A group of Business students has won an award in a nationwide competition for budding entrepreneurs.
The 17 second-year Level 3 students got involved in the Tenner Challenge, a contest run by Young Enterprise where each participant is given £10 as capital to start a business and run it for a month.
The group named themselves Unite, and went into business selling advertising space on a leaflet to be delivered to 200 addresses each fortnight, raising £70 in just four weeks.
On Wednesday (May 4) they were presented with the Mishcon de Reya LEAP award for the South East at a ceremony in central London.
“I’m really proud of the students – they took the challenge really seriously and they worked really hard,” said lecturer Christina Andreou.
“They had a great business idea and they applied what they’ve learnt on the course to make as much profit as they could. To win an award was the icing on the cake.”
Each student was assigned a role within their company, and as a team they created a mission and business and pricing structure, set themselves clear goals, designed a logo and created a sales pitch.
Students responsible for sales went to nearby businesses to sell advertising space, while others worked on roles including finance, administration and IT.
The team worked hard to learn as they went along, spotting any issues and working hard to correct them, as well as taking time at the end of the project to consider what they’d achieved and learnt.
“Everyone enjoyed the challenge, and we’re really proud that we won an award,” said Ian Bath, who the class voted in as MD for the project.
“For me, the biggest challenge was continuing to motivate the team when they were downhearted for not achieving a sale.”
Other students cited their biggest achievements as designing the logo, gaining in confidence through pitching to businesses, and working outside their class hours to meet deadlines.
Gareth Taylor, the group’s finance director, said: “My biggest achievement was managing all the finances, liaising with account holders and sending out invoices.”
The Tenner Challenge is run annually by Young Enterprise, and is free to enter.