Everything there is to know about Tenner
Welcome to Tenner, the nationwide competition to find the next generation of budding entrepreneurs. Here you’ll find out when the challenge begins, how it works and how you can get your young people involved.
The Tenner Challenge is for young people aged 11-19 who want to get a taste of what it’s like to be an entrepreneur. It gives them a chance to think of a new business idea and make it happen, using real money to take calculated risks in the business field, make a profit – and make a difference. Tenner is a national competition and young people from all over the country can get involved.
Tenner can be a great way to take on a Challenge in your local area and make money at the same time.
What are the key dates for Tenner?
1 December 14
27 February 15
Deadline to register
23 February - 20 March 15
Tenner Challenge takes place
27 Feb, 6, 13 & 20 Mar 15
27 March 15
National Competition entry deadline
Winners invited to awards
How it works
Step 1 - Here's a Tenner!
Young people are pledged £10 from the Tenner Bank on 23 February.
Step 2 - Get started
They use this start-up capital to get their business off the ground, working alone or in a group.
Step 3 - Keep it going
They have 4 weeks to make as much profit as they can from their tenner while also trying to make a difference and give back to society. Participants can also take part in weekly competitions to keep them engaged and motivated.
There are online resources available in the unique area of the website to help teachers lead their students through the Challenge, some of which include; guidance, activities, templates and more. For the students there will be templates and guidance as well as an online logbook to help them keep track of how they are getting on, which will also be their entry to the National Competition.
Step 4 - Keep the profits
Participants are in full control of the profits they have earned and should decide themselves what they would like to spend them on - for example, a day out, resources or activities for school, or they may wish to donate their money to a charity of their choice.
Step 5 - Payback for the future
At the end of the month, participants enter the National Competition and payback their £10 plus a suggested £1 legacy donation so more young people can participate in the Challenge next year.
The only rules are: you cannot use your tenner to gamble, take part in illegal activities, be fraudulent and importantly, if the teacher says NO, so do we!
Tenner Challenge Competition
The Tenner Challenge is not only about creating a business but it is also about giving back to society. What better way to showcase this than with a competition?
Throughout the Challenge there will be weekly competitions to keep students excited, engaged and motivated. These are simple to enter and aim to showcase all the hard work that students are doing.
The weekly competitions are linked to stages of the business set-up and only require an upload of image or video clip.
27th February – Logo Design
6th March – Sales Pitch
13th March - Advertisement
20th March – Trade Stand
For this reason, it is essential we are given permission to use images of students on our website. If we do not have this permission, students will not be able to enter all the competitions.
The final competition will be based on the completed logbooks. While we hope that all students will enter the competition, only three logbooks per school can be entered to the national final. Teachers are asked to shortlist from all their groups and submit the best three.
Judges from the business world will look at the logbooks and choose the winners according to criteria including innovation, journey travelled and social conscience.
There will be an Awards Celebration Ceremony in May for all winning students and teachers. Winners will be notified in April so that travel and permissions can be arranged.
There are two age categories for the competition:
- 11–14 years
- 15–19 years
and four awards in each category:
- Most inspiring individual
- Best overall group
- Highest profit made
- Greatest social impact
If you chose to enter the Social Impact award we want to see what impact you will be having on People, Planet and Profit. You can find out more about the 3 Ps of Social Enterprise in the resources section in your login area.
Make a difference
Giving your profits to charity is not the only way businesses can make a difference. Some businesses are set up as a social enterprise, with a clear view on having a social impact.
A social entrepreneur is someone who sets up a business or project which is driven by a social cause. It can be a great way to take on a challenge in your area and make money at the same time. This money could then be taken as profit, or you could reinvest it into finding more ways to solve the issue.
What happens now?
- Organisations register on this site to participate in the Challenge
- ‘Welcome’ email sent to registered organisation
- Organisation returns payment form
- ‘Important details’ email sent to organisation to confirm registration and login details for unique web account
- Organisations login to their unique web account
- Organisations share instructions with their students so they can register their teams
- Young Enterprise will issue the funds to the organisation from the Tenner Bank prior to 23rd February 15
- An email notification will be sent to the organisation to confirm payment has been made
History of Tenner
‘Make your Mark’, ‘Tenner Tycoon’, ‘Make your Mark with a Tenner’ and now simply ‘Tenner’. Different names, same idea! We lend you £10 and you run a business for a month to try to make a profit and a difference.
Enterprise UK founded ‘Make Your Mark with a Tenner’ in 2007 and ran successful challenges until the final Tenner campaign under Enterprise UK was run four years later. The winding down of Enterprise UK was the perfect opportunity for Young Enterprise – the UK's largest enterprise education charity – to get involved with this great competition.
In November 2012, it was confirmed that Young Enterprise would be running Tenner. We held our first Challenge month in May 2013 and had over 26,000 young people register to take part! In March 2014 75% of participants felt they had developed at least one new skill; 80% would recommend Tenner to friends and 79% felt that Tenner has provided them with an unique opportunity to learn and achieve new things.