Tenner Competition

IMG 7022 800x450

For the fourth year in a row, Herschel Grammar School took part in the national ‘Tenner’ enterprise competition, organised by Young Enterprise. Students in Year 9 and 10 across the country are challenged to create a company and trade for four weeks, starting with just £10. Herschel fielded ten teams, trading in school, at home and online, with products and services that included personalised keychains, slime, hot chocolate, home baked cakes and even locker decorations!

Each week there was a national competition to enter, and excitingly one of our teams, Snack Shack, were third runner up in the first week’s competition, based around the company logo. As this was in competition with hundreds of other teams, their result was most impressive. You can see their logo here.

Students completed a cashflow statement and a logbook of their weekly progress, and we were pleased to submit logbooks from Jeweller’s Bakery, Dynamite Slime and Scribbles into the national competition. Each team repaid £11, which was their original investment plus a legacy donation of £1 to go towards the funding of next year’s competition.

Hooriya Adams from ‘Dynamite Slime’ tells her story:

The Tenner challenge was really fun and was a great opportunity for us to experience how the world of business is like. The challenge started on Monday 19th February 2018 and it was for four weeks. For the challenge it was quite cool because we got to choose our own teams, the product which we were selling and the name and logo. After everyone had decided everything, we then had to fill in contract forms to ensure our parents were aware of what we were doing and then we finally got our money. I think because we were actually selling things and making money it was all very realistic and got us even more excited. Throughout the competition we were asked to fill in a cash flow statement, which basically was a record of how we were doing financially, and we also had to record our progress in a logbook which we could access on the Tenner website. However, besides all of this we also had competitions every week that we could enter which was also quite nice. The Tenner website that we had access to was really helpful and resourceful and our supervisor, Mr Wilkins, was always available if we needed some help or had some issues. The competition had lasted for four weeks and the date of which we couldn’t trade anymore was Friday 16th March 2018. But we had some time to give in our logbook and cash flow statement. Most groups had made quite a bit of money and everyone enjoyed this challenge a lot. One thing that I found was very thoughtful about the challenge was we each had to donate at least a little bit of money to charity.  I am very glad that I took part in this amazing challenge and would love to do it again.

Prima Gouse from ‘Jeweller’s Bakery’ continues:

The Tenner Competition was stressful but that was to be expected and I don't regret it one bit. I learnt so many new skills from it and seeing customers who were pleased with the cupcakes we sold was by far the most rewarding experience ever. It quickly got to the point where it wasn't as much about the money and instead about quality and customer satisfaction. It also enabled me to give back to the community using my own means which in itself was rewarding. If I had the choice I would definitely do it again, but maybe with a different product.

 
Background