July 24, 2014

Could you build a business on a tenner?

ten pound notes

This year’s Make Your Mark with a Tenner competition got underway on Monday 1st March, with 30,000 students across the country aiming to turn a profit from a £10 loan over the next month by coming up with creative and enterprising business ideas.

But, that’s not all – their business ideas must also have a positive social impact and be of benefit to their local community. Indeed, there will be prizes at the end of the month for the students who make the most positive impact on their local community – one to one sessions with the likes of Dragons’ Den’s Peter Jones and other leading British entrepreneurs.

The other categories are Best Business Idea and Most Profit Generated, with the judging split into three age categories: under 11s, 11-14 year olds, and 14-19 year olds.

As well as the one-to-one sessions up for grabs, six winners will also each be awarded £100 to help them develop their entrepreneurial ideas, while a business mentor will provide them with the necessary help and support to really get their idea off the ground.

The competition is the brainchild of entrepreneur Oli Barrett, and this year is being funded by Peter Jones and Michael and Xochi Birch, the founders of Bebo.

When Make Your Mark with a Tenner first ran, the average profit made was £90, with the highest profit being £410. Once the £10 loan is repaid, students can re-invest their profits, give them away to a charitable cause, or even pocket them!

Peter Jones, chair of Enterprise UK, which runs the competition, said: “Make Your Mark with a Tenner harnesses the unrivalled energy and creativity of young people. Their fantastic achievements increase each year that we run it, proof that if you trust young people to act entrepreneurially they will rise to the challenge.”

So, what would you invest your tenner in?

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