Everything there is to know about Tenner
Tenner Challenge is Young Enterprise’s FREE national challenge for secondary schools.
Tenner Challenge provides a highly interactive way for students to develop key skills including creativity, resilience, and problem solving, using real money to take calculated risks in business. Students (11-19) are pledged £10 and have one month to set up a business – coming up with an idea of a product or service they can sell and gain first-hand experience of what it’s like to be an entrepreneur.
What are the key dates for Tenner?
Monday 27th February
27 February - 24 March 2017
Tenner Challenge takes place
3, 10, 17, 24 March 2017
31 March 2017
National Competition entry deadline
Winners invited to awards
How it works
Step 1 - Here's a Tenner!
Each business is pledged £10 from the Tenner Bank by 24 February 2017.
Step 2 - Get started
They use this start-up capital to get their business off the ground, working alone or in a group.
Young Enterprise can help kick start your Tenner Challenge by running a half day masterclass for your participants. Find out more about the Tenner Challenge + or contact us to book one for your school. The Masterclass does have an associated cost which is subject to local funding streams.
Step 3 - Keep it going
Young people have 4 weeks to make as much profit as they can from their tenner while also trying to make a social impact. There'll be weekly competitions to keep them engaged and motivated.
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, they may wish to donate their profit to charity, resources or activities for school or a day out.
Step 5 - Payback for the future
At the end of Tenner, participants enter the National Competition and pay back their £10 plus a suggested £1 legacy donation so more young people can participate in the Challenge next year.
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.
3 March – Logo Design
10 March – Sales Pitch
17 March - Advertisement (Poster / TV)
24 March – Pop up shop
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.
Our Judges will look at these logbooks and choose the winners according to criteria including innovation, individual or teamwork and social impact.
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 five awards in each category:
- Most Inspiring Individual
- Best Group
- Most Profitable Business Idea
- Greatest Social Impact
The Leap Potential Award (sponsored by Mishcon de Reya)
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 24 February 17
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!
Enterprise UK founded ‘Make Your Mark with a Tenner’ in 2007 and ran successful challenges until 2011. 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 and we held our first Challenge in May 2013.
In March 2016 we ran our fifth Challenge with over 20,000 young people registering to take part. 82% felt that Tenner has provided them with an unique opportunity to learn and achieve new things; 85% of students would recommend Tenner to friends and 84% of teachers were attracted to Tenner for the real experience it offers to young people. To find out more about the impact of Tenner please see our evaluation reports.
2015 celebrated a new partnership with the Business Growth Fund who will be supporting Tenner for the next 3 years. BGF (Business Growth Fund), established in 2011, supports Britain’s entrepreneurial businesses. They provide support, advice and money to companies they invest in, including manufacturers, retailers, technology companies, restaurants and more.