The business brains of young student entrepreneurs are being challenged to see who can make the most money from £10 – with all profits going to Children in Need.
More than 100 students from Sunderland College’s Washington campus are taking part and have come up with ideas ranging from caricature drawing to cup-cake baking.
The £10 challenge has been organised by the college as part of Global Entrepreneurship Week, with the student team who makes the most money being declared the winner.
Laura Mitford, Sunderland College enrichment officer has organised the challenge and said: “The students have come up with some fantastic ideas and all are very enthusiastic.
“Before starting the students had to submit a business proposal detailing their ideas and how they plan to make the most of their £10.
“Many have cleverly chosen to use their own creative skills in arts and crafts or baking.
“Although it’s just for fun with all profits going to Children in Need, the challenge teaches some basic business skills and helps to make the business experience real for the students.
The students have until November 23 before the competition closes when they have to declare how much profit they have made.
Other money-making ideas include a treasure hunt, a hot chocolate and marshmallow cafe, a friendship bracelet stall and a tuck shop called the Sugar Shack.
A Level student Katie Eyeington, 16, said: “Together with my friend Paige, we’ve decided to set up a hot chocolate and marshmallow cafe.
“Winter’s coming and it’s getting very cold outside so a cup of hot chocolate and a tasty treat will be a great way for people to warm up.
“We’re hoping this idea will see us make around £50 and fingers crossed it’s enough to win the competition. If it gets any colder we might make even more!”
Global Entrepreneurship Week aims to educate young people about how they can start their own business and that the experience will remove the fear of failure that prevents many people from starting out on their own.
Andrew Devenport, Youth Business International CEO and GEW UK host, called for more people to get involved, saying: “Global Entrepreneurship Week is now in its 5th year, and continues to go from strength to strength.
“In 2012, we want to make the week focused, practical and supportive, to help and inspire those people in the early stages of developing their businesses.
“By working together to make a better environment for enterprise, we can help create businesses that will have a genuine, positive impact on the UK economy – helping generate income and employment for many years to come.”