The 10X Challenge (previously, ‘The Tenner Challenge’) is an annual enterprise competition for young people aged between 11 and 18 years old.
The Challenge is run by Young Enterprise, the UK’s leading enterprise and financial education charity. Each team of budding entrepreneurs are given £10 to get their business idea off the ground and are tasked with making as much money as possible over a four-week period. The teams will then re-pay their £10 capital and donate all profits to their chosen charity.
This year, students in Year 8 and 9 have been challenged to get involved, starting this week when they met to form their teams. Overseen by Mrs Cole, Head of Economics and Business and our two Lower Sixth Business Prefects, Sam and Toby, the students will need to work collaboratively over the next seven days to brainstorm possible business ideas, carry out market research, set targets and agree their final product. The students will also choose a company name and draft a business plan during this time.
The challenge is a fantastic way to put Business education into real-life context, and encourages the development of crucial employability skills and experience. The hope is that the skills developed during this challenge will serve the students well in the fast-changing world of work and help them to prepare for their future.
Each week, there will be a different competition set, with the best entries being submitted to the 10X team and judged amongst other teams nationally. This week the focus was on logo design.
After completing the four-week challenge, the teams will be invited to enter the national competition, with the chance of winning awards for:
- Most Profitable Business Idea
- Best Team
- Most Inspiring Person
- 10X for Good
- Best in Sustainability
The efforts of each team will also be judged on innovation, creativity and problem-solving ability.
We are really looking forward to seeing how our budding entrepreneurs get on!
