What Next? After Registration

IdeaNow that you have registered for the School Enterprise Challenge, you are ready to start Stage 1 of the competition! In Stage 1 you have 4 weeks to come up with a business idea for your school based enterprise and we are here to help you along the way! Every week you will receive a weekly competition guide which will walk you through our Business Idea Template. At the end of 4 weeks, you will be ready to submit your completed template and fantastic business idea to us!

Lets have a look at what you need to do in Stage 1….

1)    Get excited!

Take a few minutes to consider what the words ‘school enterprise’ mean to you. What are the benefits of participating in the School Enterprise competition? What skills would you like to gain from the experience?

2)    Conduct a resource assessment and brainstorm ideas

Brainstorming session at Kulachi Hansraj Model School, India.

Students at Kulachi Hansraj Model School, India, discuss their resources and initial business ideas.

This step considers the kind of resources your school has available and how they can be maximized for profit. Set aside 10 minutes to identify the kinds of natural or physical resources you have (is it water? land? an unused classroom?). This step is important so that start-up costs are kept as low as possible. You can then use your completed resource assessment to start brainstorming business ideas!

3)    Conduct a feasibility study

A feasibility study is simply a formal consideration of whether your business idea is realistic given your time, energy and resources. Questions you will have to ask are: Is the product easy to store and transport? If it’s a service, who would be involved in providing it? This step will determine which one of your business is more likely to succeed.

4)    Consider your start-up capital

Start-up capital is basically the minimum amount of money required to start your business. If your business requires materials or services that are not freely available and that you will need to pay for, then you have a start-up cost to meet before running your business. Meeting these costs can be done by holding fundraising events, requesting donations or investments, or selling other resources that are already available in your school.

After completing steps 1-4, you simply need to submit your Business Idea to our team. We read EVERY business idea we receive and then we’ll move you on to Stage 2 where you will learn how to write a Business and Financial Plan!

So, there you have it! Stage 1 explained. Easy, right?! Get started NOW and share your experience with us by commenting below. We love hearing from you!

 

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About schoolenterprisechallenge

The School Enterprise Challenge is an entrepreneurship competition for schools across the world! The challenge is to create profitable, sustainable businesses as a fun way to give kids hands-on business experience, develop their teamwork and leadership skills & generate income at the same time.
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2 Responses to What Next? After Registration

  1. I like the idea of a business enterprise very much.My fear is that there may be too many challenges!

  2. Hi Rouzleen, thanks for your comment! Starting a business enterprise can indeed seem like a difficult task, but our easy to follow resources will walk you through the process step by step. Last year, 264 schools from around the world managed to submit a business plan for our 2013 competition and 129 schools have already managed to get their businesses up and running! YOU CAN DO IT! Sign up for our competition at: http://www.schoolenterprisechallenge.org and gain access to all our FREE business planning materials!

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