Entrepreneurs including Sir Richard Branson and Richard Reed are urging students to have a go at making a profit with just £10.
The Tenner Scheme gives students the start-up funding and challenges them to “do something enterprising” which makes a difference and gives something back.
Now run by Young Enterprise, the competition takes place during May when thousands of £10 notes will be circulated to schools across the country, with updates on the progress of entrants available on the Tenner website.
Students who have seen success in previous competitions include Josh, Duncan, Blake, Vidyuth and William, then year 10 pupils at Birkdale School in Sheffield, who created a business called Fractured Designs offering promotional services to new bands and artists. The pupils raised about £1,000 from their £10.
Elsewhere, Abigale Whiteing from The Bolsover School in Derbyshire customised plain white mugs with her own designs, making more than £300.
Originally launched in 2007, Tenner has gained some high profile supporters for 2013.
Sir Richard Branson, the founder of Virgin, hopes to inspire this year’s young entrepreneurs after recording a video telling his own story of building a fledgling business empire by selling from a phone box with a pile of pennies.
In the film, he also shares his own tips on how to make money using a tenner.
Meanwhile Richard Reed, founder of Innocent Drinks, has helped to launch this year’s scheme with the support of young people from St. Joseph’s School in Brent.
He said: “If I took a £10 loan, I’d go out and buy £10 worth of fruit and turn it into juice and smoothies and sell those for £20. It’s exactly how we started our business. I bet Tenner participants can do it too.”
Michael Mercieca, Young Enterprise chief executive, said: “The competition strapline – It’s in your hands – really encapsulates our philosophy to give young people a chance to explore their entrepreneurial instincts and desire for community improvements in any direction they choose.”
The competition, which will celebrate both regional and national winners, is being run this year with the help of social enterprise agency UnLtd and the deadline for students or teachers to register teams to take part is April 1.
For more information, visit www.tenner.org.uk. To download the videos by Sir Richard and Mr Reed, visit www.tenner.org.uk/media-library/video/richard-bransons-top-tips and www.tenner.org.uk/media-library/video/richard-reed
CAPTION: Take note: Innocent entrepreneur Richard Reed launches the 2013 Tenner Scheme with students from St Joseph’s School