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YEAR 8 MYBNK WORKSHOPS
Back My Business
Back My Business is a programme which challenges young people to create real enterprises. Competing for 0% interest loans of up to £40, students are supported on an entrepreneurial journey from drawing board to a pre-arranged marketplace with MyBnk providing the resources and support to develop their ideas throughout the process.
Students create business plans and budgets, which are submitted to a loans panel comprised of student and/or teachers who consider a shortlist of applications before selecting the successful groups. The winning applicants then receive two further sessions to work on their products and service ahead of ‘market day’. Once their loan has been repaid the participants can choose to keep the profit they make or donate it to a charity of their choice.
The programme offers a real, time-bound enterprise experience where young people learn about business by experiencing it first-hand. Covering everything from innovation and branding to sales techniques and pricing, participants boost their personal such as confidence, a can do attitude and drive, which fit well into enterprise & life skill core learning requirements.
1. Round 1: Generating Ideas (1st March)
Students are introduced to the challenge and begin generating their business ideas. By the end of this first session submit their business plan and loan application form.
2. Loans Assessment Training (8th March – year 9 MyBnkers only)
A panel of students considers the shortlisted applications before approving 5 - 6 enterprises to receive an interest free loan of up to £40.
3. Round 2: Business Planning (10th and 16th March)
Successful groups receive their loan and develop teamwork skills as they work on turning their business idea into a finished product or service by looking at pricing and market trends.
4. Round 3: Preparing for Market Day (10th and 16th March)
Students work on their ‘brand’ by looking at the promotion and design as well as the logistics for the day.
5. Market Day & Evaluation Wrap-up (23rd March)
Students sell their finished products or services to a real audience at a marketplace before reflecting and consolidating in a subsequent wrap-up session and repaying their loan.
The Back My Business programme is conducted by MyBnk staff for up to a whole year group and each session lasts two hours. MyBnk staff oversee and facilitate these sessions although students are encouraged to generate the business ideas to sell their product or service. To maximise the impact of the programme, we recommend running it over 3 – 6 weeks. The time bound nature of the challenge is crucial to maintaining momentum and student engagement.