Fund title: Tycoon Enterprise Competition
Focus of fund/fund aims:
A competition providing small loans to encourage young entrepreneurs to get involved in running a business while they’re still at school
12 February 2021
Tycoon is a national enterprise competition for students aged 5 to 18. Every participating team writes a business plan, is lent money, starts a business and trades, competing with other student companies.
Students need to come up with an idea for running a business in school and put together a business plan that includes details of start-up costs, pricing and projected sales/profit.
Each school can enter up to five teams or businesses in the competition. Schools can request loans of up to £2,000 to be shared by all teams at KS5, £1,000 for teams at KS3-4 or £750 for teams at KS1-2. Teams that are successful at the business plan stage will receive their loan and progress to the next stage.
At the trading stage, students will need to run their business selling their product and/or service and recording sales and profit. Only when student companies break even, do they repay their loan.
There is also a £1,000 prize for the winning team at each level in the competition.
All schools can take part as well as students under 18 in FE colleges.