don’t have to start
paying back your student
loan until you earn more
than £21,000. Business
loans do not have these
rules.
Class Activity (5 mins)Bring Team A and Team B together. Share
your findings as a class and check your answers. Discuss:
Is university or setting up a business more expensive?
Would you prefer to borrow money for university or starting a business? Why?
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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2A: Could you set up your own business?You might have some great ideas, but
getting a £50,000 investment is not easy.
Can you convince someone to go into
business with you? A pitch is a short
presentation which people make to
convince investors to lend them money for
a new business. Use the template below to
create a pitch for a business idea to see if
you have what it takes. Share your pitch
with the team. Would they invest?
Idea: What is your business idea? …………………………………………..You: Why would investors want to
work with you?…………………………………………..
Customer research: Who is your business for?
………………………………………….Marketing: How will you sell your
product?………………………………………….Operations: How will you get your
product to your customers?………………………………………….Market Research: Who are your
competitors?…………………………….................
These answers will form
your six line pitch*, which is all
you have to convince your
investors to lend you their
money! Do you think pitches
are easy?
Competitor:
Someone your business is in
competition with because it
offers a similar or the same
product e.g. Samsung and
Apple.
Innocent Smoothies,
Monzo and Snapchat
were all started by
young people.
If you have ever watched
Dragon’s Den or The
Apprentice, you will have
seen a business pitch!
PRINT ME
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2B: Could you go to university?
You might have wanted to study
medicine or art since you were 12,
but why should a university offer
you a place instead of someone
else? Apart from the grades
needed to get in, universities will
want you to be able to convince
them you are right for the course.
Questions for interviewee:
Professor 1: Why do you want to
study __________________?
Professor 2: Can you tell me about
your attitude to work?
Professor 3: Tell me about a time
when you successfully worked in a
team.
Professor 4: Can you prove to me
in two sentences you are
passionate about your subject?
Professor 5: What hobbies do you
have that would bring something
to university?
What universities look for:1- Confidence
2 - Passion for your subject3 - Positive attitude to learning
4 - Ability to work independently and in groups
5 - Intercultural awareness
Choose one person in your group to be the interviewee (the person getting interviewed). The rest of you will be professors interviewing them for a place on the course of their choice. Ask the interviewee the questions to the left (and your own) to decide if you
would offer them a place at your university! Remember to think about what universities look for.
If you are a professor,
did the interviewee show they could do all 5 things? Which ones
did they miss?
Interviewee tip:
For each question,
give a clear
example and cover
one thing the
university is looking
for.
PRINT ME
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Activity 2: Answers and discussion
Starting a business and getting into
university are both tricky. Both require you
to convince others that you will work hard
and be successful, whether these people are your future university professors or
potential investors for your business.
Class Activity (5 mins)Bring Team A and Team B together.
Team A: perform your best business
pitch to Team B.
Team B: Share which questions were
hardest to answer in an interview for
university and your top tips for a
university interview.Discuss:
Which is harder? Convincing
investors to invest £50,000 in
you or convincing professors to
offer you a place at university?
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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Activity 3: What is the best investment of £50,000?
In real life, you don’t have to choose
between university and setting up a
business. You can do both, or
neither. 80,000 university students in
the UK run a business alongside their
studies!
Team Activity 3Imagine you had £50,000. Would going to
university or starting up a business be the better
investment? On the next 2 slides there will be
facts and statistics about starting up a business
and going to university. As a team, you need to
choose and write down:
a) 2 facts or stats that make your team’s choice
sound like the best one.
b) 1 fact that makes the other team’s choice
sound like a bad choice.Write them down on a post-It.
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TEAM A needs: 2 facts that back up starting a business
as the best investment.
TEAM B needs:2 facts that back up going to university
as the best investment.
3A/3B: What is the best investment of £50,000?
Look at this graph, especially the list of factors. Which of these factors are unique to university? Which could not be achieved by starting a business?
Could starting a business help with
these?
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65% of graduates say university was
the best time of their
lives so far16
Setting up a business is a risky investment
It can be cheaper to borrow money for a business than borrow
money for university
Some students will graduate with more
than £50,000 of debt2
Running your own
business is one of the most stressful things a
person can do
Half of new businesses set up in the UK fail in 5 years
Only 32% per cent of students think they university course
gives good value for money
3A/3B: What is the best investment of £50,000?
University graduates earn £9,500 more
every year than non-
graduates4
Setting up a business is one of the most rewarding things a
person can do
TEAM A needs: 2 facts that back up starting a
business as the best investment.
TEAM B needs:2 facts that back up university as
the best investment.
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©VotesForSchools2017
What is the best investment of £50,000?
Good morning. We are Team
………. and we will be convincing
you today to invest £50,000 in
………….....There are many reasons
why we believe our team’s choice
is better investment:
Firstly, …………………………….
Secondly, …………………………
Finally, …………………………..
It would not be a good idea to
invest in team ….. because ………
Thank you for your time.
Group Activity (5 mins) Imagine your teacher is an investor and has
£50,000 only. They can either pay for you to go
to university or they can pay for you to set up
your own business. Use the template to come
up with a 1 minute pitch as a team that will convince your teacher to choose your team.
Practise it and present it to your teacher.
Your teacher
will cut you
off after one
minute!
Tip! Use all the stats, facts and information you have gathered from the activities to make your pitch as good as possible!
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©VotesForSchools2017
What is the best investment of £50,000?
The winner of the
£50,000 investment
is…
• Quiz
• Why is this a debate?
• Head to head: going to university VS starting your own business
• Activity 1
• Activity 2
• Activity 3
• Call to Action
• Vote!
Issues to consider
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Call to action
COMMUNITY
SCHOOL
Write a business plan!
Use this handy guide from the Virgin
Start-up website to complete the
research you need to make a robust
business plan and pitch. Visit the Virgin
Start-up website to see what you would
have to do to secure an investment for
your idea.
http://viewpure.com/kzcQtXA5Gc8?start=0&end=339
Run a Dragon’s Den competition: Practise makes perfect and if you are
going to be a successful entrepreneur, you
will need experience of pitching and
selling your product! Organise a school
wide Dragon’s Den competition and
charge 20p for entrance. You could give
the winning pitch the money you have
raised as an investment!
Click the image to watch a Dragon’s
Den pitch!
0:00-5:39
Sir Richard Branson,
founder of Virgin, offers
loans for young people
wanting to start their
own businesses.
NO
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If you had £50,000, would you set up your own
business?
No
• I would not spend £50,000 on a business
because it is incredibly risky and I would
probably lose my money.
• I would rather spend £50,000 on going to
university.
• Setting up a business is hard work and you
need to have a really brilliant idea to
compete with thousands of other people.
• I think that spending the money on
university is a more worthwhile investment as
you would have a great time and learn
many life lessons by living away from home
and meeting like-minded people.
• Running a business can be incredibly lonely
and stressful as all the pressure is on you.
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• Setting up a business is hard work but it would
teach you so much about yourself and
challenge you in ways other jobs could not.
• I would definitely consider setting up a business
if I could get a £50,000 investment as this would
be enough to get my ideas up and running.
• So many people have brilliant ideas and they
don’t do anything with them. I would love to try
and turn one of my ideas into a successful
business!
• Setting up a business would be really rewarding.
You could decide when you work, who you
work with and make all the decisions. I like the
idea of being my own boss.
If you had £50,000, would you set up your own
business?
Yes
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YES
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