In 2017, student-entrepreneurs taking part in the School Enterprise Challenge generated an incredible $694,535* in income. That’s right, over 83,000 students from around the world planned, set up and are running their very own school-based businesses! Not only that, they have used the money earned to benefit their school and the local community.
Want to know which type of business students set up? Check out this article to get inspired!
Schools taking part in the programme are encouraged to set up a gender-balanced Business Management Committee, made up of student business team members, teachers and parents, that meets regularly to oversee how the business is run. The Business Management Committee agrees democratically on how to spend the profits generated in a way that is sustainable and will have maximum impact**.
Schools can spend their profits in a variety of ways. For example, part of the profits could be reinvested in the business as well as used to make improvements at the school AND be donated to a local cause. In 2017, ¾ of schools, including Conalep Agua Prieta in Mexico, chose to reinvest a portion of their profit back into the business to ensure long-term success. By buying more tools, refilling their seeds supply and investing in marketing, they were able to ensure that more students at their school can be part of their vegetable growing business. This means that multiple generations of students at the school get to develop essential life skills like teamwork, problem solving and leadership!
Other schools, like Gombe Junior School in Uganda, elected to spend part of their profit on improving facilities at their school. They invested part of the money generated to purchase plastic chairs for their school that are being used not only by the business team members in their meetings but are also at school assemblies and functions. Continue reading