Students told to start a business with a tenner

The Tenner initiative, which is designed to “promote business thinking” among young people, has been relaunched by Young Enterprise, a charity which forges links between industry and schools, after the scheme’s former operators were wound down due to Government spending cuts.

This week, the Government invested £50,000 in the relaunched scheme’s “Tenner Bank” to allow 5,000 more young people to “experience real business”.

Participants have one month to use the money to start a business, before reporting back, returning the £10 and deciding what to do with any profits.
Michael Mercieca, chief executive of Young Enterprise, said The Tenner will give “young people a chance to explore their entrepreneurial instincts”.

Organisers said the Government had backed the initiative because “the task of rebuilding the economy and creating new jobs means that the new generation must be encouraged to think seriously about starting their own company”.

Social enterprise charity UnLtd is also assisting with the programme, which encourages students to use profits from their ventures to benefit their communities.

The scheme had previously been operated as “Make Your Mark With a Tenner” by Dragons’ Den star Peter Jones and Enterprise UK, a government-backed organisation which was closed down after its funding from the Business Department was pulled in 2010.

More than 18,000 students have signed up to receive a £10 note from a pot of £250,000. Schools wishing to take part have until April 22 to register, with thousands of £10 notes due be distributed next month. Enterprise UK said regional and national winners will be announced at the end of the competition.