Now that you have made your School Enterprise Challenge team and started connecting with other schools, it is time to think about what your school business will be! This week we are looking at Pack 3 of the Teachers Guide which is all about using your imagination to create, research and develop a great business idea. This pack can be found on our website with all of our educational resources. Just click here, or log in to the website and click the orange ‘Resources’ button on the left of the screen.
Getting down to business
A great way to start planning your school business is to look at the resources your school currently has – you may have the tools for a prize winning enterprise under your roof! Using resources you already have can help to keep the start up cost of your business low, meaning you could make a bigger profit!
Pack 3 includes a Resource Assessment Worksheet (page 18). This helps you look at the materials your school has, your school’s location and the skills of your students to see how they could be used in your business. For example: if you have a school hall, your school is near to a tourist attraction, and your students are good at baking, your school business could be selling cakes to tourists.
Brainstorming is a creative method to generate lots of different ideas from different people about how you can use your resources – there is a guide to brainstorming on page 21 of Pack 3. I really like this picture of brainstorming as it shows how creative and imaginative you can be!
Once you have some ideas for your school business you can choose the best one by doing a Feasibility Study (page 19). This study will make sure that your business will really work!
Now you have your business ready to go!
The next step is really fun: students will love getting involved choosing the name for their business and designing a logo. Lily from the School Enterprise Challenge team will tell you more about logos later in the week, and will give you some great tips to help you enter our Logo Design competition (coming soon!) Before that you should think of your company name…
Inc.com suggests 5 characteristics for a great company name:
1. The name should “stick” – its important everyone in the team loves it as you’ll use it every day!
2. Keep it short – think Nike, Twitter, Apple, Pixar
3. Be functional – it’s great if the name tells people what your company does, like Facebook
4. It tells a story – there are many theories why Apple has that name – some say it is because its founder Steve Jobs had been to visit an apple farm, and thought it was a fun name!
5. Invent a new word – be creative! “Googling” and “Tweeting” have become part of many people’s language thanks to the internet!
What are your tips for using the resources your school has?
What is your school business called, and why did you choose the name?
Let us know by posting a comment below this blog, or click here to post in our Forum.
Remember to include your company name in your School Profile on our website, just click here. We will also open our Best Enterprise Name competition soon! To find out more about the competitions you can enter and prizes you can win click here.
I look forward to reading all your great school names!
School Enterprise Challenge blogger,